Jack Bogle 去世

入得谷来,祸福自求。
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Jun
Posts: 23939
Joined: 2003-12-15 11:43

Jack Bogle 去世

Post by Jun » 2019-01-18 8:20

作为一个在 Vanguard Group 存钱已超过二十年的人,不得不纪念一下刚刚去世的创始人 John C. Bogle,老头推行的低费用 index mutual fund 投资与经营法影响十分深远,但因为他的低调务实的态度以及华尔街局外人的身份,又让他没有那种“金融界传奇”的光环。他的铁杆粉丝们,the Bogleheads,也是很务实不花哨的一群。老头表达意见总是很坦率很直白,跟他的投资风格一样,前不久还跟报纸说股市的 volatility 近期将继续,大家要小心从事。

对于 Vanguard 和 Bogle 的报道,我觉得 Philadelphia Inquirer 是最好的。Vanguard 总部一直在费城地区, PI 记者跟他们混得很熟,有什么风吹草动都能讲得很清楚。

http://www.philly.com/business/john-bog ... 90116.html
Motivated by a mix of pragmatism and idealism, Mr. Bogle was regarded by friends and foes alike as the conscience of the industry and the sheriff of Wall Street.
Mr. Bogle wasn’t afraid to criticize his own index fund creation — which he wrote may have grown too large. In an op-ed for the Wall Street Journal in 2018, he warned that the concentration of ownership created by indexing firms presented a threat to the markets.
不久前刚看到这个说法(index funds are too large),简直不敢相信是 Bogle 自己说的。啧啧这老头真是太不华尔街了 ...

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Wonderful things can happen when you sew the seeds of distrust in a garden of assholes.
--- Raylanism per Elmore Leonard via "Justified"

Knowing
Posts: 31376
Joined: 2003-11-22 20:37

Re: Jack Bogle 去世

Post by Knowing » 2019-01-18 10:00

老头好坦率。
index fund 有它的优点.也有缺点. 金融产品的capacity vs return rate 本来就常是一对矛盾体.index fund比较严格的投资条例, 造成它们的行动太好预测, 个头太大后给市场带来的impact 能养活一堆占它便宜的小策略.
Nevertheless, she persisted.

豪情
Posts: 18718
Joined: 2003-11-22 18:47

Re: Jack Bogle 去世

Post by 豪情 » 2019-01-18 13:20

我最近一年也在看bogle heads,很朴实,但是人的本性就是爱折腾,太闲了总要变点花样,出了很多变种。其实花样未必有效。
却将万字平戎策 换得东家种树书

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