| 词条 | John C. Bogle |
| 释义 |
| name = | image = | alt = | caption = | birth_name = John Clifton Bogle | birth_date = {{Birth date|1929|05|08}} | birth_place = Montclair, New Jersey, U.S. | death_date = {{Death date and age|2019|01|16|1929|05|08}} | death_place = Bryn Mawr, Pennsylvania, U.S. | nationality = American | other_names = | alma_mater = Princeton University University of Pennsylvania | occupation = Investor, business magnate, and philanthropist | known_for = Founding and leading The Vanguard Group | net_worth = US$80 million (2012) | party = Republican[1] | spouse = Eve Bogle | children = 6 }} John Clifton "Jack" Bogle (May 8, 1929 – January 16, 2019) was an American investor, business magnate, and philanthropist. He was the founder and chief executive of The Vanguard Group, and is credited with creating the first index fund. His 1999 book Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor became a bestseller and is considered a classic within the investment community.[2][3] Early life and educationJohn Bogle was born on May 8, 1929, in Montclair, New Jersey,[4] to William Yates Bogle, Jr. and Josephine Lorraine Hipkins.{{citation needed|date=January 2019}} His family was affected by the Great Depression. They lost their money and had to sell their home, with his father falling into alcoholism which resulted in his parents' divorce.[5] Bogle and his twin, David, attended Manasquan High School near the New Jersey shore for a time. Their academic record there enabled them to transfer to Blair Academy on work scholarships.[6] At Blair, Bogle showed a particular aptitude for mathematics, with numbers and computations fascinating him. In 1947, Bogle graduated from Blair Academy cum laude and was accepted at Princeton University, where he studied economics and investment. During his university years, Bogle studied the mutual fund industry. Bogle spent his junior and senior years working on his thesis "The Economic Role of the Investment Company".[7] He earned his undergraduate degree in 1951[8] and attended evening and weekend classes at University of Pennsylvania.{{citation needed|date=January 2019}} Investment careerAfter graduating from Princeton in 1951, Bogle narrowed his career options to banking and investments. He was hired at Wellington Fund, where he showed great talent and led the manager of the fund, Walter L. Morgan, to say, "Bogle knows more about the fund business than we do."{{citation needed|date=December 2018}} Bogle was promoted to an assistant manager position in 1955, where he obtained a broader access to analyze the company and the investment department. Bogle demonstrated initiative and creativity by challenging the Wellington management to change its strategy of concentration on a single fund, and did his best to make his point in creating a new fund. Eventually he succeeded, and the new fund became a turning point in his career. After successfully climbing through the ranks, in 1970 he replaced Morgan as chairman of Wellington,[9] but was later fired for an "extremely unwise" merger that he approved. It was a poor decision that he considers his biggest mistake, stating, "The great thing about that mistake, which was shameful and inexcusable and a reflection of immaturity and confidence beyond what the facts justified, was that I learned a lot."[10] In 1974, Bogle founded the Vanguard Company which is now one of the most respected and successful companies in the investment world. In 1999, Fortune magazine named Bogle as "one of the four investment giants of the twentieth century".[11] In 1976, influenced by the works of Paul Samuelson, Bogle founded First Index Investment Trust (a precursor to the Vanguard 500 Index Fund) as the first index mutual fund available to the general public. In a 2005 speech, Samuelson ranked "this Bogle invention along with the invention of the wheel, the alphabet, Gutenberg printing".[12] Bogle had heart problems in the 1990s and, in 1996, he relinquished his role as Vanguard CEO to John J. Brennan, his handpicked successor and second-in-command whom he had hired in 1982. Bogle had a successful heart transplant in 1996. His subsequent return to Vanguard with the title of senior chairman led to conflict between Bogle and Brennan. Bogle left the company in 1999 and moved to Bogle Financial Markets Research Center, a small research institute not directly connected to Vanguard but on the Vanguard campus.[13] Investment philosophyBogle's innovative idea was creating the world's first index mutual fund in 1975. Bogle's idea was that instead of beating the index and charging high costs, the index fund would mimic the index performance over the long run—thus achieving higher returns with lower costs than the costs associated with actively managed funds.{{citation needed|date=January 2019}} Bogle's idea of index investing offers a clear yet prominent distinction between investment and speculations. The main difference between investment and speculation lies in the time horizon. Investment is concerned with capturing returns on the long-run with lower risk, while speculation is concerned with achieving returns over a short period of time. Bogle believed this is an important analysis to be taken into account as short-term, risky investments have been flooding the financial markets.[14] Bogle is known for his insistence, in numerous media appearances and in writing, on the superiority of index funds over traditional actively managed mutual funds. He contends that it is folly to attempt to pick actively managed mutual funds and expect their performance to beat a low-cost index fund over a long period of time, after accounting for the fees that actively managed funds charge.[12] Bogle argued for an approach to investing defined by simplicity and common sense. Below are his eight basic rules for investors:[15]
Personal lifeBogle married Eve Sherrerd on September 22, 1956 and had six children: Barbara, Jean, John Clifton, Nancy, Sandra, and Andrew. They resided in Bryn Mawr, Pennsylvania. At age 31, Bogle suffered from his first of several heart attacks, and at age 38, he was diagnosed with the rare heart disease arrhythmogenic right ventricular dysplasia. He received a heart transplant in 1996 at age 66.[16][17] Bogle was a member of the board of trustees at Blair Academy. He was an advisory board member of the Millstein Center for Corporate Governance and Performance at the Columbia Law School.{{citation needed|date=January 2019}} Bogle received honorary doctorates from Princeton University in 2005 and Villanova University in 2011.{{citation needed|date=January 2019}} Bogle served on the board of trustees of the National Constitution Center in Philadelphia, a museum dedicated to the U.S. Constitution.{{citation needed|date=January 2019}} He had previously served as chairman of the board from 1999 through 2007.[19] He was named chairman emeritus in January 2007, when former president George H. W. Bush was named chairman.{{citation needed|date=January 2019}} Politically, Bogle was a Republican, although he voted for Bill Clinton, for Barack Obama in 2008 and 2012,[20] and for Hillary Clinton in 2016.[18] He supported the Volcker rule and tighter rules on money market funds, and was critical of the US government's lack of regulation of the financial sector. Bogle said the current system in the US had "gotten out of balance", and advocated for "taxes to discourage short-term speculation, limits on leverage, transparency for financial derivatives, stricter punishments for financial crimes, and a unified fiduciary standard for all money managers."[19] In 2017, Bogle stated that President Donald Trump's policies were good for the market in the short-term, but dangerous for society as a whole in the long term.[20] Bogle died on January 16, 2019, at his home in Bryn Mawr, Pennsylvania.[21][22] PhilanthropyDuring his high-earning years at Vanguard, he regularly gave half his salary to charity, including Blair Academy and Princeton.[13] Awards and honors
Bibliography
References1. ^{{cite news |url=https://www.nytimes.com/2012/08/12/business/john-bogle-vanguards-founder-is-too-worried-to-rest.html?mtrref=en.wikipedia.org&gwh=DB626475087B1C6893BED1C6DD7AC8DF&gwt=pay|title=A Mutual Fund Master, Too Worried to Restprimary|publisher=The New York Times|date=August 11, 2012|accessdate=January 17, 2019}} 2. ^{{cite news |title= John Bogle |url=https://www.pbs.org/now/politics/bogle.html|publisher= NOW on PBS |author=David Brancaccio|date= October 10, 2003}} 3. ^{{cite news |title=A visit with John Bogle |url=http://seattletimes.nwsource.com/html/businesstechnology/2011248667_burns14.html|publisher= Seattle Times |author=Scott Burns |date= March 13, 2010}} 4. ^{{cite web| title = About John C. Bogle| first = | last = | website = | date = | accessdate = 2019-01-16| url = https://www.vanguard.com/bogle_site/bogle_bio.html| language = | quote = }} 5. ^{{cite web| title = Vanguard Founder John Bogle Sees No Good Alternatives to Indexing| first = Jonathan | last = Berr | work = DailyFinance.com| date = 2010-02-14| accessdate = 2016-01-23| url = http://www.dailyfinance.com/2010/02/13/vanguard-founder-john-bogle-sees-no-good-alternatives-to-indexin/| language = | quote = }} 6. ^via Associated Press. [https://www.seattletimes.com/business/john-bogle-dies-at-89-fought-for-lower-fees-for-investors/ "John Bogle dies at 89; fought for lower fees for investors"], The Seattle Times, January 16, 2019. Accessed January 21, 2019. "Bogle attended Manasquan High School in Manasquan, New Jersey, for a time, then got a scholarship to the prestigious all-boys Blair Academy in Blairstown, New Jersey." 7. ^{{Cite book|title = The Vanguard Experiment: John Bogle's Quest to Transform the Mutual Fund Industry|last = Slater|first = Robert|publisher = Irwin Professional Publishing|year = 1997|isbn = |location = |pages = }} 8. ^{{cite web |title=Vanguard Group founder John C. Bogle '51 dies at 89 |url=http://www.dailyprincetonian.com/article/2019/01/bogle-dead-at-89 |website=The Princetonian}} 9. ^{{cite web|url=https://www.benzinga.com/general/education/17/12/10958637/this-day-in-market-history-the-first-balanced-us-mutual-fund|title=This Day In Market History: The First Balanced US Mutual Fund|last=Duggan|first=Wayne|date=17 December 2017|publisher=Benzinga|access-date=12 March 2018}} 10. ^{{cite news|title=Fortune Magazine interview |url=http://money.cnn.com/magazines/fortune/fortune_archive/2007/12/24/101939724/index.htm?postversion=2007121711 |accessdate=2007-12-17 | work=CNN | date=December 17, 2007 | first=Matthew | last=Boyle}} 11. ^{{Cite book|title = The Man in the Arena, Vanguard Founder John C. Bogle and His Lifelong Battle to Serve Investors First|last = Rostad|first = Knut|publisher = John Wiley and Sons, Inc.|year = 2013|isbn = |location = |pages = }} 12. ^1 {{cite news |title = Why the world's biggest investor backs the simplest investment |url = https://www.bbc.com/news/business-40189970 |publisher = BBC News Online |author = Tim Harford |date = July 17, 2017}} 13. ^1 {{Cite news| title = A Mutual Fund Master, Too Worried to Rest| first = Jeff | last = Sommer | newspaper = New York Times| date = 2012-08-11| accessdate = 2016-01-23| url = https://www.nytimes.com/2012/08/12/business/john-bogle-vanguards-founder-is-too-worried-to-rest.html| quote = WHILE he has no operational role at Vanguard, he hasn't entirely left it. He works on its campus, heading the Bogle Financial Markets Research Center, a small research institute}} 14. ^{{Cite book|title = The Clash of Cultures: Investment vs. Speculation.|last = Bogle|first = John|publisher = John Wiley and Sons, Inc.|year = 2012|isbn = |location = |pages = }} 15. ^Sigma Investing. Review of Common Sense on Mutual Funds. 16. ^{{Cite news|url=https://www.nytimes.com/2012/08/12/business/john-bogle-vanguards-founder-is-too-worried-to-rest.html|title=A Mutual Fund Master, Too Worried to Rest|date=2012-08-11}} 17. ^{{Cite news|url=http://www.philly.com/philly/business/personal_finance/87-Yr-Old-Vanguard-Founder-John-Bogle-Hearts-His-Heart-Transplant.html|title=Vanguard founder Bogle and surgeons gather for a heart-transplant reunion|last=Swanson|first=David|date=21 February 2017|publisher=The Philadelphia Inquirer|access-date=12 March 2018}} 18. ^{{Cite news|url=https://www.thetimes.co.uk/article/the-unsung-hero-of-your-comfortable-retirement-z2dqk9d3h|title=The unsung hero of your comfortable retirement|date=2016-11-06}} 19. ^1 {{cite news |last1=Sommer |first1=Jeff |title=A Mutual Fund Master, Too Worried to Rest |url=https://www.nytimes.com/2012/08/12/business/john-bogle-vanguards-founder-is-too-worried-to-rest.html |website=The New York Times |accessdate=17 January 2019 |date=August 11, 2012}} 20. ^{{cite web|url=https://www.cnbc.com/2017/01/12/vanguard-founder-jack-bogle-says-near-term-trumps-agenda-good-for-stocks-but-bad-long-term.html|title=Vanguard founder Jack Bogle says near-term Trump agenda good for stocks, but bad long term|last=Belvedere|first=Matthew J.|date=2017-01-12|website=www.cnbc.com|access-date=2019-01-17}} 21. ^{{cite news|url=https://www.nytimes.com/2019/01/16/obituaries/john-bogle-vanguard-dead.html|title=John C. Bogle, Founder of Financial Giant Vanguard, Is Dead at 89|last=Wyatt|first=Edward|date=2019-01-16|website=The New York Times|access-date=2019-01-16}} 22. ^{{cite web|url=https://www.cnbc.com/2018/12/14/jack-bogle-founder-of-vanguard-group-and-creator-of-the-index-fund-dies-at-age-89.html|title=Jack Bogle, founder of Vanguard Group and creator of the index fund, dies at age 89|last=Steinberg|first=Marty|date=2019-01-16|website=www.cnbc.com|access-date=2019-01-17}} 23. ^{{cite web|url=http://fortune.com/2019/01/16/john-bogle-vanguard-founder-created-index-funds-dies-89/|title=John Bogle, Vanguard Founder Who Created Index Funds, Dies at 89|website=Fortune|language=en|access-date=2019-01-17}} 24. ^TIME 100 Most Influential People, 2004 25. ^1 Biography at Vanguard.com 26. ^World Wide Speakers Group – John Bogle {{webarchive|url=https://web.archive.org/web/20110429015525/http://wwsg.com/bogle-john |date=2011-04-29 }} External links{{wikiquote}}
16 : 1929 births|2019 deaths|American chief executives of financial services companies|American investors|American money managers|American philanthropists|Blair Academy alumni|Businesspeople from New Jersey|Businesspeople from Philadelphia|Manasquan High School alumni|Pennsylvania Republicans|People from Montclair, New Jersey|People from Verona, New Jersey|Princeton University alumni|University of Pennsylvania alumni|Vanguard Group |
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