He was fiercely competitive when it counted, more intellectually alert than any person Ive ever met, willing to face indeed, almost court controversy and criticism, stubborn but willing to compromise when absolutely necessary, and most importantly, loving, sentimental, kind, charitable, and courageous.". He had no desire to be ostentatious, and he didnt hang out with just investment titans. Mr. Bogle became the driving force behind Wellington's growth into a mutual fund family after he persuaded Mr. Morgan, in the late 1950s, to start an equity fund that would complement Wellington Fund. (Mr. Bogle named the company after Admiral Horatio Nelson's flagship at the Battle of the Nile in 1798; he thought the name "Vanguard" resonated with the themes of leadership and progress.). In addition to squash, Mr. Bogle enjoyed tennis and golf, sailing, and summering at Lake Placid, N.Y. More than a successful businessman, Mr. Bogle was a capitalist with a soul. He was a trustee for the American Indian College Fund and The American College. Jan 16, 2019 jcbadmin. Not to worry, Mr. Bogle said. Headstrong and impulsive, Mr. Bogle arranged a merger with high-flying investment managers in Boston. Mr. Bogle is the second financial titan from the region to die in the last three days. Said Stengel: I often felt compelled to leave an extra tip so the waitress wouldnt feel shortchanged.. Whatever moral standards I may have developed over my long life, I have tried to invest my own soul and spirit in the character of the little firm that I founded all those years ago, he wrote in his 2008 book, Enough: True Measures of Money, Business, and Life. Along the way, Vanguard, which Mr. Bogle launched in 1974, became a titan in the financial-services industry, with 16,600 employees and over $5 trillion in assets by the end of 2018, and Mr. Bogle earned a reputation as not only an investing sage but a maverick whose integrity and old-fashioned values set an example that many admired and few could match. Mr. Bogle and Vanguard again broke from industry tradition in 1977, when Vanguard ceased to market its funds through brokers and instead offered them directly to investors. Your email address will not be published. I wanted to send a message that our battle-hardened Vanguard Group would be victorious in the mutual fund wars, Bogle wrote in Enough, and that our vanguard would be, as the dictionary says, the leader in a new trend. . He never failed to mention, in speech after speech and talk after talk, that money managers had failed miserably to earn their high fees, said Miller, the investment manager and longtime friend. Its about being a good husband, a good father, a good colleague, a good member of the community. He remained a man without pretense and pomposity. We've listed 14 related ones in 8 states. He told me the most important thing in a relationship is trust, and trust is based on honesty. He revered language, history, poetry, and classical wisdom, and frequently amazed and delighted people by reciting long passages of verse. Security analysis and portfolio management - Read online for free. In short order, Morgan became Mr. Bogles mentor. Vanguard announced that the $44.2 million Vanguard U.S. Mr. Bogle at the Vanguard campus in Malvern, Pa., in 2012. Mr. Bogle especially loved to write. He reunited with his doctors years later. He genuinely liked talking to people and hearing their views. Three index fund managers dominate the field with a collective 81 percent share of index fund assets: Vanguard has a 51 percent share; BlackRock 21 percent; and State Street Global 9 percent. When he was not touting the advantages of the Vanguard mode of investing, Mr. Bogle, a self-proclaimed battler by nature, was lambasting his professional brethren for rank speculation, reckless assumption of debt, obscene multimillion-dollar paychecks, and golden parachutes, and saying they had abdicated their duty as stewards in favor of self-interested salesmanship. When he was president of the Constitution Center, Stengel regularly met Mr. Bogle for power breakfasts at one of Mr. Bogles favorite eateries, Bennys Place at Fourth and Chestnut Streets. When traveling, Mr. Bogle usually took the train or flew coach. A true giant of the industry, Bogle was virtually the creator of index mutual funds and ETFs, and passive investing in general. You want to be average and then win by virtue of your costs, Mr. Bogle said. Mr. Bogle had his first heart attack in 1960, when he was only 30, and his heart stopped numerous times thereafter. John Clifton Bogle was born in Montclair, N.J., on May 8, 1929. Friday July 14, 2017 3:21 pm. In January 1996, Mr. Bogle passed the reins of Vanguard to his hand-picked successor, John J. Brennan, who joined the company in 1982 as Mr. Bogle's assistant. He held our industry to a higher standard than it held itself, and I think a lot of people took umbrage at that, said Arthur Zeikel, a former Merrill Lynch & Co. CEO who knew Mr. Bogle for decades. View David Renninger results including current phone number, address, relatives, background check report, and property record with Whitepages. Bill Falloon, an editor at John Wiley & Sons, remembers when Mr. Bogle visited the publishers Park Avenue office for a marketing strategy meeting about Mr. Bogles The Little Book of Common Sense Investing. In recent years it has been hard to argue with that. Along the way, Mr. Bogle attracted his share of critics. Mr. Bogle pioneered low-cost, low-fee investing that was ridiculed at first, but would enable millions of ordinary Americans to build wealth. His commitment to safeguarding investors' interests often prompted him to speak out against practices that were common among his peers in other mutual fund organizations. Thank you to our Gala Co-Chairs Gretchen & Gordon Cooney and Anne & David Hilton, as well as the 2016 Gesu Gala Committee for their . Two of his children followed his example of service in an obvious way. The essential message is, stop focusing on self and start thinking about service to others.. Said Stengel: I often felt compelled to leave an extra tip so the waitress wouldnt feel shortchanged.. Those employees are responsible to the funds directors. My ideas are very simple, he told the financial columnist Jeff Sommer of The New York Times in 2012. He wore the same wool ties and suits forever, said son Andrew Armstrong Bogle. He cared enough about his clients to personally answer their letters; he cared enough about his employees to be on a first-name basis with thousands of them, and to pitch in at the phone banks when things got busy; and in the end, he cared enough about his country that he spent much of his last two decades away from home tirelessly crusading against an increasingly elephantine and dysfunctional financial system.. Mr. Bogle is survived by his wife Eve, daughters Barbara Bogle Renninger (Scott), Jean . By. Mr. Bogles philanthropy reflected his belief that to whom much is given, much is expected. For more than 20 years, he donated half his annual income to philanthropic causes, particularly those institutions that helped develop his mind and form his character. It sounds like toothpaste and beer.. Im doing what I want to do. Among his numerous other awards and honors were: Civic workAn avid booster of Philadelphia and the surrounding area, Mr. Bogle was active in civic affairs. But he applied himself and slowly mastered the demands. When he was 37, his doctor advised him to retire. Most fund companies spend huge sums to attract new customers. Cost is a handicap on the horse. In his 70s, he displayed the energy of men half his age, and his pace and ambition were the more remarkable because of his lifelong battle with heart disease, the result of a congenital defect that affected the hearts electrical current. He told me the most important thing in a relationship is trust, and trust is based on honesty. Check social media profiles, resumes and CV, places of employment, public records, work history, skilled experts, arrest records, photos and videos and business records . Mr. Bogle, a chipper and unpretentious man who invited everyone to call him Jack, was founder and for many years chairman of the Vanguard Group, the Malvern-based mutual-fund company, where he pioneered low-cost, low-fee investing and mutual funds tied to stock-market indexes. Jack Bogle. "Jack Bogle made an impact on not only the entire investment industry, but more importantly, on the lives of countless individuals saving for their futures or their children's futures," said Vanguard CEO Tim Buckley. John C. Bogle (1929- ) founded the mutual fund company Vanguard and is a leader in the mutual fund industry. When his children were growing up, he was almost always home for dinner. Mr. Bogle. Not to worry, Mr. Bogle said. He served as a trustee of the American Indian College Fund, The American College, and Blair Academy. John Bogle, Vanguard chief inside the corporate office in Chesterbrook in 1989. When he was not touting the advantages of the Vanguard mode of investing, Mr. Bogle, a self-proclaimed battler by nature, was lambasting his professional brethren for rank speculation, reckless assumption of debt, obscene multimillion-dollar paychecks, and golden parachutes, and saying they had abdicated their duty as stewards in favor of self-interested salesmanship. Vanguard, the company he founded to embody his philosophy, is now one of the largest investment management firms in the world. Indexing was the purview of institutional investors, but Jack Bogle came up with the consumer version, said Daniel P. Wiener, the editor of The Independent Adviser for Vanguard Investors, a newsletter and website that has tracked the company for decades. While Mr. Bogle may have been cheap in the transactions of daily life, he was remarkably generous in a grand way. "He was a tremendously intelligent, driven, and talented visionary whose ideas completely changed the way we invest. In December 1949, while leafing through Fortune, he happened upon an article about the embryonic mutual-fund industry, and Mr. Bogle developed the topic for his senior thesis. He liked to write his own speeches. We could choose our own way of contributing, whether it be time or money or just our thoughts, but we knew that the default option is that you're going to give back.. His zeal for his mission of helping investors get a fair shake was legendary. In addition to Bogle on Mutual Funds, his other books include Common Sense on Mutual Funds (1999) and The Clash of the Cultures: Investment vs. Speculation (2012). Now known as Vanguard 500 Index Fund, it has grown to be one of the industry's largest, with more than $441 billion in assets (the sister fund, Vanguard Institutional Index Fund, has $221.5 billion in assets). 4 , Barbara Bogle Renninger, Jean Bogle, Nancy Bogle St. John Sandra Bogle Marucci, , John Jr. Andrew , 12 . A twin brother, David, died in 1994. Mr. Bogle is survived by his wife, and his children: Andrew Armstrong Bogle, Barbara Bogle Renninger, Jeanne Bogle England, Nancy Bogle St. John, Sandra Hipkins Bogle and John C. Bogle Jr. Mr. Bogle worked in several departments before becoming assistant to the president in 1955, the first in a series of executive positions he would hold at Wellington: 1962, administrative vice president; 1965, executive vice president; and 1967, president. Everything else is incidental. Future industry growth can be maximized by a reduction of sales loads and management fees.. If Vanguard runs a tight ship, its a direct reflection of its founder. Mr. Morgan had read Mr. Bogles senior thesis on mutual funds. Tim Buckley is the current chief executive. . He received honorary doctorate degrees from Villanova University, Trinity College, Georgetown University, Princeton University, the University of Delaware, University of Rochester, New School University, Susquehanna University, Eastern University, Widener University, Albright College, The Pennsylvania State University, Drexel University, and Immaculata University. He was fond of saying that so-and-so is all hat and no cattle. Jack was all cattle and not very much hat.. He served his university on many occasions from leading the Class of 1951 at its 25th reunion to advising the Princeton University Investment Co.. Seven years later, a management dispute with the principals of TDPL led Mr. Bogle to form Vanguard in September 1974 to handle the administrative functions of Wellington's funds, while TDPL/Wellington Management would retain the investment management and distribution duties. He genuinely liked talking to people and hearing their stories.. I dont know any other story like it in American business history.. Introducing the center to the nation with Mr. Bogle as chairman was a huge advantage, said Joe Torsella, the centers president at the time and now Pennsylvania treasurer. The couple had six children - daughters Barbara Bogle Renninger, Jean Bogle, Nancy Bogle St. John, and Sandra Bogle Marucci, and sons John C. Bogle Jr and Andrew Armstrong Bogle. Press Clippings. Were never allowed to use the word product, he told an interviewer in 1995. Cost is a handicap on the horse. In Honor of John Jack BOGLEThe MAN who opened financial markets for ordinary people. He was just as comfortable, if not more so, with someone whose cab he happened to get into, talking to people in the subway or to a waiter at the Princeton Club. Most observers expect that the share of corporate ownership by index funds will continue to grow over the next decade. Mr. Bogle, known as Jack, was born May 8, 1929 in Montclair NJ with his twin brot . He took chances on people because someone took a chance on him, said Stengel. Mr. Bogle also wrote numerous articles and commentaries for trade and business publications. Mr. Bogle was proud of the many jobs he held in his youth newspaper delivery boy, waiter, ticket seller, mail clerk, cub reporter, runner for a brokerage house, pinsetter in a bowling alley. It costs $1,780 per month to rent two bedrooms in the zip code 19096, according to HUD's Office of Policy Development and . When his children were growing up, he was almost always home for dinner. Learn how your comment data is processed. In 1999, Fortune named Mr. Bogle one of the investment industrys four giants of the 20th century, and in 2004, Time listed him among the 100 most influential people in the world. Mr. Morgan hired the ambitious 22-year-old for his Philadelphia-based investment management firm, Wellington Management Company. He said of the economy: The disparity in income is deeply regrettable. The next year he again broke from industry practice, selling mutual funds directly to investors rather than through brokers, and thus eliminating the sales fees of up to 9 percent that funds typically charged. In 1996, surgeons at Hahnemann University Hospital replaced his faulty heart with a strong one, ending a 128-day wait in the hospital. August 29, 2022. Much of his own altruism stems from the fact that he was a scholarship kid., It will surprise no one who knew Jack that he directed his support to financial aid and promoting community service, said former Princeton president Shirley Tilghman. Andrew has the phone number (610) 649-0638 (Verizon Pennsylvania, Inc). Vanguard is one of the world's largest investment management companies. I dont know any other story like it in American business history.. Mr. Bogle was treated for arrythmogenic right ventricular dysplasia, a congenital heart defect, for more than 30 years, and had at least six heart attacks, the first in 1960. There, Mr. Bogle ordered his customary breakfast of two eggs over easy, fried potatoes, two slices of rye toast and coffee, all of which he consumed, Stengel recalled, in an incredibly systematic way. Bogle was sought after in the corporate community. Dianne Barb Bogle (Dianne Barb Bogle) See Photos. They had 12 . If that were to happen, the Big Three might own 30 percent or more of the U.S. stock market effective control. 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 index fund.An avid investor and money manager himself, he preached investment over speculation, long-term patience over short-term action, and reducing broker fees as much as . Mr. Bogle regularly gave half his salary to charities. Everything else pales by comparison. John C Bogle, who founded the Vanguard Group of Investment Cos in 1974 and built it into a giant mutual fund company, with $4.9 trillion in assets under management today, died Wednesday in Bryn . Speculation (2012); The Little Book of Common Sense Investing: 10th Anniversary Edition (2017), and, Stay the Course: The Story of Vanguard and the Index Revolution (2018). He cared enough about his clients to personally answer their letters; he cared enough about his employees to be on a first-name basis with thousands of them, and to pitch in at the phone banks when things got busy; and in the end, he cared enough about his country that he spent much of his last two decades away from home tirelessly crusading against an increasingly elephantine and dysfunctional financial system.. He was called a communist, a Marxist, a Bolshevik, a Calvinist scold and zealot, a holier-than-thou traitor and subversive who was undermining the pillars of capitalism with un-American rants. He wore the same wool ties and suits forever, said son Andrew Armstrong Bogle. His daughter Barbara Bogle Renninger served on the board of the Gesu School in North Philadelphia, where she was also a volunteer math tutor; his son Andrew was a patron of Robin Hood, a philanthropic organization established by investment bankers and hedge-fund managers to alleviate poverty in New York City. From the station or airport, he walked to his destination rather than taking a cab, or hailed a cab rather than riding in a limo, even in his 70s. When he did a book, he was so meticulous; hed rewrite and rewrite. Mr. Bogle married Eve Sherrerd in 1956. He married Eve Sherrerd in 1956. If that were to happen, the Big Three might own 30 percent or more of the U.S. stock market effective control. 16., Bryn Mawr, Pennsylvania, Egyeslt llamok Hzastrs: Eve Bogle Gyermekek: Sandra Bogle Marucci, Andrew Armstrong Bogle, Barbara Bogle Renninger s tovbbiak Testvrek: David Caldwell Bogle s . John Clifton Bogle of Bryn Mawr PA died at home on January 16, 2019, surrounded by his family. Eve Bogle: Children: Yes (Sandra Bogle Marucci, Jean Bogle, Nancy Moore Bogle, Andrew Armstrong Bogle, Barbara Bogle Renninger, John Bogle Jr.) Dating/Girlfriend (Name): N/A: Profession: Investor, business magnate, and philanthropist: Net Worth in 2022: $85 million: Last Updated: December 2022 Malaysia: Moderation, not Racism and Religious Extremism, is in our DNA, Malaysia:The Problem of having a Prime Minister-in-Waiting. He also served as chairman of the Investment Companies Committee of the National Association of Securities Dealers Inc. (now FINRA) from 1972 to 1974. 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. For more than 20 years, he donated half his annual income to philanthropic causes, particularly those institutions that helped develop his mind and form his character. $ 44.2 million Vanguard U.S. mr. 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