The Jack Bogle Story: All of the Education and Experience in the World Count for Nothing Without Personal Integrity

Set forth below is the text of a comment that one of the Goons recently put to another blog entry at this site, followed by my response.

Goon Post:

(via Bogleheads)

John Bogle’s Biography:

Education:
1952–1959 University of Pennsylvania, Evening School of Business and Finance
May 1951 Graduated from Princeton University, magna cum laude in Economics
May 1947 Graduated from Blair Academy, cum laude

Employment Positions:
2000–present Founder, The Vanguard Group and President of the Bogle Financial Markets Research Center
1996–2000 Senior Chairman, Vanguard
1974–1996 Chairman and Chief Executive Officer, Vanguard
September 1974 Created The Vanguard Group
1970–1996 Chairman, Wellington Fund and associated funds
1967–January 1974 President, Wellington Management Company
1965–1967 Executive Vice President, Wellington
1962–1965 Administrative Vice President, Wellington
1955–1962 Assistant to the President, Wellington
June 1951 Hired by Walter L. Morgan, Founder and Chairman, Wellington Management Company

Directorships and Trusteeships:
1999–2007 National Constitution Center, Chairman of the Board
2000–2005 Instinet Corporation, Director
1996–2002 American Indian College Fund, Trustee
1996–2000 Chris-Craft Industries, Director
1989 Princeton University Investment Company, Director
1981–1987 The American College, Trustee
1978–1999 Mead Corporation, Director & Chairman of Finance Committee
1975–2001 The General Accident Group of Insurance Companies, (later Commercial Union) Director
1974–1999 Vanguard Group, Director, Chairman, 1974–1996
1971–present Blair Academy, Trustee, Chairman, 1986–2001
1971–1991 Meritor Financial Group, Director
1971–1991 Bryn Mawr Hospital, Director and Chairman, Finance Committee

Memberships and Committees:
2009–present Financial Crisis Advisory Group
2007–present Adirondack Roundtable Committee
2007–present Lake Placid Shore Owners Association
2006–present Dow Jones Wilshire Advisory Board
2004–present American Philosophical Society
2004–present American Academy of Arts and Sciences
2003–present Journal of Investment Management, Advisory Board
2003–present Financial Analysts Journal, Advisory Council
2002–2003 Conference Board Commission on Public Trust and Private Enterprise
2002–present Phi Beta Kappa Society, Investment Committee
1997–2000 U.S. Independence Standards Board
1972–1976 National Association of Securities Dealers, Chairman, Investment Companies Committee
1972–1978 Princeton University, Economics Department Advisory Council (Chairman 1978)
1969–1974 Investment Company Institute, Board of Governors (Chairman 1969–70)

Honorary Degrees:
May 15, 2011 Villanova University, Doctor of Commercial Science
May 23, 2010 Trinity College, Doctor of Humane Letters
May 18, 2007 Georgetown University, Doctor of Humane Letters
May 31, 2005 Princeton University, Doctor of Laws
May 15, 2004 Pennsylvania State University, Doctor of Humane Letters
June 14, 2003 Drexel University, Doctor of Business Administration
May 23, 2001 New School University, Doctor of Laws
May 13, 2001 Susquehanna University, Doctor of Laws
December 15, 2000 Eastern University, Doctor of Humane Letters
June 11, 2000 University of Rochester, Doctor of Laws
October 22, 1999 University of Delaware, Doctor of Laws
October 15, 1999 Albright College, Doctor of Humanities
May 17, 1997 Widener University, Doctor of Humane Letters

Publications: Books
2013 The Man in the Arena (Written by Knut Rostad, Wiley)
2012 The Clash of the Cultures, Investment vs. Speculation(Wiley)
2011 The House that Bogle Built (Written by Lewis Braham, McGraw-Hill)
2010 Don’t Count On It (Wiley)
2009 Common Sense on Mutual Funds: Fully Updated 10th Anniversary Edition (Wiley)
2008 Enough. True Measures of Money, Business & Life (Wiley)
2007 The Little Book of Common Sense Investing (Wiley)
2005 The Battle for the Soul of Capitalism, (Yale University Press)
2002 Character Counts: The Creation and Building of The Vanguard Group (McGraw-Hill)
2000 John Bogle on Investing: The First 50 Years (McGraw-Hill)
1999 Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor(Wiley)
1996 John Bogle and the Vanguard Experiment: One Man’s Quest to Transform the Mutual Fund Industry (Written by Robert Slater, Irwin)
1993 Bogle on Mutual Funds: New Perspectives for the Intelligent Investor (Irwin)

Publications: Articles
2011 The Journal of Portfolio Management, The Clash of the Cultures
2009 The Journal of Portfolio Management, The Fiduciary Principle: No Man Can Serve Two Masters
2008 Financial Analysts Journal, Black Monday and Black Swans
2008 The Journal of Portfolio Management, A Question So Important That It Should Be Hard To Think About Anything Else
2005 Bold Thinking on Investment Management: The FAJ 60th Anniversary Anthology
2004 Financial Analysts Journal, The Mutual Fund Industry Sixty Years Later: For Better or Worse?
2003 CFA Magazine, Whether Markets are more Efficient or less Effective, Costs Matter
2003 Journal of Investment Management, Don’t Count on it The Perils of Numeracy
2002 The Journal of Portfolio Management, An Index Fund Fundamentalist
2002 The Corporate Board, Has Corporate Governance Let Us Down?
1998 The Journal of Portfolio Management, The Implications of Style Analysis for Mutual Fund Performance Evaluation
1995 The Journal of Portfolio Management, The 1990s at the Halfway Mark
1992 The Journal of Portfolio Management, Selecting Equity Mutual Funds
1991 The Journal of Portfolio Management, Investing in the 1990s: Remembrance of Things Past, and Things Yet to Come.
1997–2004 The Wall Street Journal, numerous op-eds
1999–2003 The New York Times, numerous op-eds

Awards:
2012 RIIA Consumer Advocate Award
2011 Salvation Army “Others” Award
2011 Tiburon Strategic Advisors CEO Summit XX Award
2010 FUSE Research Network Award for Lifetime Impact and Commitment to Investors
2010 Investment Management Consultants Assoc. Richard J. Davis Ethics Award
2009 Graham & Dodd Best Perspectives Award for “Markets in Crisis”
2009 Graham & Dodd Perspective Article Award for “Back Monday & Black Swans”
2009 Tenth Annual Bernstein Fabozzi/Jacobs Levy Award for Outstanding Article – A Question So Important
2008 The Bonnell Award, Community College of Philadelphia
2007 Heritage Award, The Historical Society of Pennsylvania
2007 Union League Business Leadership Award
2007 National Council on Economic Education Visionary Award
2007 CFA of San Francisco Distinguished Speakers Award
2006 Center for Corporate Excellence Exemplary Leader Award
2006 Chester County Economic Development Council Hall of Fame Award
2005 Friend of the Delaware Investor Award from the Delaware Dept. of Justice
2004 Committee of Seventy, Philadelphia Good Citizenship Award
2004 Marketing Expo, Lifetime Achievement Award
2004 Institutional Investor Lifetime Achievement Award
2003 National Foundation for Teaching Entrepreneurship, Entrepreneur of the Year
2003 Yale School of Management, Legends of Leadership
2003 Better Business Bureau, Certificate of Commendation,
2002 Union League of Philadelphia, Founders Award for Business Leadership
2002 Franklin Celebration in Philadelphia, Benjamin Franklin Founders Award
2000 Pennsylvania Chamber of Commerce, Pennsylvania’s Business Leader of the Year
1999 Princeton University, Woodrow Wilson Award for distinguished achievement in the Nation’s service
1999 Fixed Income Analysts Society, Inc., Hall of Fame
1999 PA Partnership for Economic Education, Adam Smith Distinguished Leadership Award
1999 National Association of Personal Financial Advisers, Special Achievement Award
1999 National Investment Company Service Association, Robert L. Gould Award
1998 Temple University, Musser Excellence in Leadership Award
1997 Assoc. for Investment Management and Research, Award for Professional Excellence
1997 Leadership in Financial Services (Macmillan Press Ltd), one of the Financial Leaders of the 20th Century
1995 Advancement for Delaware Valley Independent Schools, Award for Philanthropy to Independent Education,
1993 Financial Analysts of Philadelphia, Lifetime Award of Distinction
1992 Newcomen Society, Honor for innovation

Public Recognition:
2005 FINANCIAL PLANNING Magazine, Hall of Fame
2005 TIME Magazine, “Ten Questions for John Bogle”
2004 TIME magazine, The Time 100—the world’s 100 most powerful and influential people
2002–2004 Weekly program with Tyler Mathisen on CNBC
2001 Louis Rukeyser’s Wall Street Week, Hall of Fame
1999 FORTUNE magazine, One of the investment industry’s four Giants of the 20th Century.
1999 Barron’s—Investment Hall of Fame
1996 Fund Action Magazine, Fund Leader of the Year

Other Achievements:
1999–2000 Henry Kaufmann Visiting Professor of Business, New York University
1999 Leadership Speakers Series, Fox School of Business Management, Temple University

Distinguished Lectures:
2009 Columbia Business School Stanley R. Klion Forum
2008 George Washington Manual Cohen Lecture Series
2007 Princeton University, The Maclean House 2007 Lecture Series
2005 Vanderbilt University, Distinguished Speaker Series
2005 Duke University’s Fuqua School of Business, Distinguished Speakers Series
2004 Washington State University, The Gary M. Brinson Distinguished Lecture
2004 University of Mississippi, Otho Smith Fellows Program Distinguished Lecture
2003 Vanderbilt University, The Owen School of Management—Distinguished Speaker Series
2003 Wake Forest University, Joseph A. Jones Lecture
2003 Bryn Mawr Presbyterian Church, Community Forum Distinguished Speaker Series
2002 Cornell University, Park Distinguished Lecture Series
2002 Princeton University, Center for Economic Policy Studies
2002 Neeley School of Business, Executive Speaker Series
2002 Blair Academy, Hollerith Lecture Series
2000 New York University, Executive Lecture Series
2000 New York University, Seymour Jones Distinguished Lecture
1999 Massachusetts Institute of Technology (Lincoln Laboratories), Distinguished Lecture Series
1998 Houston Club, Distinguished Speaker Series

Rob’s Response:

And yet Rob Bennett, some fool whose only claim to expertise in this field is that he figured out how to get his words posted to the internet, called for correction of the errors in the Old School safe-withdrawal-rate studies at least 12 years sooner than Old Saint Jack.

I wonder why.

Rob

Comments

  1. The Pink Unicorn says

    When I see your lying posts like this, it makes me think that people like John and Mel deserve metals for exposing the dirtbag that you are. Thanks also goes out to all the other board members that got so sick of tolerating such garbage that they banned you from the communities to show you that such behavior of denigrating fine individuals will not be tolerated.

  2. Rob says

    If you loved Jack the way that I do, you would want him to be honest when he gives investing advice, Pink. He is not only hurting millions of middle-class investors with his unethical behavior. He is also hurting himself. In very serious ways.

    I will do whatever I can to help the man. But I ain’t helping him by encouraging him to continue walking down a path on which he finds himself associating with the sorts of individuals who have put up posts in “defense” of Mel Lindauer and John Greaney. I am sure.

    Heaven help us all!

    Don’t let the bad guys get you down, man.

    Rob

  3. The Pink Unicorn says

    He is honest, but you are not and yes, you are a dirtbag for even questioning his integrity. I don’t think there is a person alive today that would agree with your opinions on Jack Bogle.

  4. Rob says

    Did Bob Woodward question President Nixon’s integrity by reporting the facts of the Watergate case, Pink?

    Did the journalists who reported on Lance Armstrong’s lies question his integrity by doing so?

    Did the journalists who reported on the behavior of Joe Paterno and Jerry Sandusky question their integrity by doing so?

    There are responsibilities that follow from being a public figure. Jack Bogle has failed to honor his responsibilities in a very serious way for failing to take action on the Linduaer matter or the Pfau matter or the Greaney matter for many years since he learned about the need for him to do so. He has dishonored himself.

    And those who call themselves his friend and yet fail to do what they can to get him back on the right track dishonor themselves as well.

    Not this boy.

    I can’t go for that.

    No can do.

    It’s not my particular cup of tea.

    Please try to find someone else.

    Rob

  5. Rob says

    I don’t think there is a person alive today that would agree with your opinions on Jack Bogle.

    It’s what people will say following the next price crash that matters, Pink.

    I don’t hear too many people speaking up for Nixon today. Or Paterno. Or Armstrong.

    I predict that we will see a flood of people coming clean following the filing of the first action brought against a Buy-and-Hold advocate for the crime of financial fraud.

    We’ll see.

    Rob

  6. Sensible Investor says

    Plenty of people stick up for Nixon. He accomplished a lot and honestly he even improved his image a great deal while he was still alive as a former-president.

    Joe Paterno was just a disgusting person, but people in the “Happy Valley” area do stick up for him.

    To compare Nixon and Armstrong to a piece of shit like Paterno is bad enough, but at least these guys did something wrong. Bogle has done nothing wrong with regards to what advice he gives to investors!

  7. Rob says

    Plenty of people stick up for Nixon. He accomplished a lot and honestly he even improved his image a great deal while he was still alive as a former-president.

    Fair enough. Jack Bogle has done lots of wonderful things too and his unethical behavior on the safe-withdrawal-rate matter doesn’t change that. You can count on me being one of those sticking up for my old friend when most others are howling for his head on a platter, Sensible.

    Bogle has done nothing wrong with regards to what advice he gives to investors!

    My famous post pointing out the errors in the Old School safe-withdrawal-rate studies was advanced on the morning of May 13, 2002, Sensible. Please tell us the date on which you believe Jack Bogle put forward his first demand that those studies be promptly corrected.

    Rob

  8. Sensible Investor says

    You should be ashamed of yourself for constantly talking negatively about Jack Bogle (and the others) the way you do.

  9. Rob says

    Please mark me down as opposed to financial fraud, Sensible.

    People feel free to spread the word all across the internet.

    Oh, heck! Put me down as firmly opposed. I’m feeling cocky!

    Rob

  10. Sensible Investor says

    Nah, I won’t go around telling the rest of the internet about you. I’ll just stick to playing poke the troll here at your web site and talking about you over at Greaney’s Best of Hocomania discussion forum.

  11. x says

    My famous post pointing out the errors in the Old School safe-withdrawal-rate studies was advanced on the morning of May 13, 2002

    I for one would love to read this famous post. Or even a bullet point summary of what it said. Oh that’s right, you’ll show it at my trial.

    Never mind, since said post most likely never existed. How about something simpler: just ONE new point. On anything. Sports, politics, the weather, the peeling wallpaper in your kitchen, the lint in your belly button. I don’t care. Just anything different from the constant nightmarish Groundhog Day repetition which is this blog. I realize this request is terribly difficult for you, so tell you what – I’ll give you a year.

  12. Rob says

    The point about the need to report accurately the numbers that people use to plan their retirements is an important point, X.

    This is not a game. People’s life savings are at stake.

    Plus, once we open the internet up to honest posting on safe withdrawal rates, pressure will build to open it up to honest posting on scores of other critically important investment-related topics — risk management, asset allocation strategies, retirement planning, lots of stuff.

    We have denied ourselves the benefits of 33 years of powerful research-backed insights as a result of our addiction to Get Rich Quick/Buy-and-Hold strategies. When we stop banging our heads against that wall, it is going to feel awfully, awfully good.

    I’ll make you a deal. On the day we get the Ban lifted, I will share with you my thoughts on the question of whether the Phillies should be buyers or sellers before this trade deadline.

    Fair enough, old friend?

    Rob

  13. Rob says

    I think it is fine so far as it goes, Interested.

    I also think that the fellow described in the article should be able to find honest and accurate reports on what the last 33 years of peer-reviewed research tells us about safe withdrawal rates.

    Are you able to imagine any possible downside?

    The Buy-and-Holders made a mistake once upon a time. No one finds fault with them for that. We all get it. We all are grateful for their many wonderful contributions.

    The 12-year cover-up [it's 33 years if you go back to when Shiller published his "revolutionary" (his word) peer-reviwed research] is something different. Those who have participated in the 12-year cover-up are liable for hundreds of billion of dollars in civil damages. In extreme cases (like yours, Interested!), they are looking at prison sentences for having committed the crime of financial fraud ( a felony).

    Do you see?

    Saving is good. All agree.

    Financial fraud is a loser. All but those who have put up posts in “defense” of Mel Linduaer and John Greaney (and my good friend Jack Bogle?) agree and are in the process of working up the courage to take effective action.

    I hope that help a bit.

    Rob

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