A Quote by John C. Bogle
I believe that the behavior of too many of our corporations investment bankers and fund managers has jeopardized some of the trust that investors have had. It's not the economic engine that we need to focus on, but the need to make sure that our investors receive their fair share of the returns that that great economic system produces.
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Our capitalistic scheme in the latter years of the 20th century seems to have lost its way. We've had a "pathalogical change" from traditional owners capitalism where most of the rewards have gone to those who make the investments and assume the risks to a new and deeply flawed system of managers capitalism where the managers of our corporations our investment system, and our mutual funds are simply take too large a share of the returns generated by our corporations and mutual funds leaving the last line investors - pension beneficiaries and mutual fund owners at the bottom of the food chain.
We need to reorganize our entire system of retirement plan investing and to develop federal standards of fiduciary duty for pension trustees and fund managers. These require "top down" intervention. But we also need investors to look after their own economic interests, a bottom up approach to our problems that is well within our individual power to undertake.
We need a federal government commission to study the way our financial services system is working - I believe it is working badly - and we also need more educated investors. There are good long term low-priced mutual funds - my favorite is a total stock market index fund - and bad short term highly priced mutual funds. If investors would get themselves educated, and invest in the former - taking their money out of the latter - we would see some automatic improvements in the system, and see them fairly quickly.
This is the free enterprise system. The only place in the world that I can recall where companies never failed was the old Soviet Union. This is what investors do in free enterprise and capitalism system. [...[ And, yes, free enterprise system can be cruel. But the problem with this administration is that small businesses are the one who had suffered the most, the kind that need investors, the kinds that don't need the hundreds of pages, thousands of pages of regulations that continue to plague them and have them hold back on the hiring investment.
Economic growth is important. But we cannot count on economic growth alone to fund the public education system our children need and deserve.
Too often, investors are the target of fraudulent schemes disguised as investment opportunities. As you know, if the balance is tipped to the point where investors are not confident that there are appropriate protections, investors will lose confidence in our markets, and capital formation will ultimately be made more difficult and expensive.
Targeting investment returns leads investors to focus on potential upside rather on downside risk ... rather than targeting a desired rate of return, even an eminently reasonable one, investors should target risk.
We need to use economic instruments such as carbon taxes, cap and trade, tax and dividend and whatever else to help incentivize behavior that will move us to a post-carbon, post-animal agriculture world, and make our societies more resilient to the shocks that are already baked into the system. But that doesn't make climate change an "economic issue."
Left-wing shareholder activists seek to leverage the mass economic power of institutional investors such as pension funds, whose managers are supposed to focus strictly on their fiduciary responsibilities to retirees.
Millions of mutual-fund investors sleep well at night, serene in the belief that superior outcomes result from pooling funds with like-minded investors and engaging high-quality investment managers to provide professional insight. The conventional wisdom ends up hopelessly unwise, as evidence shows an overwhelming rate of failure by mutual funds to deliver on promises.
To think that we have to depend on some of the most dependent people in our population to fund our government when corporations won't even pay their fair share.
Our investors are here for only one reason: great returns. They want to make money.
We need a new Latin American policy that is bold - different. We need to focus on building civil society, focus on the lack of infrastructure. We need look at ways to foster economic opportunity. There needs to be a more comprehensive economic vision in the region.
Risk managers and investment bankers and actually, all kinds of investors took on more risk than they expected. So there was a failure of risk management. There was a failure to recognize how much risk there was in some of these securities that people bought.
I think our failure as a caucus has been not to focus on economic issues. I think we - and I'm supportive of all the issues that - that we talk about, but you need an economic - a robust, economic message that - that covers everybody.
We need a budget that will foster economic growth for all of our people, and we need to make taxes more simple and fair for working families - not give handouts to the rich.
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