A Quote by John C. Bogle
I had done some work on index funds in my senior thesis at Princeton in 1951.
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I've been studying mutual funds since 1949, when I began researching my senior thesis at Princeton University.
The first time I set out to find George F. Kennan, in 1982, I had just turned 21, begun my final semester at Princeton University and noticed with astonishment that the senior thesis deadline had crept to within four months.
At Princeton I wrote my junior paper on Virginia Woolf, and for my senior thesis I wrote on Samuel Beckett. I wrote some about "Between the Acts" and "Mrs. Dalloway'' but mostly about "To the Lighthouse." With Beckett I focused, perversely, on his novels, "Molloy," "Malone Dies," and "The Unnamable." That's when I decided I should never write again.
Nothing highlights better the continuing gap between rhetoric and substance in British financial services than the failure of providers here to emulate Jack Bogle's index fund success in the United States. Every professional in the City knows that index funds should be core building blocks in any long-term investor's portfolio. Since 1976, the Vanguard index funds has produced a compound annual return of 12 percent, better than three-quarters of its peer group.
Large-caps were safe in 1996, '97, '98. Everybody was buying index funds and Nifty Fifty funds. As long as money was pouring in, it was great.
I had been offered fellowships to enter as a graduate student at either Harvard or Princeton. But the Princeton fellowship was somewhat more generous, since I had not actually won the Putnam competition... Thus Princeton became the choice for my graduate study location.
I have no special knowledge of markets, so I invest solely in low-expense index funds, plus some cryptocurrencies.
I went to M.I.T. in the summer of 1951 as a 'C.L.E. Moore Instructor.' I had been an instructor at Princeton for one year after obtaining my degree in 1950. It seemed desirable more for personal and social reasons than academic ones to accept the higher-paying instructorship at M.I.T.
Even fans of actively managed funds often concede that most other investors would be better off in index funds. But buoyed by abundant self-confidence, these folks aren't about to give up on actively managed funds themselves. A tad delusional? I think so. Picking the best-performing funds is 'like trying to predict the dice before you roll them down the craps table,' says an investment adviser in Boca Raton, FL. 'I can't do it. The public can't do it.'
No senior politician can expect to have work-life balance. I'm afraid there are some jobs for which work-life balance inevitably goes out the window. If you want work-life balance you just have to accept that you can't be a senior member of a government, or for that matter a senior member of an opposition.
I guess I've always been an aspiring novelist. I went to Princeton and wrote a novel for my thesis.
Still, I figure we shouldn't' discourage fans of actively managed funds. With all their buying and selling, active investors ensure the market is reasonably efficient. That makes it possible for the rest of us to do the sensible thing, which is to index. Want to join me in this parasitic behavior? To build a well-diversified portfolio, you might stash 70 percent of your stock portfolio into a Wilshire 5000-index fund and the remaining 30 percent in an international-index fund.
Throughout the universe of public and private funds, managers are measured quarterly against one index or another, defined by statistics, and corralled into this category or that category so that fund of funds, pensions, and other institutions can make comforting - if not necessarily prudent - asset allocation decisions.
Those three years ended with June 1933. At that time I left Princeton, having submitted my Ph.D. thesis.
Between 1950 and 1951, I worked as a temporary employee in the Cologne Bureau of Statistics. From summer 1951 on, I have lived as a freelance writer with a fixed postal address in Cologne but with a continually shifting place of work.
With actively managed funds, people have big behavior problems. With funds that have done well, they put their money in, and when it has done bad, they want to take it out.
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