JC de Swaan

Right up until his death this week at age 89, Jack Bogle lost no opportunity to make his case. Every time the Vanguard Group founder came to visit my first-year students at Princeton University, as he did for the last several years no matter what physical shape he was in, he was quick to blast the asset management industry. “Too much costs, not enough value”—his deep voice and high energy would startle the students. He bemoaned the eroding sense of professionalism–managing money had become a “business.” He lamented the rise of “speculation” over “investment.” He extolled the value of hard work.