Jack Bogle
| John Bogle | |
|---|---|
| Born |
John Clifton Bogle May 8, 1929 Montclair, New Jersey, U.S. |
| Nationality | American |
| Alma mater |
Princeton University University of Pennsylvania |
| Occupation | Investor, business magnate, and philanthropist |
| Known for | Founding and leading The Vanguard Group |
| Net worth | US$80 million (2012) |
| Spouse(s) | Eve Bogle |
| Children | 6 |
John Clifton "Jack" Bogle (born May 8, 1929) is an American investor, business magnate, and philanthropist. He is the founder and retired chief executive of The Vanguard Group.
His 1999 book Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor became a bestseller and is considered a classic within the investment community.
John (Jack) Bogle was born on May 8, 1929 in Verona, New Jersey to William Yates Bogle, Jr., and Josephine Lorraine Hipkins.
His family was affected by the Great Depression. They lost their inheritance and had to sell their home, with his father falling into alcoholism which resulted in his parents' divorce.
Bogle and his twin David attended Manasquan High school on the New Jersey shore for a time. Their academic record there enabled them to transfer to the prestigious Blair Academy on work scholarships. At Blair, John showed a particular aptitude for math, with numbers and computations fascinating him. In 1947, John graduated from Blair Academy cum laude and was accepted at Princeton University, where he studied economics and investment. During his university years, John was determined to examine the mutual fund industry that had not been analyzed before. Bogle spent his junior and senior year working on his thesis “The Economic Role of the Investment Company”.
He earned his undergraduate degree in 1951, and attended evening and weekend classes at the University of Pennsylvania.
After graduating from Princeton in 1951, Jack Bogle narrowed his career options to banking and investments. He managed to land a position at Wellington Fund where he showed great talent that made the manager of the fund, Walter L. Morgan to say that "Bogle knows more about the fund business than we do". Bogle was promoted to an assistant manager position in 1955 where he obtained a broader access to analyze the company and the investment department. Bogle demonstrated initiative and creativity by challenging the Wellington management to change its strategy of concentration on a single fund, and did his best to make his point in creating a new fund. Eventually he succeeded, and the new fund became a turning point in his career. After successfully climbing through the ranks, he was named chairman of Wellington, but was later fired for an "extremely unwise" merger that he approved. It was a poor decision that he considers his biggest mistake, stating, "The great thing about that mistake, which was shameful and inexcusable and a reflection of immaturity and confidence beyond what the facts justified, was that I learned a lot."
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