Jack Bogle

“Yes, mutualization of the fund and funds activities was totally my idea. And I realized that a mutual company would never provide me with the personal fortune that so many denizens of Wall Street would earn. But it offered, I believe, my last best chance to resume my career.”

“If you invested $100,000 at age 25 and you got 7% market returns for 40 years, you'd end up with $1.5 million. But if you paid a 1% management fee along the way each year... instead of $1.5 million, you end up with $1 million. That's an extra 50% for your retirement that you could make by not paying 1% in fees each year.”

“John turns to him and says, 'If you do that, you will destroy this entire industry.'”

“I view Bogle as an undercover philanthropist. And at a trillion or even half a trillion dollars, that would make him the greatest philanthropist of all time... A large portion of that trillion dollars could easily have flowed into Jack's own wealth. And he made the choice that it didn't.”

“Somebody should come along and offer a fund that apes the whole market, requires no load, and keeps commissions, turnover, and management fees to the feasible minimum.”

“The only way that Jack and Vanguard can get around the distribution prohibition for this new fund, they figure out, is to do an IPO of it... doing a one-time event of an IPO of the fund did not count as distribution and marketing.”

“Morgan had a crisis of confidence. He's not sure that he's going to be able to operate and be successful in this new go-go era... His direction to Bogle is, I want you to do whatever it takes to fix this firm.”

“He would eventually take over the American Can Company, you know, that had been co-founded by Jack's grandfather... Tsai would become the CEO of that. He would transform that into Primerica and then sell it to Sandy Weil and Jamie Dimon, and that would be part of the building block of Citigroup.”

“Walter Morgan had a crisis of confidence. He's not sure that he's going to be able to operate and be successful in this new go-go era.”