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- Description
- Product Details
- About the Author
- What People are Saying
- Table of Contents
Description
The index fund wouldn’t be jack without Jack. It was just one innovation fueled by The Vanguard Group founder Jack Bogle’s radical idea in 1975 to make investors the actual owners of his new fund company. While the move was as much to save his job as it was to save investors, the end result was powerful: a fund company for the people and by the people. Bogle began a 50-year process of lowering costs inch by inch, which ultimately unleashed a populist revolt that has saved average investors trillions of dollars while reforming and right-sizing much of the entire financial industry. Today, nearly every dollar invested in America goes to either Vanguard funds or Vanguard-influenced funds. But Bogle’s impact and this “great cost migration” reaches well beyond index funds into many other areas, such as active management, ETFs, the advisory world, quantitative investing, ESG, behavioral finance and even trading platforms. The Bogle Effect takes readers through each of these worlds to show how they—and the investors they serve—are being reshaped and reformed. While hundreds of fund providers have copied the index fund that Vanguard made popular no one is yet to copy its “mutual” ownership structure. Why? This book explores that question as well as what made Bogle such an anomaly—seemingly immune to the overwhelming magnet of ambition that dictates Wall Street, made famous by movies like Wall Street, The Big Short, and The Wolf of Wall Street. On the flip side, Bogle wasn’t perfect by any stretch—he could be moralizing, cantankerous, and tended to make virtue out of necessity. The Bogle Effect is animated by the author’s hours of one-on-one, exclusive interviews with Bogle in the years before he passed, which reveal his philosophy, vision, intellect, and humor. Dozens of additional interviews with people who worked with him, lived with him, were influenced by him, and disagreed with him round out a portrait of this revolutionary figure. You will never look at the financial industry or your portfolio the same way again.
Product Details
ISBN-13: 9781637740712
Media Type: Hardcover
Publisher: BenBella Books Inc.
Publication Date: 04-26-2022
Pages: 336
Product Dimensions: 6.00(w) x 9.10(h) x 1.10(d)
About the Author
Eric Balchunas is Senior ETF Analyst at Bloomberg Intelligence, where he leads the ETF and passive fund research. He and his team write several notes a week for the Bloomberg terminal, which total over a million reads per year. Eric is also co-host of a weekly Bloomberg TV show called “ETF IQ” which gets 83,000 views per episode. He isalso co-host of the Bloomberg podcast “Trillions,” which gets 32,000 downloads per episode. He is also the author of The Institutional ETF Toolbox as well as an occasional contributor to Bloomberg Opinion. Eric is a frequent speaker at industry events and conferences. He typically gives the ETF State of the Union or moderates panels on trends in the ETF market to all kinds of audiences from institutions, to advisors to DIY retail investors. In addition to outside conferences, Eric is also frequently asked to speak at internal events both at Bloomberg as well as companies like Blackrock, State Street and Vanguard. Eric is popular on social media with over 30,000 Twitter followers and 5000+ LinkedIn connections and frequently makes ‘most influential’ lists. Many of his Twitter followers include influential people from the financial media, such as Bloomberg, WSJ, CNBC, Financial Times and Barron’s. In addition, many of his followers are advisors, consultants and ETF issuers both big and small.
What People are Saying
". . . it's hard to think of a better tour guide than Bloomberg's own resident ETF guru for the story of John Bogle, Vanguard, and how they transformed the index fund/ETF landscape for the betterment of the individual investor." "What The Bogle Effect reads like is a really immersive documentary, with commentary along the way from many people in finance who knew him, crossed swords with him, or were influenced by him along the way." “Eric Balchunas has not only written the definitive professional biography of John Bogle, but he has done so with a penetrating honesty and narrative grace rare in the genre. Read, enjoy, and, most important, absorb the wisdom of the most important investor ever to have lived.” “A riveting story of a once in a lifetime, transformational figure for the fund industry. A candid look at the birth of passive investing and its subsequent revolution.” “"Eric Balchunas's The Bogle Effect is a powerful and captivating exploration of how John Bogle and Vanguard revolutionized the entire financial industry. A must-read for Wall Street beginners and veterans alike.”" “Thanks to Jack Bogle, there’s no longer any dumb money in the stock market. Also thanks to Jack Bogle, the smart money has to work that much harder to prove they’re worth the fees they charge to beat the market. In The Bogle Effect, Eric Balchunas expertly shows how Jack Bogle built Vanguard into the Amazon of the asset management industry: a disruptive, disintermediary and deflationary force that’s left its competitors scrambling.” "Balchunas provides one of the first ever exhaustive looks behind the veil of the high fee asset management business and the dramatic impact that John Bogle played (and still plays) in saving the retail investor billions of dollars." "The Bogle Effect will change the way you look at the financial industry forever. Balchunas' insights give readers a fresh and unique look at how Bogle and The Vanguard Group revolutionized both portfolios and Wall Street. A must-read for all." “"Jack Bogle did more for investors than anyone else, ever. He was brave enough to wave a pirate flag, take on Wall Street, and change the world. And no one will help you appreciate Bogle's radical simplicity quite like Eric Balchunas.”" “Jack Bogle is famous and revered—but not nearly as famous and revered as he should be. Eric Balchunas’ new book should help on both counts. Read it and learn. Read it and be amazed what one determined man did for the average investor.” "Mr. Balchunas’s book does a nice job of bringing Mr. Bogle to life from many angles." "The conclusions drawn by the author offer a unique perspective on a financial industry titan." "It's kind of like a biography of Jack Bogle and also kind of like a tribute to him. [Jack Bogle] really was a saint, just totally one-of-a-kind, excellent book. Totally recomend The Bogle Effect."What People are Saying About This
From the Publisher
—Phil Huber, CFA, CFP, BPS and Pieces
—Robin Powell, The Evidence-Based Investor (TEBI)
“We are on the threshold of a new era, one in which the power of large numbers beats expertise . . . Let Eric Balchunas be your guide as we leave behind the old world and go charging into the new one.”
—Downtown Josh Brown, CEO of Ritholtz Wealth Management, star of CNBC's The Halftime Report
—William J. Bernstein, Author of The Four Pillars of Investing and A Splendid Exchange
“Balchunas has written a rare beast: a delightful read that humanizes one of the icons of finance, while at the same time providing a meaty argument for how our modern financial world has been shaped by the genius, goodness, luck, and perhaps arrogance of one man.”
—Dave Nadig, Director of Research and CIO, ETF Trends and ETF Database
—Aye Soe, Head of Product, S&P Dow Jones Indices
—Arthur Levitt, Former Chairman, the Securities and Exchange Commission
—Scarlet Fu, Quicktake Anchor, Bloomberg, and senior markets editor, Bloomberg Television
—Cullen Roche, Founder, Discipline Funds
—Mary Schapiro, Vice Chair for Global Public Policy, Bloomberg, and Former Chair, US Securities and Exchange Commission
—Joel Weber, Editor, Bloomberg Businessweek
—Alan Blinder, the Gordon S. Rentschler Memorial Professor of Economics and Public Affairs at Princeton University and Former Vice Chair of the Federal Reserve
—Ann H. Logan, Abycats' Thoughts
—Heather Bell, ETF.com
—Ben Carlson, Animal Spirits Podcast
Table of Contents
Introduction 1 Chapter 1 The Vanguard Colossus 13 Chapter 2 Declaration of Independence 45 Chapter 3 Average Is the New Great 69 Chapter 4 Explaining Bogle 99 Chapter 5 The Fall (and Rise) of Active 119 Chapter 6 Bogle and ETFs: It's Complicated 155 Chapter 7 The Great Cost Migration 175 Chapter 8 "Some Worry" 213 Chapter 9 Bogle vs. Vanguard 251 Chapter 10 The Art of Doing Nothing 271 Conclusion: Bogle's Legacy 293 Acknowledgments 315 Index 317Table of Contents
