A Legendary Investor on How Much is Enough
John "Jack" C. Bogel, the founder of Vanguard, was wealthy but never grasping. He told this story:
At a party given by a billionaire on Shelter Island, Kurt Vonnegut informs his pal, Joseph Heller, that their host, a hedge fund manager, had made more money in a single day than Heller had earned from his wildly popular novel Catch-22 over its whole history. Heller responds, "Yes, but I have something he will never have... enough."
— John C. Bogel
Sadly, Bogel wrote, for many of the wealthiest and most powerful among us, there seems to be no limit today on what enough entails. Rampant greed threatens to overwhelm our financial system, corrupt our ethics, and subvert our character.
Throughout his legendary career, Bogle helped restore some sense of fairness to the financial markets and saved trillions of dollars for everyday investors.
As founder of the Vanguard Mutual Fund Group, Bogel created the first index mutual fund and forced the industry to lower the costs they charge investors to manage their money.
For more from Bogel, read the earlier My Daily Oracle missive on the investment portfolio he created specifically so he would never have to touch it again. Or pick up a copy of his book, Enough: True Measures of Money, Business, and Life. It's one of twelve that he wrote.
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