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The greatest financial guru was......
Old 12-29-2010, 03:28 PM   #1
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The greatest financial guru was......

....Mr Micawber. He came by his advice by bitter experience, but we can all learn form him.

"Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."

Rich Dad, Buckets, Gross etc are all a waste of time. I have some time for Bogle as he gives me an inexpensive way to have a lazy portfolio. Why does everyone make investing is so complicated....oh I forgot it justifies fees.
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Old 12-29-2010, 04:01 PM   #2
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Thank goodness Jack Bogle is American. Otherwise we would all be investing in high-expensive ratio loaded funds like the Canadians, Brits, and many other nationalities. If Mr. Bogle had been French, we would be envious of the low-cost investing choices available to the French, but not to us.
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Old 12-29-2010, 04:08 PM   #3
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If Vanguard did not exist already... Some other company (perhaps a new competitor) would choose the model.

Two basic models right out of business school:

  • Low cost producer
  • Differentiate through appearance of superior quality (usually advertising)

If VG didn't exist (or low cost ETFs) many more of us would be managing a portfolio of stocks directly.


BTW... it looks like developed nations get the low cost benefit of VG also.

https://global.vanguard.com/
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Old 12-29-2010, 04:11 PM   #4
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Originally Posted by LOL! View Post
Thank goodness Jack Bogle is American. Otherwise we would all be investing in high-expensive ratio loaded funds like the Canadians, Brits, and many other nationalities. If Mr. Bogle had been French, we would be envious of the low-cost investing choices available to the French, but not to us.
True, UK funds are expensive, even Tracker funds (what they call Index funds there) have 1% expense ratios. Most people use saving accounts over there. there is the Individual Savings Account which is like a ROTH but without the retirement/hold until 59.5 aspect.
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Old 12-29-2010, 04:18 PM   #5
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I'd like to nominate my 5 year old for "greatest financial guru":

"Daddy, I know how you can become a billionaire. Just work all day, make money all day and then don’t go shopping. Just save all your money and don’t spend it. Then you can be a billionaire.”

Clearly my daughter would fail at being a financial guru because how can you publish multiple books, sell software and consulting services, hold seminars, and sell merchandise with a simplistic message like this?
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Old 12-30-2010, 03:34 PM   #6
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Bogle and anyone that quotes Bogle to make their point.
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Old 12-30-2010, 03:56 PM   #7
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If Vanguard did not exist already... Some other company (perhaps a new competitor) would choose the model.
https://global.vanguard.com/
Remember that Vanguard is a non-profit co-operative organization that is owned by the investors in the funds. To my knowledge this is unique in the mutual fund industry. The primary purpose of the other fund companies is to make money for the owners of the investment company.
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Old 12-30-2010, 04:01 PM   #8
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Remember that Vanguard is a non-profit co-operative organization that is owned by the investors in the funds. To my knowledge this is unique in the mutual fund industry. The primary purpose of the other fund companies is to make money for the owners of the investment company.
Here's another: it's owned by the members of the Canadian Medical Association.

Wealth management, financial planning, investments, insurance, estate and trusts, banking - MD Financial, helping physicians and their families for nearly 40 years | MD Financial
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Old 12-30-2010, 04:05 PM   #9
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My son in college. Every month I deposit cash into his checking account to cover expenses. The teller asks me if I am XXX, I say no I just deposit money into the account not withdraw it. The teller says "I want an account like that!"
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Old 12-30-2010, 06:43 PM   #10
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Originally Posted by chinaco View Post
If Vanguard did not exist already... Some other company (perhaps a new competitor) would choose the model.


If VG didn't exist (or low cost ETFs) many more of us would be managing a portfolio of stocks directly.
I'm living proof of that -- hence the name "DRiP Guy" from my own early efforts at assembling a diverse portfolio using individual corp stocks purchased on DRP plans, before I knew better!

Thank God I ran across Vanguard Diehards, Early Retirement Forum, and Bogleheads boards. The DRiP portfolio was a book-keeping nightmare, and certainly a very risky proposition compared to the degree of diversification I can get through low cost Global indexes at VG.

Oh, and to answer the question: Bogle for the modern era, and his mentor Graham before that.
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