297:, Bogle was promoted to assistant manager in 1955, at which time he was able to analyze the company and its investment department. Bogle persuaded Wellington's to change its strategy of concentrating on a single fund and to create a new fund. Eventually he succeeded, and the new fund became a turning point in his career. After successfully climbing through the ranks, Bogle replaced Morgan as chairman of Wellington's mutual funds in 1970 but was later fired for an "extremely unwise" merger that he had approved. It was a poor decision which he later considered his biggest career 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." He was motivated to form an index fund partly as a result of the merger's aftermath, the terms of which prohibited him from managing money directly on behalf of clients. Following an index created by
389:
destruction of capital, while speculation is concerned with achieving returns over a short period of time, with potentially destructive risk to capital. The speculator is often only concerned with the price of a security and not the underlying business as a whole, while the investor is concerned with the underlying business and not the price of the security. Even if a business is steady in cash flow, the market quotations of a security are anything but, as a result of speculators driving up prices and bringing down prices based on hope, fear and greed. Bogle believed this is an important analysis to be taken into account as short-term, risky investments have been flooding the financial markets.
400:. He contended that it is folly to attempt to pick actively managed mutual funds and expect their performance to beat a low-cost index fund over a long period of time, after accounting for the fees that actively managed funds charge. He was also keenly aware of the importance of overall market valuation, and developed a simple but reliable method to forecast long-term returns over decade-long periods. Bogle added existing dividend yield to expected earnings growth, then adjusted for overall market valuation as measured by
49:
550:. After Bogle's death, Warren Buffett attributed Bogle's contribution to help individual investors to steer in a better "direction" in the field of investing. "Jack did more for American investors as a whole than any individual I've known", Buffett said in a CNBC interview. Bogle was also previously mentioned in
448:
His investment philosophy is the founding principle of the eponymous "Bogleheads" forum. This group is now supported by the John C. Bogle Center for
Financial Literacy and hosts national conferences in addition to its online forum. Members of the group have collaborated to write three books expanding
223:. An avid investor and money manager himself, he preached investment over speculation, long-term patience over short-term action and reducing broker fees as much as possible. An ideal investment vehicle for Bogle was a low-cost index fund representing the entire US market, held over a lifetime with
538:
and tighter rules on money market funds, and was critical of what he believed was the US government's lack of regulation of the financial sector. Bogle said the current system in the US had "gotten out of balance", and advocated for "taxes to discourage short-term speculation, limits on leverage,
388:
Bogle's idea of index investing offers a clear yet prominent distinction between investment and speculation. The main difference between investment and speculation lies in the time horizon and the risk of capital. Investment is concerned with capturing returns on the long run with lower risk of
344:
His subsequent return to
Vanguard with the title of senior chairman led to conflict between Bogle and Brennan. Bogle left the company in 1999 and moved to Bogle Financial Markets Research Center, a small research institute not directly connected to Vanguard but located on the Vanguard campus.
380:
Bogle's early investing career was devoted to active management, though he was always aware of the importance of low fees and his funds had substantially lower costs than competitors. As academic research accumulated in favor of indexing, Bogle helped popularize these ideas and created an
919:
WHILE he has no operational role at
Vanguard, he hasn't entirely left it. He works on its campus, heading the Bogle Financial Markets Research Center, a small research institute that provides him with a bully pulpit, which he tries to use in the energetic mode of his hero, Theodore
361:
researchers who found it was difficult or impossible to consistently pick winning stocks that will perform better than average. These researchers also argued that transaction and management costs were a significant drain on long-term investing returns.
657:
274:, where he studied economics and investment. During his university years, Bogle studied the mutual fund industry. He spent his junior and senior years working on his thesis "The Economic Role of the Investment Company".
1981:
2098:
573:
In 1991, he established The
Armstrong Foundation, where "he gave back to the schools that had given him scholarships early in his life, the hospitals that had fixed his heart, his church, and the United Way".
452:
Later in his life, Bogle expressed concerns that the growing popularity of passive indexing would lead to a concentration of corporate voting power for leaders of the three largest investment firms (Vanguard,
341:, his handpicked heir and second-in-command, whom he had hired in 1982. Bogle, who was then 66 and "considered past the age for a healthy heart transplant", had a successful heart transplant in 1996.
385:
fund in 1975. He argued the index fund would mimic the index performance over the long run—thus achieving higher returns with lower costs than the costs associated with actively managed funds.
539:
transparency for financial derivatives, stricter punishments for financial crimes, and a unified fiduciary standard for all money managers". In 2017, Bogle stated his belief that
President
2173:
266:
on work scholarships. At Blair, Bogle showed a particular aptitude for mathematics with numbers and computations fascinating him. In 1947, Bogle graduated from Blair
Academy
2138:
408:, and should tend to increase their bond allocation when stocks became overvalued and as they age but should maintain at least a 20% stock allocation. In the late 1990s
570:. In 2016, the Bogle Fellowship was established at Princeton University by John C. Bogle Jr, Bogle's son. The fellowship sponsors 20 first year students in each class.
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Robin
Wigglesworth (2021). Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever. Portfolio, ISBN 0593087682
481:
323:
available to the general public. It was not immediately well received by individuals or the investment industry but is now lauded by investment legend
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519:
327:, among others. In a 2005 speech, Samuelson ranked "this Bogle invention along with the invention of the wheel, the alphabet, Gutenberg printing".
2143:
1149:
1307:
Justin Fox (2011). The Myth of the
Rational Market: A History of Risk, Reward, and Delusion on Wall Street. Harper Business, ISBN 9780060599034
2128:
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732:
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412:, Bogle sold most of his stocks and correctly anticipated poor returns on stocks and superior results from bonds over the next ten years.
1516:
499:
in
Philadelphia, a museum dedicated to the U.S. Constitution. He had previously served as chairman of the board from 1999 through 2007.
902:
1132:
871:
853:
810:
772:
Don't Count on it!: Reflections on
Investment Illusions, Capitalism, "Mutual" Funds, Indexing, Entrepreneurship, Idealism, and Heroes
377:. This fund had billions of dollars under management after a few years, indicating the public was open to the new investing concept.
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978:
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At age 31, Bogle suffered from his first of several heart attacks, and at age 38, he was diagnosed with the rare heart disease
1715:
619:
255:. They lost their money and had to sell their home. His father fell into alcoholism, which resulted in his parents' divorce.
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Bogle suffered heart issues in the 1990s, subsequently relinquishing his role as Vanguard CEO in 1996. His successor was
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338:
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Inside Vanguard: Leadership Secrets From the Company That Continues to Rewrite the Rules of the Investing Business
319:, Bogle created the First Index Investment Trust (a precursor to the Vanguard 500 Index Fund) as one of the first
1572:
374:
1484:
543:'s policies were good for the market in the short term, but dangerous for society as a whole in the long term.
1755:
48:
1389:
The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns
824:
The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns
720:
The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns
547:
401:
298:
95:
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After graduating from Princeton, Bogle sought a position in banking or investments. Hired by Morgan at the
2031:
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and corrected for inflation. He argued most investors should have a minimum 20% bond allocation to reduce
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1963:
705:
392:
Bogle was known for his insistence, in numerous media appearances and in writing, on the superiority of
358:
259:
245:
76:
1620:"Pennsylvania Senator Robert P. Casey Jr. to Deliver Villanova University's 2011 Commencement Address"
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1212:
The Man in the Arena, Vanguard Founder John C. Bogle and His Lifelong Battle to Serve Investors First
863:
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The Man in the Arena, Vanguard Founder John C. Bogle and His Lifelong Battle to Serve Investors First
802:
775:
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597:
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492:
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405:
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110:
308:, which is now one of the most respected and successful companies in the investment world. In 1999,
1857:
Roberts, Andrea Suozzo, Ken Schwencke, Mike Tigas, Sisi Wei, Alec Glassford, Brandon (2013-05-09).
1648:
Roberts, Andrea Suozzo, Ken Schwencke, Mike Tigas, Sisi Wei, Alec Glassford, Brandon (2013-05-09).
562:
During his high-earning years at Vanguard, he regularly gave half his salary to charity, including
31:
1897:
1806:"Warren Buffett says Jack Bogle did more for the individual investor than anyone he's ever known"
907:
585:
551:
507:
305:
216:
151:
1412:
554:'s 2016 annual shareholder letter for his contribution of developing the investment landscape.
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1650:"NATIONAL CONSTITUTION CENTER - Form Form 990 for period ending Sep 2001 - Nonprofit Explorer"
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near the New Jersey shore for a time. Their academic record there enabled them to transfer to
1731:"Vanguard founder Jack Bogle says near-term Trump agenda good for stocks, but bad long term"
1120:
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278:
252:
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461:), adding, "I do not believe that such a concentration would serve the national interest."
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370:
294:
282:
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1096:"Investor Jack Bogle founded his legendary company based on his Princeton senior thesis"
409:
324:
316:
334:
to launch a fund together. In November 1984, the Vanguard Primecap Fund was launched.
312:
magazine named Bogle as "one of the four investment giants of the twentieth century".
2082:
1781:"Jack Bogle, founder of Vanguard Group and creator of the index fund, dies at age 89"
982:
963:
563:
263:
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357:
in a fund that mirrors the entire stock market developed in the 1960s, mainly among
2047:
2022:
John C. Bogle Papers at the Seeley G. Mudd Manuscript Library, Princeton University
540:
535:
515:
511:
416:
397:
2021:
651:
The Vanguard Experiment: John Bogle's Quest to Transform the Mutual Fund Industry.
1081:
The Vanguard Experiment: John Bogle's Quest to Transform the Mutual Fund Industry
236:
became a bestseller and is considered a classic within the investment community.
636:
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382:
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320:
220:
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Bogle graduated magna cum laude from Princeton in 1951 and was soon hired by
583:
Named one of the investment industry's four "Giants of the 20th Century" by
567:
454:
267:
1568:"Vanguard founder Bogle and surgeons gather for a heart-transplant reunion"
1320:"The Weekend Interview with Rex Sinquefield: Meet One of the Super-PAC Men"
1285:"Vanguard founder Bogle and surgeons gather for a heart-transplant reunion"
658:
Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor
233:
Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor
17:
2056:
1435:
331:
224:
603:
Named one of the "world's 100 most powerful and influential people" by
1347:"The Stupidest Thing You Can Do With Your Money (Ep. 297 Rebroadcast)"
1005:"Updated: Vanguard Group founder John C. Bogle '51 passes away at 89"
755:
Common Sense on Mutual Funds: Fully Updated 10th Anniversary Edition
633:
Bogle on Mutual Funds: New Perspectives for the Intelligent Investor
415:
Bogle argued for an approach to investing defined by simplicity and
1756:"John C. Bogle, Founder of Financial Giant Vanguard, Is Dead at 89"
1031:"Vanguard Founder John Bogle Sees No Good Alternatives to Indexing"
301:
allowed the creation of a fund that Bogle himself did not oversee.
1922:"John Bogle, Vanguard Founder Who Created Index Funds, Dies at 89"
689:
Character Counts: The Creation and Building of The Vanguard Group
1517:"Vanguard founder John Bogle warns index funds becoming too big"
1232:"Why the world's biggest investor backs the simplest investment"
793:
how John Bogle and Vanguard reinvented the mutual fund industry.
285:, reportedly as a result of Morgan reading his 130-page thesis.
842:
Stay the Course: The Story of Vanguard and the Index Revolution
600:
for "distinguished achievement in the Nation's service" (1999).
2009:
215:
and philanthropist. He was the founder and chief executive of
2016:
1967:
1055:"John Bogle dies at 89; fought for lower fees for investors"
248:
to William Yates Bogle, Jr. and Josephine Lorraine Hipkins.
2027:
Remarks before the Harvard Club of Boston, January 14, 2003
369:
available to the general public was established in 1973 by
211:(May 8, 1929 – January 16, 2019) was an American investor,
1542:"My Favorite Non-Quaker Quaker, Remembering John C. Bogle"
2099:
American chief executives of financial services companies
1401:
Part 6 of Bogle 2014 interview with professor Mark Witte
738:
Enough : True Measures of Money, Business, and Life
653:
Chicago, IL: Irwin Professional Publishing, Inc., 1997.
495:
in 2011. Bogle served on the board of trustees of the
432:
Use past performance to determine consistency and risk
1391:(John Wiley & Sons, 2007), ISBN 978-0-470-10210-7
799:
The Clash of the Cultures: Investment vs. Speculation
1376:
Bogle's 'Reasonable Expectations' for Market Returns
484:. He received a heart transplant in 1996 at age 66.
1685:
1683:
1253:"The Annals of Vanguard—The Story of PRIMECAP Fund"
190:
167:
157:
146:
124:
103:
84:
58:
39:
1318:
1171:
1169:
435:Beware of stars (as in, star mutual fund managers)
27:American investor and business magnate (1929–2019)
1436:"About Us | Bogleheads Investing Advice and Info"
1362:The Clash of Cultures: Investment vs. Speculation
419:. Below are his eight basic rules for investors:
30:"John Bogle" redirects here. For the artist, see
1716:"The unsung hero of your comfortable retirement"
819:. John Wiley and Sons, Inc., Hoboken, N.J. 2013.
827:10th Anniversary Edition, Updated and Revised (
546:Bogle died on January 16, 2019, at his home in
330:In 1984, Bogle met with the management team of
2174:Members of the American Philosophical Society
8:
2074:That's Why They Call It Vanguard – Bloomberg
1881:: CS1 maint: multiple names: authors list (
1831:"Berkshire Hathaway Inc. 2016 Annual Report"
1672:: CS1 maint: multiple names: authors list (
896:
894:
892:
890:
888:
886:
426:Consider carefully the added costs of advice
1859:"Armstrong Foundation - Nonprofit Explorer"
903:"A Mutual Fund Master, Too Worried to Rest"
676:John Bogle on Investing: The First 50 Years
1317:Riley, Naomi Schaefer (October 26, 2012).
482:arrhythmogenic right ventricular dysplasia
47:
36:
2139:Businesspeople from Montclair, New Jersey
1378:. Morningstar.com, accessed 26 April 2017
1964:"World Wide Speakers Group – John Bogle"
789:Braham, Lewis. The House That Jack Built
487:Bogle received honorary doctorates from
1596:"Princeton awards six honorary degrees"
1485:"Bogle Sounds a Warning on Index Funds"
1123:(2022). "Chapter 3: Troubles Brewing".
882:
473:church, but maintained his faith as an
2069:Video: Speech at Pepperdine University
1874:
1665:
1225:
1223:
1221:
244:John Bogle was born on May 8, 1929 in
219:and is credited with popularizing the
2169:20th-century American philanthropists
702:The Battle for the Soul of Capitalism
615:'s Lifetime Achievement Award (2004).
444:Buy your fund portfolio – and hold it
429:Do not overrate past fund performance
7:
2164:20th-century American businesspeople
2035:podcast interview, February 23, 2006
1729:Belvedere, Matthew J. (2017-01-12).
1283:Arvedlund, Erin (21 February 2017).
1148:Boyle, Matthew (December 17, 2007).
449:upon Bogle's investment philosophy.
315:In 1976, influenced by the works of
258:Bogle and his twin, David, attended
1898:"John Bogle, Boring Philanthropist"
1566:Swanson, David (21 February 2017).
510:Republican), although he voted for
1094:Kero, Veronika (17 January 2019).
396:over traditional actively managed
25:
2154:University of Pennsylvania alumni
2124:Businesspeople from Philadelphia
2062:Library of Economics and Liberty
1083:. Irwin Professional Publishing.
1779:Steinberg, Marty (2019-01-16).
1003:Shen, Allan (16 January 2019).
373:, who later went on to work at
180:
2144:People from Verona, New Jersey
1896:Gerken, Matthew (2019-01-24).
1829:Buffett, Warren (2017-02-25).
1460:"Getting Started - Bogleheads"
620:American Philosophical Society
1:
1483:Bogle, John C. (2018-11-29).
1230:Tim Harford (July 17, 2017).
1029:Berr, Jonathan (2010-02-14).
251:His family was harmed by the
2129:Manasquan High School alumni
1754:Wyatt, Edward (2019-01-16).
1415:Common Sense on Mutual Funds
1150:"Fortune Magazine interview"
497:National Constitution Center
2149:Princeton University alumni
1804:Melloy, John (2019-01-16).
1691:"Biography at Vanguard.com"
1364:. John Wiley and Sons, Inc.
1214:. John Wiley and Sons, Inc.
901:Sommer, Jeff (2012-08-11).
2190:
1186:"Investment Company Guide"
469:Bogle attended his wife's
29:
2040:November 6, 2019, at the
1573:The Philadelphia Inquirer
1251:Bogle, John (July 2015).
959:"A visit with John Bogle"
502:Politically, Bogle was a
375:Dimensional Fund Advisors
46:
2134:Pennsylvania Republicans
441:Don't own too many funds
240:Early life and education
53:Bogle late in his career
2114:American money managers
1374:Christine Benz (2017).
1079:Slater, Robert (1997).
548:Bryn Mawr, Pennsylvania
402:price to earnings ratio
304:In 1974, Bogle founded
96:Bryn Mawr, Pennsylvania
2104:American Episcopalians
613:Institutional Investor
1838:berkshirehathaway.com
1210:Rostad, Knut (2013).
979:"About John C. Bogle"
846:John Wiley & Sons
829:John Wiley & Sons
803:John Wiley & Sons
776:John Wiley & Sons
759:John Wiley & Sons
742:John Wiley & Sons
725:John Wiley & Sons
706:Yale University Press
678:(McGraw-Hill, 2000),
663:John Wiley & Sons
423:Select low-cost funds
359:University of Chicago
349:Investment philosophy
299:Standard & Poor's
260:Manasquan High School
246:Montclair, New Jersey
150:Founding and leading
77:Montclair, New Jersey
2119:Blair Academy alumni
2052:"Bogle on Investing"
1986:search.amphilsoc.org
1982:"APS Member History"
1624:Villanova University
1600:Princeton University
1360:Bogle, John (2012).
935:(October 10, 2003).
864:Penguin Random House
691:(McGraw-Hill, 2002)
598:Princeton University
594:Woodrow Wilson Award
493:Villanova University
489:Princeton University
438:Beware of asset size
272:Princeton University
270:and was accepted at
111:Princeton University
1946:"The 2004 Time 100"
1489:Wall Street Journal
534:. He supported the
32:John Bogle (artist)
2159:The Vanguard Group
2109:American investors
1970:on April 29, 2011.
1902:Philanthropy Daily
1760:The New York Times
1421:2012-02-07 at the
1009:Daily Princetonian
957:(March 13, 2010).
908:The New York Times
795:McGraw-Hill, 2011.
552:Berkshire Hathaway
506:(a self-described
306:The Vanguard Group
217:The Vanguard Group
152:The Vanguard Group
63:John Clifton Bogle
2050:(April 9, 2007).
1548:. 23 January 2019
1521:The Seattle Times
1411:Sigma Investing.
1192:. 12 October 2018
1059:The Seattle Times
858:Balchunas, Eric.
837:978-1-119-40450-7
784:978-0-470-64396-9
750:978-0-470-39851-7
733:978-0-470-10210-7
609:magazine in 2004.
589:magazine in 1999.
578:Awards and honors
355:passive investing
321:index mutual fund
289:Investment career
281:, founder of the
198:
197:
16:(Redirected from
2181:
2065:
2017:Bogleheads forum
2013:
2012:
2010:Official website
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981:. Archived from
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933:David Brancaccio
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923:
922:
916:
915:
898:
860:The Bogle Effect
815:Rostad, Knut A.
649:Slater, Robert.
279:Walter L. Morgan
253:Great Depression
213:business magnate
184:
182:
135:business magnate
91:
88:January 16, 2019
72:
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51:
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2042:Wayback Machine
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1289:inquirer.com
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1260:the original
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1061:. 2019-01-16
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983:the original
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937:"John Bogle"
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558:Philanthropy
545:
541:Donald Trump
536:Volcker rule
516:Barack Obama
512:Bill Clinton
501:
491:in 2005 and
486:
479:
475:Episcopalian
471:Presbyterian
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459:State Street
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227:reinvested.
208:
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201:John Clifton
200:
199:
173:Eve Sherrerd
90:(2019-01-16)
2094:2019 deaths
2089:1929 births
955:Scott Burns
637:McGraw-Hill
394:index funds
383:S&P 500
125:Occupations
73:May 8, 1929
2083:Categories
1991:2021-06-09
1931:2019-01-17
1907:2023-06-19
1868:2023-06-19
1863:ProPublica
1843:2021-08-26
1815:2019-01-16
1790:2019-01-17
1765:2019-01-16
1740:2019-01-17
1701:2005-03-11
1659:2023-06-19
1654:ProPublica
1634:2020-02-19
1605:2020-02-19
1552:2023-04-18
1527:2022-05-01
1502:2020-12-22
1469:2021-03-10
1445:2020-12-22
1413:Review of
1294:2020-08-19
1269:2023-08-19
1196:2020-12-22
1159:2007-12-17
1065:2022-05-01
1040:2016-01-23
989:2019-01-16
941:NOW on PBS
920:Roosevelt.
914:2016-01-24
878:References
504:Republican
406:volatility
367:index fund
365:The first
221:index fund
162:Republican
69:1929-05-08
18:Jack Bogle
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568:Princeton
455:BlackRock
268:cum laude
225:dividends
104:Education
2057:EconTalk
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1877:cite web
1810:cnbc.com
1785:cnbc.com
1735:cnbc.com
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