Bogle on Brexit, Trump and political division
Posted by Robin Powell on March 20, 2017
In case you missed it, CNN ran an extended interview with Jack Bogle on Saturday and, as you’d expect, it was brimming with wit and wisdom.
As well as Wall Street and the financial markets, Bogle had plenty to say about American society under president Trump. He also waded in on Brexit and his dislike of the use of referenda to decide important political issues.
It’s worth listening to the full 16-minute interview, but here are the highlights:
Wall & Main Street
“Corporations produce returns, and then Wall Street takes far too big a share of the market return and leaves Main Street with not nearly enough.”
Warren Buffett hailing him a hero
“I doubt very much that I’m a hero. I’ve just tried to do the right thing for investors, creating a company that is focused on serving investors rather than serving managers.”
Vanguard’s ownership structure
“I don’t want a bigger of a piece of the pie than I have. I’m doing fine by the standards of normal America. By the standards of Wall Street I’m kind of an idiot.”
His only regret
“If I have any regrets it’s that if I had a lot more money I could have given a lot more away.”
“The Brexit referendum was a terrible mistake. The price will be paid for decades, if not even longer. Scotland is now thinking of leaving and the United Kingdom will not be united any more.”
“There are so many people who have not taken the time and the trouble to think about (the issues involved), and they get the same vote as someone who really thinks about and understands them.”