If you are concerned about the financial security of America, or if you think the stock market is a place to make a quick profit, or if you don’t understand investing in general, this interview with John C. Bogle may be of benefit to you. Without question, he has earned the right to comment on capitalism. John Bogle was a pioneer in mutual funds. He founded The Vanguard Group in 1954. In 2004 he was named by Time Magazine as one of the 100 most powerful and influential people in the world. A man who has been on the cutting edge for years, he also blogs.
He likes to be called “Jack” and he is the kind of person that gives someone like me, a small-town radio host, the same opportunity as Bill Moyers or CNN. In fact, he may have given me more. To show you what kind of person Jack is, I have to tell you that I started this interview several weeks ago, but 5 minutes into it, the transmitter at the radio station failed and we had to reschedule. Jack was unphased. He was happy to take the time to set it all up again. I was amazed. Still am!
He is also an author. I had seen his interview in September wth Bill Moyers regarding his recent book, “The Battle for the Soul of Capitalism.” He has written another book recently, “The Little Book of Common Sense Investing: The Only Way to Guarantee Your Share of Stock Market Returns.” And, he has written many more.
I do not think this interview does justice to the scope and breadth of Jack Bogle’s wisdom. He understands the good side of capitalism and he captures with clarity and insight where capitalism has gone wrong. Capitalism used to be about markets and products, providing what people needed and selling the best product that money could buy. Somewhere in the past, capitalism sought to benefit the worker and to reward him for his loyalty and industry. Where are these qualities in the capitalism that rules the world today? Gone! Gone with the wind!
Why? Because capitalism has lost its focus and now serves the CEO, the financial managers, the Wall Street stock broker, not the owners, the shareholders. The forcus is on making money by any means and if laying off hundreds of employees to turn a quick buck is necessary, that is all in a days work. CEOs and corporate boards scratch each other’s back with exhorbitant compensation packages that, in reality, create a conflict of interest between those in control of a corporation and those who own it.
I am not an investor. I do not understand the stock market. I do not understand day traders. If I knew that Jack Bogle was handling my investments, I wouldn’t have to worry about whether or not I was being lied to, tricked or sold down the river. I cannot begin to do justice to his comments. I can only be thankful that at least one billionare cares about the security of the common man.
If you want to know his advice for sound investing, you will just have to listen to the interview. And, read the book!
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