Honoring an Industry Legend
Normally this post is designed to share some industry insight or practice management guidance, but given the passing of industry legend, John “Jack” Bogle on January 16, we at Dynamic, thought it appropriate to use this week’s post to reflect on Mr. Bogle’s impact on the investment industry, and on some of the individuals here at Dynamic Wealth.
I was a brand-new Associate for Vanguard in 1999 when I had the opportunity to meet Jack Bogle. I started my career in the financial services industry a month or two before, and Mr. Bogle was there to share copies of his new book, “Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor”. I still have the copy he autographed on my bookshelf and still refer to the lessons within from time to time.
Of course, it is with hindsight looking back on my career of nearly 20 years to truly appreciate the impact Mr. Bogle had on our industry. As a green, wide-eyed associate, it was difficult to fathom that impact. Albeit brief, the meeting with Mr. Bogle is still a very memorable moment in my career.
As the news of Mr. Bogle’s passing made its way through the various news reporting services, I reached out to colleagues at Dynamic to share the news. One colleague stated, “Another great one gone.”
Chief Development Officer, Jim Palumbo added, “While most fund managers made billions, John Bogle chose to make a difference. Even though the company he founded manages more than $5 trillion in assets, he was only worth $80 million. During the heyday of his career, he routinely gave half of his salary to charity. Even if you are not a fan of Vanguard, you can’t help but respect the transparency he brought to the industry and the humility with which he navigated his success.”
Mr. Palumbo went on to add, “He uttered one of my favorite quotes in a 2011 interview on CNBC. I still use it with investors and advisors. He said, ‘…when the crises come along, the best rule you can possibly follow is not “Don’t stand there, do something,” but “Don’t do something, stand there!”
When asked to reflect on Mr. Bogle’s passing, Founder and CEO of Dynamic, Jim Cannon said, “There are only a few people who come close to approaching the positive impact Jack Bogle made on our industry and millions of investors.”
We’re humbled by the responsibility we share here at Dynamic Wealth Advisors, to continue the values of transparency, humility, and investor advocacy that “Jack” pioneered.
About Dynamic Wealth Advisors
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