Enough

The late Jack Bogle, founder of Vanguard Group, published this excellent book in 2009.

Consider the following apophyrical tale related in Chapter 10 of Enough: “Too Much Success, Not Enough Character.” It concerns an old greyhound who spent his days at a race track chasing a mechanical rabbit. Over the years, the dog had won over a million dollars for his owner but ultimately decided to quit: not because he was mistreated or had become disabled but because “I found out that the rabbit I was chasing wasn’t even real.”

Those who accumulate more money than they need in… show more.

John Bogle, the founder of the Vanguard mutual fund group, passed away in 2019 at age 89. His final net worth: some $80 million.

That personal fortune, notes economist Dean Baker, might well have reached the tens of billions had Bogle operated as a standard-issue Wall Street exec. But he never did. Bogle invented the notion of the low-fee index fund, and he organized Vanguard as an entity owned by the shareholders in the mutual funds Vanguard offers.

In the process, Bogle infuriated much of Wall Street. Critics called his approach “worse than Marxism.” In Enough, his highly readable… show more.