the bogle issue - IndexUniverse.com

More documents

Recommendations

Info

InsideIndexing inaugural conference BUILDING BETTER BETA 2012 FOR MORE INFORMATION: www.InsideIndexingConference.com/JOI From the producers of: InsideETFs InsideETFsEurope InsideCommodities March 19-20, 2012 5)&3*5;$"3-50/t1)*-"%&-1)*"1" Designed specifically for INSTITUTIONAL INVESTORS Featured Speakers: John C. Bogle Founder The Vanguard Group George F. Will Pulitzer Prize-Winning Columnist, Journalist & Author Jeremy Siegel Professor of Finance University of Pennsylvania Robert Shiller Professor of Economics Yale University ` 'PSTQFBLJOHPQQPSUVOJUJFTQMFBTFDPOUBDU "MMJTPO+POFTBUPSBKPOFT!*OEFY6OJWFSTFDPN Presented by: ` 'PSTQPOTPSTIJQPQQPSUVOJUJFTQMFBTFDPOUBDU 'PTUFS8SJHIUBUPSGXSJHIU!*OEFY6OJWFSTFDPN
Editor’s Note Tipping Our Hats Jim Wiandt Editor If one person can be credited with making the existence of this publication possible, it would be John Bogle. Yes, indexes have been around for over a century, but it wasn’t until Mr. Bogle launched the Vanguard 500 and kick-started an entire investment phenomenon that they were viewed as anything other than measures of the market. So some 35 years after the advent of the first index fund, it makes sense to pay tribute to the man who started it all. We open the issue with excerpts from Bogle’s 1951 college thesis, “The Economic Role of the Investment Company.” Some 60 years later, it remains a fascinating read, and you can easily tease out the premises that eventually evolved into Bogle’s investment philosophy. We then fast-forward several decades for a recent interview with the man himself: Find out what Jack Bogle really thinks about our current investment environment, taxes, politics and his accomplishments. Next is a roundtable that asks Bogle’s friends and colleagues about his impact on them and the investing public. Gus Sauter, Burton Malkiel, William Bernstein, Rob Arnott, Don Phillips and others offer their personal impressions and thoughts, with additional commentary from David Swensen, Paul Volcker and the late Paul Samuelson. What follows is a sneak peek at Bogle’s upcoming book, “The Clash of the Cultures: Investment vs. Speculation,” which will be published this summer by John Wiley & Sons. After that, Standard & Poor’s Srikant Dash weighs in with his top 10 takeaways from a decade’s worth of SPIVA reports and Persistence Scorecards—you might be surprised by some of his findings! And Christopher Philips offers the latest version of “The Case for Indexing,” Vanguard’s seminal research paper on why passive investment is the only sound decision. If anything, the argument has grown stronger over time. Rolf Agather of Russell Investments takes a look at the history of indexing and the modern-day blending of passive and active strategies, offering suggestions on best practices for index providers in the current environment. Then David Blitzer chimes in with a look back at the original academic arguments underlying the advent of the index fund. Finally, Bruce Greig rounds out the issue with a crossword puzzle built around Bogle’s career and influences. Let’s all raise our glasses to the marvelous, brutally honest and passionately sensible Jack Bogle! Jim Wiandt Editor 8 March / April 2012
Page 1 and 2: Plus an excerpt from Bogle’s fort
Page 3 and 4: Contributors Rolf Agather Rolf Agat
Page 5 and 6: Jim Wiandt Editor jwiandt@indexuniv
Page 7: FREE subscRiption oFFER! The Journa
Page 11 and 12: The Economic Role Of The Investment
Page 13 and 14: stated so that the investor can car
Page 15 and 16: Jones 30-Stock average would cost $
Page 17 and 18: of cash to the shareholder. There a
Page 19 and 20: een increased in recent years due t
Page 21 and 22: A Fireside Chat The Bogle Interview
Page 23 and 24: tem. I’m worried about Citizens U
Page 25 and 26: The Bogle Impact: A Roundtable Coll
Page 27 and 28: ing him. That will be Jack’s lega
Page 29 and 30: JoI: What do you think John Bogle
Page 31 and 32: Bogle’s Corner Ideas Vs. Implemen
Page 33 and 34: Lessons Learned From SPIVA 10 obser
Page 35 and 36: Figure 3a % Of Funds With Top-Quart
Page 37 and 38: The Case For Indexing Revisiting th
Page 39 and 40: Figure 2 Annualized Excess Returns
Page 41 and 42: Figure 5 Inverse Relationship Betwe
Page 43 and 44: Figure 8 Shorter Time Periods And M
Page 45 and 46: Figure 10 Excess Returns Help Quant
Page 47 and 48: Indexes In Perspective The Index In
Page 49 and 50: Talking Indexes Keeping It Simple A
Page 51 and 52: News Index Providers To Form Trade
Page 53 and 54: News the pair would work on develop
Page 55 and 56: News Turkey, EEML mimics an index t
Page 57 and 58: Russell continued from page 47 nati
Page 59 and 60:
Index Funds 58 March / April 2012
Page 61 and 62:
Dow Jones U.S. Industry Review Perf
Page 63 and 64:
Dash continued from page 35 of acti
Page 65 and 66:
Test Your Skills A True Industry Va
Page 67 and 68:
VOO Vanguard S&P 500 ETF For an exp
show all

the bogle issue - IndexUniverse.com

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?