At Bogle Event, Musings on Profit Motive, Fiduciary Responsibility

January 31, 2012

By James J. Green, Advisorone

“I’ve done the best I could to build a better world for investors,” said John Bogle at an event honoring his legacy on Tuesday in New York, with multiple luminaries of the investing and academic world gathered to add their congratulations on Bogle’s efforts over the years.

Former President Bill Clinton sent a congratulatory email which was read by Knut Rostad of the Institute for the Fiduciary Standard, one of the sponsors of the John C. Bogle Legacy Forum, held at the Museum of American Finance on Wall Street. In his trademark style, Bogle said that while he was “hugely honored and terriby humbled,” he lamented that despite its name, “Vanguard remains a leader without a following,” saying that “the silence of the funds remains deafening” when it comes to not only keeping costs and turnover low in their funds and not attempting to time the market, but in putting investors first, as Vanguard has done through its unique ownership structure. Bogle also said there was a “crying need for a fiduciary standard” in the industry.

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