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More About This Title The Man in the Arena: Vanguard Founder John C. Bogle and His Lifelong Battle to Serve Investors First
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The Man in the Arena offers the essence of John C. Bogle's thinking and the meaning of his life's work, which transformed individual investing to benefit tens of millions of investors. Through Bogle's own words—as well as the voices of others whose hearts and minds he touched—the book touches on topics he cares about most deeply: Vanguard, indexing, corporate governance, and a fiduciary society. From Vanguard shareholders to true giants in finance, one cannot read their words without being struck by their sheer intensity. Bogle's parade of admirers is passionate. It is led by, arguably, the two most acclaimed leaders of our day—in the world of investing and the public life of the world—Warren Buffett and President Bill Clinton.
The book is a first take at putting Bogle's life work into a broader context. It includes some of Bogle's classic essays and leads to an agenda of reform Bogle feels is essential to preserve our democratic republic. It features insight on the man from such commentators as Arthur Levitt, Burton Malkiel, Paul Volcker, and many more.
- Features wisdom and commentary on the career and life of legendary investor John C. Bogle
- Presents a summary of Bogle's prominent and successful career, as well as his investing strategies
- Includes commentary from a Who's Who of top investors
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Knut A. Rostad, editor of The Man in the Arena, is the founder and President of the Institute for the Fiduciary Standard, a nonprofit organization that advances fiduciary principles through research, education, and advocacy.
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Foreword by andrew golden xi
Introduction by knut a. rostad xv
Part I: The John C. Bogle Legacy Forum—A Vision for Resorting Trust
Chapter 1: Four Distinguished Panels 13
Chapter 2: A Conversation with Paul Volcker and John C. Bogle 61
Part II: The Vanguard Vision
Chapter 3: Character Counts—The Introduction 84
Chapter 4: A Time to Dance 89
Chapter 5: The Power of an Idea: Reflections on Our 25th Anniversary 91
Chapter 6: On Human Beings—Clients and Crew 100
Chapter 7: “Big Money in Boston” . . . The Commercialization of the “Mutual” fund industry 116
Part III: The Index Fund Vision
Introduction by Joe Mansueto 150
Chapter 8: As the Index Fund Moves from Heresy to Dogma, What More Do We Need to Know? 155
Chapter 9: “The Bogle Issue” of the Journal of Indexes 178
Part IV: The Corporate Governance Vision
Introduction by Nell Minow 212
Chapter 10: The Silence of the Funds: Why Mutual Funds Must Speak Out on the Governance of Our Nation ’s Corporations 216
Chapter 11: What Went Wrong in Corporate America? 247
Part V: The Vision of Service to Society
Chapter 12: Fiduciary Duty—No Man Can Serve Two Masters 274
Chapter 13: Philanthropy—Serving Our Community and Our Nation 301
Part VI: Rewards for the Vision—Letters of Appreciation
Introduction by Allan Roth
Chapter 14: Comments from the Bogleheads 318
Chapter 15: Letters from Vanguard Clients 328
Chapter 16: Letters from Vanguard Crew Members 341
Part VII: Support for the Vision—Forewords to Bogle Books
Introduction by Jeremy Duffield 358
Chapter 17: The Forewords 364
Appendix 395
References 397
Index 401
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“This compilation of John C. Bogle’s essays on indexing, fiduciary responsibility, and corporate governance, together with transcripts of talks and discussions, is a fitting tribute to the founder of the Vanguard Group, who has consistently advocated putting clients’ interests first and has tirelessly imparted the message that investors would be far wealthier if they invested in low-cost index funds….The world would be a better place if more of our business and political leaders emulated John Bogle’s values, ethics, and integrity.”
—CFA Institute
