没有杰克，指数基金就不会是杰克。这只是先锋集团创始人杰克·博格尔（Jack Bogle）在1975年提出的一个激进想法推动的一项创新，即让投资者成为他新基金公司的实际所有者。虽然此举既拯救了他的工作，也拯救了投资者，但最终的结果是强大的：一家为人民和人民服务的基金公司。博格尔开始了一个长达50年的逐步降低成本的过程，最终引发了一场民粹主义反抗，在改革和调整整个金融业的大部分规模的同时，为普通投资者节省了数万亿美元。
如今，在美国投资的几乎每一美元都流向先锋基金或受先锋影响的基金。但博格尔的影响和这种“巨大的成本转移”远远超出指数基金，进入了许多其他领域，如积极管理、ETF、咨询界、量化投资、ESG、行为金融甚至交易平台。博格尔效应让读者通过这些世界中的每一个来展示他们和他们服务的投资者是如何被重塑和改革的。
尽管数百家基金提供商复制了先锋广受欢迎的指数基金，但还没有人复制它的“共同”所有权结构。为什么？这本书探讨了这个问题，以及是什么让博格尔如此反常，似乎对支配华尔街的压倒性的野心磁铁免疫。华尔街、大短片和华尔街之狼等电影让博格尔成名。另一方面，博格尔并不是十全十美的，他可能会说教，脾气暴躁，倾向于把美德视为必要。
作者在去世前几年对博格尔进行了数小时的一对一的独家采访，展现了博格尔的哲学、远见、才智和幽默，从而激发了博格尔效应。对与他共事、与他生活在一起、受他影响、与他意见相左的人进行了数十次额外采访，为这位革命人物描绘了一幅完整的画像。
你再也不会以同样的方式看待金融业或你的投资组合了。
The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions
The index fund wouldn’t be jack without Jack. It was just one innovation fueled by The Vanguard Group founder Jack Bogle’s radical idea in 1975 to make investors the actual owners of his new fund company. While the move was as much to save his job as it was to save investors, the end result was powerful: a fund company for the people and by the people. Bogle began a 50-year process of lowering costs inch by inch, which ultimately unleashed a populist revolt that has saved average investors trillions of dollars while reforming and right-sizing much of the entire financial industry.
Today, nearly every dollar invested in America goes to either Vanguard funds or Vanguard-influenced funds. But Bogle’s impact and this “great cost migration” reaches well beyond index funds into many other areas, such as active management, ETFs, the advisory world, quantitative investing, ESG, behavioral finance and even trading platforms. The Bogle Effect takes readers through each of these worlds to show how they—and the investors they serve—are being reshaped and reformed.
While hundreds of fund providers have copied the index fund that Vanguard made popular no one is yet to copy its “mutual” ownership structure. Why? This book explores that question as well as what made Bogle such an anomaly—seemingly immune to the overwhelming magnet of ambition that dictates Wall Street, made famous by movies like Wall Street, The Big Short, and The Wolf of Wall Street. On the flip side, Bogle wasn’t perfect by any stretch—he could be moralizing, cantankerous, and tended to make virtue out of necessity.
The Bogle Effect is animated by the author’s hours of one-on-one, exclusive interviews with Bogle in the years before he passed, which reveal his philosophy, vision, intellect, and humor. Dozens of additional interviews with people who worked with him, lived with him, were influenced by him, and disagreed with him round out a portrait of this revolutionary figure.
You will never look at the financial industry or your portfolio the same way again.
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