Jack Bogle passed away. If his is a new name for you: when you retire, he'll have been directly responsible for about $1 of every $2 you receive from your investment returns or pension, by negotiating down by 95% fees the financial industry charged for no good reason.
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The fee is the management fee for mutual funds, which were clustered in the ~2% region when they were principally actively managed by stock pickers who purported to deliver above-market performance. This promise was not true. Bogle popularized a better product costing 10 bps.
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The difference between 2% and 10bps is approximately a quarter of the returns to capitalism, which compounded over a 35 year working career work out to about 2X difference. (Being somewhat handwavy on the math in the interest of general legibility.)
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Replying to @miclugo
I mean that toy model is simple but people's allocation isn't entirely US large cap equities, prices were different for e.g. actively managed bond funds, there's some dispute over whether 8% is a reasonable approximation for market returns, etc etc. Model is "wrong but useful."
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The general thing I want folks to understand is that there is a list of relatively few people who can claim "Oh yeah my career's impact to middle class families is denominated in, let me do the math, tens of trillions? Give or take a trillion here or there? I lose count."
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