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Fireside Chat: Live Webinar Discussion With John Bogle June 17th
#2
Posted 16 June 2009 - 04:53 PM
Pushing this to the top: the webinar is tomorrow, Wednesday, June 17.
#3
Posted 17 June 2009 - 06:20 PM
Hi,
I listened to the webinar and for a good reflection from listeners, click here.
A replay of the webinar will be on the website shortly: click here .
A listener's question had to do with the passive/active debate, aimed a tripping up JB. The questionnaire wanted an example of people using passive strategy outside of the financial markets. For example, would you want your doctor to be passive?
JB stuck with his standard response; of course, JB admitted that you do not want your physician to be passive, but the financial markets are different from other enterprises.
Not the best response for hard core active investors (I doubt if you can convince them otherwise) because there are two political examples of a passive strategy:
One sent the most powerful empire of the era, England, packing from India and the other example was getting rid of a century of legalized and institutional segregation in this country: Gandhi and Dr. M. L. King respectively. The same concept, "non violence", worked perfectly in very different social, economic and political worlds.
Passivity does not work in a vacuum, but needs training, careful planning in very specific contexts, but most of all, one does not get emotional, over react and fight back. Gandhi and MLK proved that this strategy is indeed very powerful and effective in achieving these specific political goals. Similarly, John Bogle proved, with gobs of evidence from both the academic and private research world, that passive strategy will put move money in individual's investor's pockets over active management over the long term largely because of costs. It is not a leap of faith to understand the connection what Gandhi and MLK did and what Bogle created for the individual investor.
Steve
I listened to the webinar and for a good reflection from listeners, click here.
A replay of the webinar will be on the website shortly: click here .
A listener's question had to do with the passive/active debate, aimed a tripping up JB. The questionnaire wanted an example of people using passive strategy outside of the financial markets. For example, would you want your doctor to be passive?
JB stuck with his standard response; of course, JB admitted that you do not want your physician to be passive, but the financial markets are different from other enterprises.
Not the best response for hard core active investors (I doubt if you can convince them otherwise) because there are two political examples of a passive strategy:
One sent the most powerful empire of the era, England, packing from India and the other example was getting rid of a century of legalized and institutional segregation in this country: Gandhi and Dr. M. L. King respectively. The same concept, "non violence", worked perfectly in very different social, economic and political worlds.
Passivity does not work in a vacuum, but needs training, careful planning in very specific contexts, but most of all, one does not get emotional, over react and fight back. Gandhi and MLK proved that this strategy is indeed very powerful and effective in achieving these specific political goals. Similarly, John Bogle proved, with gobs of evidence from both the academic and private research world, that passive strategy will put move money in individual's investor's pockets over active management over the long term largely because of costs. It is not a leap of faith to understand the connection what Gandhi and MLK did and what Bogle created for the individual investor.
Steve
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