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Bogle: We Need a Quiet Revolution Back to the Basics

The Vanguard founder and former chairman reflects on his accomplishments and the structural changes in the investment business that he hopes will benefit future investors.

Benz: Jack, last question for you. I know that you're always doing new research and contemplating new ideas. You said you could write an op-ed piece practically every day. But I'd like to talk about your reflections on your career. I know that you have spent a fair amount of time reflecting on what you've accomplished. So I would like to hear what you think are your biggest achievements over your career and also things that you still want to work on?

Bogle: Well, interestingly enough I really don't spend very much time on that. I suppose if I was to reflect on, it, I don't know, I would hope that out of all this would come a major change in the way the financial investment business in the U.S. operates--to go away from speculating and toward investment, which serves everybody but Wall Street. Wall Street is too big a part of the equation, and [we need] to get them out. That's a major sociological change, a major change for a society, a major improvement in the ability to accumulate money and retirement plan. You see, you look at these things like say a 401(k) or whatever might be, and a 1% difference in the long-term return and the lifetime return is staggering.