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Ariel CEO John Rogers Remembers Jack Bogle

Ariel Investments Chairman and CEO John Rogers speaks with CNBC’s “Squawk on the Street” on the death of Vanguard founder Jack Bogle.

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Jack Bogle, John Bogle, Vanguard Group, ETF, ETFs, Passive investing, active vs passive, Fund flows, indexing, index funds, actively managed funds, outperform the market, smart investing, valuewalk, AUM, assets under management, passive vehicles, exchange traded funds, ETPs, asset managers

Ariel Investments CEO John Rogers Remembers Jack Bogle

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Transcript

[00:00:00] That we were talking all morning long about the idea that this all came really from a college thesis this revolution that he brought to investing. It's amazing you know I've often wished I could have written a thesis like that when I was. A remarkable person. Yeah talk about what people should remember those who knew him and those who were just learning about him today.

[00:00:26] I think the one thing he kept working so long on this mission that he believed in so deeply it would still be working and showing up to conferences in his mid to late 80s that commitment and passion is something I think we can all strive for. You know the revolution John of of index investing morphed into. Something that wasn't necessarily always a fan of which is ETF investing in sort of the short term nature of.

[00:00:57] Trading ETF and lack of corporate governance and ETF. Do you have a good feel for how he viewed his legacy.

[00:01:06] I think he was quite proud of his legacy. You had a chance to spend quality time with him and see him at the Morningstar conference and see him talk about his deep beliefs.

[00:01:19] I know he knows he left a mark on America.

[00:01:22] I was at the Berkshire Hathaway annual meeting a while back when Warren Buffett honored him and see that kind of recognition from the world's greatest investor. I think Jack knew what a difference he'd made for all of us.

[00:01:38] We've been talking about the lessons that he tried to impart on investors. One of them was just very simple save your money. Don't chase performance. And then. Sort of. Lessons about allocation regarding fixed income versus equities. I mean they're all they've almost become like Newton's laws to some degree in investing.

[00:02:01] Exactly. And you know he stays on message and he built these deep relationships with people who cared about the same issues.

[00:02:08] People like Don Phillips and Joe Mansueto and people like that who built Morningstar and have taken this message and delivered it to financial advisers throughout America and throughout the world. And he was just like Jack he was so strong and independent and you know didn't feel the need to please everyone else which I think is also an important important value and skill.

[00:02:34] What do you think John about the market structure and just how different it is today versus when you know Jack started out in the late in the 70s. I think first Investment Trust was 1975 just how different is that and how much of an impact did Jack make.

[00:02:50] Well he's transformed the industrial world as you know passive investing has taken hold and so many people believe in it.

[00:02:59] So many believers like Warren Buffett who pushed Jack's mission and message. So it is really just transforms the investment world for individual investors and giving them a fair shake and low cost Gletty to do well for their families.