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“John Bogle, the founder of The Vanguard Group who died earlier this month at age 89, got rich by giving his mutual fund customers a better deal.
The obituaries seem to have missed that point, dwelling instead on the theory that if only Bogle had chosen to rip off his customers, he could have been even richer. That claim is highly speculative, and based on a fundamental misperception: a view of capitalism as a racket rather than as a system in which the incentives of entrepreneurs and customers sometimes align with results that are spectacularly rewarding for both.
The tone was set with a New York Times obituary. “Vanguard managed its indexed mutual funds at cost, charging investors fees that were far lower than those of virtually all of its rivals,” the Times wrote. “Vanguard’s consistent growth produced riches for Mr. Bogle, but not to the extent that another ownership structure might have done. For example, Edward C. Johnson III, the chairman of Fidelity Investments, has a net worth of $7.4 billion, according to Forbes. Mr. Bogle’s net worth was generally estimated at $80 million last year.””
JJ Editor's Daily Picks
"Political leaders from all French parties, including former presidents Francois Hollande and Nicolas Sarkozy, joined Jews and non-Jews in Paris’s Place de la Republique to condemn antisemitic acts."
"Eighty years ago tonight, thousands of Americans gathered in New York to rally behind the Nazi Party and its ideals. An Oscar-nominated short documentary retrieves footage of the event, but leaves out the context that gives it meaning."
"The PM has persuaded the religious-Zionist Jewish Home to partner with the Kahanists of Otzma Yehudit. It makes cynical political sense for his interests, but what of Israel’s?"
"IFC’s series Documentary Now! began as an affectionately parodic tribute to the classics of nonfiction cinema. Its first episode, “Sandy Passage,” was a note-perfect evocation of the Maysles brothers’ Grey Gardens..."
"Making our choices count is, however, far from straightforward, and this is the subject of Martin Hägglund’s book This Life: Secular Faith and Spiritual Freedom."
"Teens in the United States are coming of age at a time when digital technology is truly ubiquitous, where smartphones are all of our “constant companions.”"
"...the Smollett story, if the “trajectory” leads to evidence of fakery, would actually reveal something else modern America is about: victimhood chic."
"Cool in the humanities isn’t that different from cool in other areas of cultural life, like planking, hotdog-legs photography, mason jar rehabilitation, and novels whose main character is a city."
"It’s true that high-octane, hardworking child-rearing has some pointless excesses, and it doesn’t spark joy for parents. But done right, it works for kids..."
"Cape Town in South Africa is a foodie destination. Some people in its renowned restaurant industry are trying to spread the food wealth citywide."
"...for many “space expansionists,” escaping Earth is about much more than dodging the bullet of extinction: it’s about realizing astronomical amounts of value by exploiting the universe’s vast resources to create something resembling utopia. "
"After facing persecution in the former Soviet Union and a new wave of antisemitism in the United States, Marya Zilberberg decides to put her Jewishness on display."