Jack Bogle has done more for investors than almost anyone. He popularized passive investing, and founded Vanguard. Everything he has done hasn’t happened by accident. When he talks about the financial services industry people should listen, and think carefully about what he says. He isn’t always right about everything, but he knows what he’s talking about.
This is where I would normally wax elegant about some piece of the article, but he basically gets it right – especially the latter half of his suggestions. The basic thrust of all of his suggested reforms is that the industry needs to be more upfront about what we’re doing.
Finance can be complicated, and so much of the financial services industry has propagated and profited from this. There’s all sorts of reporting, but it can seem like there is very little transparency in much of the industry. That needs to change.
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