84-Year-Old Man Happy To Take Pension Fund's Money For Advice He's Been Giving Away For Free Since Time Immemorial


A suburban Philadelphia pension fund drove a dozen miles to have Vanguard's Jack Bogle tell them to invest in index funds. One imagines that Googling "Jack Bogle" would have had the same effect.

Then again, maybe the statue convinced them to give almost all of their money to Jack Bogle.

Last May, Mr. Shapiro and the county's chief financial officer, Uri Monson, met with Mr. Bogle, who retired as Vanguard chairman and CEO in 1996, for two hours in his office on the Vanguard campus. The campus has a statue of Mr. Bogle.

Vanguard was selected a few months later through a formal process that involved proposals from both active and passive investment firms. At the time, Montgomery County had about 15% to 20% of its pension assets already invested in Vanguard funds.

The county is moving 90% of its assets into Vanguard stock and bond index funds, while hiring one active firm—SEI Investments Co., which has headquarters locally, to manage the rest.

Pension Fund Takes Neighborly Advice [WSJ]