In his career proselytizing for passive investing, Jack Bogle has thrown more than his fair share of shade, at active managers ripping people off, at stock speculators, at President Trump. But in all his nearly 88 years, the Vanguard Group founder has perhaps never crafted so beautiful a damning with faint praise as these nuggets about his fellow passive investing pioneer Rob Arnott, the “godfather of smart beta” who’s having second thoughts about that which he gave to the world.
Vanguard Group founder and indexing pioneer John C. Bogle called him “a brilliant academic” and “the greatest marketer I’ve ever met.”
That stings even more than getting run over by Jack Bogle’s golf cart while admiring the great man’s statue at Vanguard’s suburban Philadelphia campus, especially given Arnott’s crisis of confidence, which Cliff Asness is dismissing as “repeated breathless white papers.” But it gets worse.
“I wish I was as sure of anything as he is of everything,” Mr. Bogle said.
Warren Buffett’s right: Let’s erect another statue to this genius immediately.