2025-07-03
45 分钟Money Talks from The Economist is sponsored by Wharton Executive Education.
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Anytime you try and introduce a new idea, you know, first it's, it'll never work.
Then it'll work, but only for a short time.
Then the guy's really lucky.
And finally, you know, he's right.
Half a century ago,
Jack Bogle helped to pioneer a disruptive new technology in the world of finance.
He brought new index tracker funds to ordinary investors.
But back in 1975,
seeking to do no more than passively match the market's performance did not go down well with his peers.
Ned Johnson said our shareholders would never want a fund with average performance.
Despite the Fidelity boss's scorn, Bogle was undeterred.
He named his new company Vanguard after one of Admiral Horatio Nelson's flagships during the Napoleonic Wars.
And he sailed right on ahead.
The criticism kept on coming.
Some dubbed his behavior un-American or even communist.