The Man in the Arena Vanguard Founder John C. Bogle and His Lifelong Battle to Serve Investors First

The Man in the Arena offers the essence of John C. Bogle's thinking and the meaning of his life's work, which transformed individual investing to benefit tens of millions of investors. Through Bogle's own words—as well as the voices of others whose hearts and minds he touched—the book touches on topics he cares about most deeply: Vanguard, indexing, corporate governance, and a fiduciary society. From Vanguard shareholders to true giants in finance, one cannot read their words without being struck by their sheer intensity. Bogle's parade of admirers is passionate. It is led by, arguably, the two most acclaimed leaders of our day—in the world of investing and the public life of the world—Warren Buffett and President Bill Clinton.

The book is a first take at putting Bogle's life work into a broader context. It includes some of Bogle's classic essays and leads to an agenda of reform Bogle feels is essential to preserve our democratic republic. It features insight on the man from such commentators as Arthur Levitt, Burton Malkiel, Paul Volcker, and many more.

• Features wisdom and commentary on the career and life of legendary investor John C. Bogle
• Presents a summary of Bogle's prominent and successful career, as well as his investing strategies
• Includes commentary from a Who's Who of top investors

Knut A. Rostad, editor of The Man in the Arena, is the founder and President of the Institute for the Fiduciary Standard, a nonprofit organization that advances fiduciary principles through research, education, and advocacy.

Foreword by andrew golden xi

Introduction by knut a. rostad xv

Part I: The John C. Bogle Legacy Forum—A Vision for Resorting Trust

Chapter 1: Four Distinguished Panels 13

Chapter 2: A Conversation with Paul Volcker and John C. Bogle 61

Part II: The Vanguard Vision

Chapter 3: Character Counts—The Introduction 84

Chapter 4: A Time to Dance 89

Chapter 5: The Power of an Idea: Reflections on Our 25th Anniversary 91

Chapter 6: On Human Beings—Clients and Crew 100

Chapter 7: “Big Money in Boston” . . . The Commercialization of the “Mutual” fund industry 116

Part III: The Index Fund Vision

Introduction by Joe Mansueto 150

Chapter 8: As the Index Fund Moves from Heresy to Dogma, What More Do We Need to Know? 155

Chapter 9: “The Bogle Issue” of the Journal of Indexes 178

Part IV: The Corporate Governance Vision

Introduction by Nell Minow 212

Chapter 10: The Silence of the Funds: Why Mutual Funds Must Speak Out on the Governance of Our Nation ’s Corporations 216

Chapter 11: What Went Wrong in Corporate America? 247

Part V: The Vision of Service to Society

Chapter 12: Fiduciary Duty—No Man Can Serve Two Masters 274

Chapter 13: Philanthropy—Serving Our Community and Our Nation 301

Part VI: Rewards for the Vision—Letters of Appreciation

Introduction by Allan Roth

Chapter 14: Comments from the Bogleheads 318

Chapter 15: Letters from Vanguard Clients 328

Chapter 16: Letters from Vanguard Crew Members 341

Part VII: Support for the Vision—Forewords to Bogle Books

Introduction by Jeremy Duffield 358

Chapter 17: The Forewords 364

Appendix 395

References 397

Index 401

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