{"title":"The Legacy of John C. Bogle: Innovator and Advocate","authors":"Michael W. Nolan","doi":"10.3905/jii.2022.13.1.007","DOIUrl":"https://doi.org/10.3905/jii.2022.13.1.007","url":null,"abstract":"As a student at Princeton University, John C. Bogle wrote his senior thesis on the mutual fund industry, which led to a job at Wellington Management Company. Bogle quickly climbed the ranks and led Wellington into a merger that, despite early success, soon failed. Bogle was fired as CEO of Wellington. From this calamitous career setback, Bogle rose phoenix-like from the ashes to start Vanguard. Bogle’s first major strategic move at Vanguard was the creation of the first index mutual fund. Both Vanguard and the index fund struggled to gain traction at first, but Bogle’s optimism and “missionary zeal” for low-cost investing never wavered. Once derided as “Un-American” and “settling for average,” indexing eventually caught on with investors and has now gained wide acceptance, with Bogle serving as indexing’s most prominent advocate for decades. In the latter part of his career, Bogle became the conscience of the industry, tirelessly advocating for reforms that would serve the interests of investors.","PeriodicalId":284314,"journal":{"name":"The Journal of Beta Investment Strategies","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121604829","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Tribute: My Friend Jack","authors":"Clifford S. Asness","doi":"10.3905/jii.2022.13.1.020","DOIUrl":"https://doi.org/10.3905/jii.2022.13.1.020","url":null,"abstract":"","PeriodicalId":284314,"journal":{"name":"The Journal of Beta Investment Strategies","volume":"59 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133678676","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"How Investors Use Passive for Active","authors":"Jan-Carl Plagge, Haifeng Wang, James J. Rowley","doi":"10.3905/jii.2022.13.1.041","DOIUrl":"https://doi.org/10.3905/jii.2022.13.1.041","url":null,"abstract":"Index mutual funds and ETFs have seen significant asset inflows over the past decades. What is often overlooked about index fund investing, however, is that investors use these products to build active exposures in aggregate. To empirically explore this conclusion, we analyze the characteristics of the asset-weighted aggregate portfolio of US domiciled US equity index mutual funds and exchange-traded funds whose goal is to track an index other than a total US market index. Our results suggest that this portfolio of index funds is active in nature. This conclusion rests on (1) the non-trivial variability of excess returns relative to the total US equity market, (2) statistically significant style factor exposures, and (3) industry-level asset weights that are not market capitalization proportional to the total US equity market. In other words, index fund investing should not be considered equivalent to passive investing.","PeriodicalId":284314,"journal":{"name":"The Journal of Beta Investment Strategies","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127991075","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Jack Bogle: Champion of the People","authors":"Andrew W. Lo","doi":"10.3905/jii.2022.13.1.024","DOIUrl":"https://doi.org/10.3905/jii.2022.13.1.024","url":null,"abstract":"","PeriodicalId":284314,"journal":{"name":"The Journal of Beta Investment Strategies","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132998497","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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