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Financial ‘train wreck’ looms

John Bogle is the founder of the Vanguard Group, one of the nation’s largest mutual fund complexes. He created the Vanguard 500 Index fund, the first fund that jettisons the fund manager and tracks a stock index — a low-cost, tax-efficient way to invest that has been embraced by institutions and individuals alike.

An outspoken critic of the mutual fund industry, Bogle has written several no-nonsense books about how to invest, including Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor (1999) and Bogle on Mutual funds: New Perspectives for the Intelligent Investor (1993). His latest book, The Clash of the Cultures: Investment vs. Speculation, came out in August. In this interview, Bogle shares his views on exchange-traded funds, fiduciary standards, indexing and money market mutual funds.

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