Morningstar Advisor - August/September 2013 - (Page 50)
Morningstar Conversation
A Legend Still Pines for the Good Fight
By Don Phillips
Vanguard’s John Bogle never pulls his punches when it comes to
assessing the industry he has helped shape for more than 50 years.
Recent gains in the stock market may be
allowing investors to erase some of
their memories of huge losses in 2008, but they
still face serious problems on the road
to retirement. At the 2013 Morningstar
Investment Conference, Don Phillips, head of
global research with Morningstar, sat down
with Vanguard founder John Bogle to discuss
the issues that investors and the fund
industry must confront in the years to come.
In his usual blunt fashion, Bogle didn’t mince
his words, tackling money market reform,
Social Security, retirement plans, and the
50 Morningstar Advisor August/September 2013
legacy of Eliot Spitzer, a decade after the
market-timing scandals sent shock waves
through the mutual fund industry. Not
surprisingly, even the firm Bogle founded
doesn’t agree with everything he says
these days. But that didn’t stop him from
speaking his mind. The conversation,
which took place June 13, has been edited for
clarity and length.
What do you think of the solutions that have
been suggested and are they the ones that you
would advocate?
Jack Bogle: It’s really interesting when we talk
about probabilities and risks because
the probability of something bad happening
in the money market business is tiny. But
the consequences when things do go wrong
can be fatal.
Don Phillips: Let’s begin with a couple of hot
topics in the industry. Money market
reforms have been on a lot of people’s minds.
Congress has decided that no more taxpayer
money should bail out the money market fund
Table of Contents for the Digital Edition of Morningstar Advisor - August/September 2013
Morningstar Advisor - August/September 2013
Contents
Contributors
Letter From the Editor
Under Pressure
Has Your View of Bonds Recently Changed?
The Simple Life Cuts a Path to Prosperity
How Extended Is Your Bond Fund?
A Bond Contrarian Scours the Globe for Value
Investments á la Carte
Investment Briefs
Bond Market Behemoths
Shopping in the Digital Age
Shopping in the Digital Age
Diverse Crowd
Motor City Meltdown
Bond Convergence
Corporates Are Fairly Valued, but Opportunities Will Arise
A Legend Still Pines for the Good Fight
Greener Pastures
Forecasting Market Bubbles and Crashes
Forecasting Market Bubbles and Crashes
Home-Court Advantage
Overcoming Technophobia
These Funds Are Counting on Undervalued Sectors
Our Favorite Mutual Funds
50 Most-Popular Equity ETFs
Undervalued Stocks With Wide Moats
What Price Advice?
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