Bogle on value destruction

“On balance, the financial system subtracts value from society”

In the next few weeks, I will be sharing quotes from John Bogle. John Bogle is the founder of Vanguard. He is also seen as the father of passive investing. He has written many books on investing. “The Clash of the Cultures: Investment vs. Speculation” is among my favourite investment books of all time.

This week, Mr Bogle appears a bit cynical but anyone who has dealt with the financial services industry knows that he speaks the truth. 🙂

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