---
title: "23 Fund Quotes By John C. Bogle"
description: "23 Fund quotes by John C. Bogle. Plus more from John C. Bogle and more Fund sayings from other authors."
image: "https://sms4smile.com/quotes/i/a3d/john-c-bogle-2199_always_the-index-fund-always-gives-you-the-mark_2402626.jpg"
---

> [The index fund always gives you the market return.](https://sms4smile.com/quotes/john-c-bogle/the-index-fund-always-gives-you-the-market-return/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/a3d/john-c-bogle-2199_always_the-index-fund-always-gives-you-the-mark_2402626.jpg)

> [Surprise! The returns reported by mutual funds aren't actually earned by mutual fund investors.](https://sms4smile.com/quotes/john-c-bogle/surprise-the-returns-reported-by-mutual-funds-aren-t-actually-earned/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/282/john-c-bogle-2199_fund_surprise-the-returns-reported-by-mutual_1972183.jpg)

> [The principal role of the mutual fund is to serve its investors.](https://sms4smile.com/quotes/john-c-bogle/the-principal-role-of-the-mutual-fund-is-to-serve-its-investors/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/63e/john-c-bogle-2199_customer_the-principal-role-of-the-mutual-fund-is_2304059.jpg)

> [The mutual fund industry has been built, in a sense, on witchcraft.](https://sms4smile.com/quotes/john-c-bogle/the-mutual-fund-industry-has-been-built-in-a-sense-on-witchcraft/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/c16/john-c-bogle-2199_fund_the-mutual-fund-industry-has-been-built_1287866.jpg)

> [If your fund doesn't last for the long term, how can you invest for the long term?](https://sms4smile.com/quotes/john-c-bogle/if-your-fund-doesn-t-last-for-the-long-term-how-can-you-invest-for/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/d73/john-c-bogle-2199_fund_if-your-fund-doesn-t-last-for-the-long-t_1687594.jpg)

> [Managed funds are astonishingly tax-inefficient.](https://sms4smile.com/quotes/john-c-bogle/managed-funds-are-astonishingly-tax-inefficient/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/672/john-c-bogle-2199_fund_managed-funds-are-astonishingly-tax-inef_1964671.jpg)

> [Hint: money flows into most funds after good performance, and goes out when bad performance follows.](https://sms4smile.com/quotes/john-c-bogle/hint-money-flows-into-most-funds-after-good-performance-and-goes-out/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/902/john-c-bogle-2199_bad-performance_hint-money-flows-into-most-funds-after-g_817017.jpg)

> [Index funds eliminate the risks of individual stocks, market sectors, and manager selection. Only stock market risk remains.](https://sms4smile.com/quotes/john-c-bogle/index-funds-eliminate-the-risks-of-individual-stocks-market-sectors/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/f7c/john-c-bogle-2199_customer_index-funds-eliminate-the-risks-of-indiv_2918231.jpg)

> [Fund investors are confident that they can easily select superior fund managers. They are wrong.](https://sms4smile.com/quotes/john-c-bogle/fund-investors-are-confident-that-they-can-easily-select-superior/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/dfa/john-c-bogle-2199_fund_fund-investors-are-confident-that-they-c_2074537.jpg)

> [It's 1450 out of 1500 ETF funds that I just wouldn't touch because they're not diversified enough. Or they have some huge…](https://sms4smile.com/quotes/john-c-bogle/it-s-1450-out-of-1500-etf-funds-that-i-just-wouldn-t-touch-because/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/b22/john-c-bogle-2199_can-do_it-s-1450-out-of-1500-etf-funds-that-i-j_496390.jpg)

> [I believe that the mutual fund industry's biggest shortcoming is too much focus on the momentary price of a stock - an…](https://sms4smile.com/quotes/john-c-bogle/i-believe-that-the-mutual-fund-industry-s-biggest-shortcoming-is-too/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/fb0/john-c-bogle-2199_believe_i-believe-that-the-mutual-fund-industry_2729596.jpg)

> [We need a mutual fund industry with both vision and values; a vision of fiduciary duty and shareholder service, and values rooted…](https://sms4smile.com/quotes/john-c-bogle/we-need-a-mutual-fund-industry-with-both-vision-and-values-a-vision/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/b67/john-c-bogle-2199_clients_we-need-a-mutual-fund-industry-with-both_1139501.jpg)

> [Without getting into brothels, there are ethical capitalists the problem is that there aren't enough of them. It is not "just a…](https://sms4smile.com/quotes/john-c-bogle/without-getting-into-brothels-there-are-ethical-capitalists-the/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/18b/john-c-bogle-2199_bad-apple_without-getting-into-brothels-there-are_196847.jpg)

> [We need to reorganize our entire system of retirement plan investing and to develop federal standards of fiduciary duty for pension trustees…](https://sms4smile.com/quotes/john-c-bogle/we-need-to-reorganize-our-entire-system-of-retirement-plan-investing/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/8c8/john-c-bogle-2199_bottom_we-need-to-reorganize-our-entire-system_554638.jpg)

> [I believe that the behavior of too many of our corporations investment bankers and fund managers has jeopardized some of the trust…](https://sms4smile.com/quotes/john-c-bogle/i-believe-that-the-behavior-of-too-many-of-our-corporations/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/08a/john-c-bogle-2199_behavior_i-believe-that-the-behavior-of-too-many_1237900.jpg)

> [The fund scandals shined the spotlight on the fact that mutual fund managers were putting their interests ahead of the fund shareholders…](https://sms4smile.com/quotes/john-c-bogle/the-fund-scandals-shined-the-spotlight-on-the-fact-that-mutual-fund/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/b34/john-c-bogle-2199_consequence_the-fund-scandals-shined-the-spotlight-o_385219.jpg)

> [Yes, the investor is often his own worst enemy. Yes, the marketing colossus known as the mutual fund industry provides the weaponry…](https://sms4smile.com/quotes/john-c-bogle/yes-the-investor-is-often-his-own-worst-enemy-yes-the-marketing/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/4c4/john-c-bogle-2199_bystanders_yes-the-investor-is-often-his-own-worst_1155477.jpg)

> [I believe Washington should be a more active participant focusing on the issue of why corporate shareholders and mutual fund shareholders are…](https://sms4smile.com/quotes/john-c-bogle/i-believe-washington-should-be-a-more-active-participant-focusing-on/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/401/john-c-bogle-2199_believe_i-believe-washington-should-be-a-more-ac_2993455.jpg)

> [We need a federal government commission to study the way our financial services system is working - I believe it is working…](https://sms4smile.com/quotes/john-c-bogle/we-need-a-federal-government-commission-to-study-the-way-our/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/cc6/john-c-bogle-2199_believe_we-need-a-federal-government-commission_1759539.jpg)

> [Our capitalistic scheme in the latter years of the 20th century seems to have lost its way. We've had a "pathalogical change"…](https://sms4smile.com/quotes/john-c-bogle/our-capitalistic-scheme-in-the-latter-years-of-the-20th-century-seems/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/239/john-c-bogle-2199_20th-century_our-capitalistic-scheme-in-the-latter-ye_495564.jpg)

> [The general systems of money management today require people to pretend to do something they can't do and like something they don't.…](https://sms4smile.com/quotes/john-c-bogle/the-general-systems-of-money-management-today-require-people-to-2/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/13c/john-c-bogle-2199_bases_the-general-systems-of-money-management_1760616.jpg)

> [The idea that a bell rings to signal when investors should get into or out of the stock market is simply not…](https://sms4smile.com/quotes/john-c-bogle/the-idea-that-a-bell-rings-to-signal-when-investors-should-get-into/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/527/john-c-bogle-2199_bells_the-idea-that-a-bell-rings-to-signal-whe_1293253.jpg)

> [Among my greatest disappointments about the mutual fund industry - in addition to excessive costs and excessive focus on the short-term -…](https://sms4smile.com/quotes/john-c-bogle/among-my-greatest-disappointments-about-the-mutual-fund-industry-in/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/e5e/john-c-bogle-2199_disappointment_among-my-greatest-disappointments-about_2053364.jpg)

## Other authors on Fund

## More by John C. Bogle

> [The basic idea of retirement income is, to me, to get a check, two checks every month, one from your fixed income and one…](https://sms4smile.com/quotes/john-c-bogle/the-basic-idea-of-retirement-income-is-to-me-to-get-a-check-two/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

> [When you're young, you've got plenty of time to recover from your mistakes.](https://sms4smile.com/quotes/john-c-bogle/when-you-re-young-you-ve-got-plenty-of-time-to-recover-from-your/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

> [I almost hate to say how proud I am of my career and, most of all, helping folks get the returns they deserve.](https://sms4smile.com/quotes/john-c-bogle/i-almost-hate-to-say-how-proud-i-am-of-my-career-and-most-of-all/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

> [The Vanguard Experiment was designed to prove that mutual funds could operate independently, and do so in a manner that would directly benefit their…](https://sms4smile.com/quotes/john-c-bogle/the-vanguard-experiment-was-designed-to-prove-that-mutual-funds-could/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

> [“An investment in knowledge always pays the best interest. Learning is to the Studious, and Riches to the Careful. If a man empties his…](https://sms4smile.com/quotes/john-c-bogle/an-investment-in-knowledge-always-pays-the-best-interest-learning-is/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

> [I liked the so-called Volcker Rule. I would have separated investment banking and commercial, deposit banking, as we did under the Glass-Steagal Act. I…](https://sms4smile.com/quotes/john-c-bogle/i-liked-the-so-called-volcker-rule-i-would-have-separated-investment/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

> [We make too much out of past performance, and it's very misleading to investors. It causes them to move money around. They buy a…](https://sms4smile.com/quotes/john-c-bogle/we-make-too-much-out-of-past-performance-and-it-s-very-misleading-to/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

> [It's very difficult for any particular segment of the stock market to sustain superior performance. The watch word for our financial markets is, "reversion…](https://sms4smile.com/quotes/john-c-bogle/it-s-very-difficult-for-any-particular-segment-of-the-stock-market-to/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

> [I do think that impact investing is not that effective. Shares go from investor A to investor B, and the company doesn't even know…](https://sms4smile.com/quotes/john-c-bogle/i-do-think-that-impact-investing-is-not-that-effective-shares-go-from/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

> [I was born in an earlier generation and, as a group, my classmates at Blair Academy and Princeton University were as ethical, straightforward, and…](https://sms4smile.com/quotes/john-c-bogle/i-was-born-in-an-earlier-generation-and-as-a-group-my-classmates-at/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

> [My only regret about money is that I don't have more to give away.](https://sms4smile.com/quotes/john-c-bogle/my-only-regret-about-money-is-that-i-don-t-have-more-to-give-away/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

> [U.S. companies are innovative and entrepreneurial.](https://sms4smile.com/quotes/john-c-bogle/u-s-companies-are-innovative-and-entrepreneurial/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

> [Successful investing is about owning businesses and reaping the huge rewards provided by the dividends and earnings growth of our nation's - and, for…](https://sms4smile.com/quotes/john-c-bogle/successful-investing-is-about-owning-businesses-and-reaping-the-huge/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

> [Without getting into brothels, there are ethical capitalists the problem is that there aren't enough of them. It is not "just a few bad…](https://sms4smile.com/quotes/john-c-bogle/without-getting-into-brothels-there-are-ethical-capitalists-the/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

> [The average hedge fund manager is going to earn zero per cent in extra return.](https://sms4smile.com/quotes/john-c-bogle/the-average-hedge-fund-manager-is-going-to-earn-zero-per-cent-in/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

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                        "text": "Hint: money flows into most funds after good performance, and goes out when bad performance follows.",
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                        "text": "Index funds eliminate the risks of individual stocks, market sectors, and manager selection. Only stock market risk remains.",
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                        "text": "Fund investors are confident that they can easily select superior fund managers. They are wrong.",
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                        "text": "It's 1450 out of 1500 ETF funds that I just wouldn't touch because they're not diversified enough. Or they have some huge speculative twist to them that if you can guess the markets right you will do very well for a day or two but who can do that? Nobody.",
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                        "text": "I believe that the mutual fund industry's biggest shortcoming is too much focus on the momentary price of a stock - an illusion - and too little focus on the intrinsic value of the corporation - the ultimate reality. I'm comforted by the fact that Warren Buffett feels the same way.",
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                        "text": "We need a mutual fund industry with both vision and values; a vision of fiduciary duty and shareholder service, and values rooted in the proven principles of long-term investing and of trusteeship that demands integrity in serving our clients.",
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                        "text": "Without getting into brothels, there are ethical capitalists the problem is that there aren't enough of them. It is not \"just a few bad apples\" that have been evident in our corporations, our investment bankers and our mutual funds, but so many that one has to concede that the barrel itself needs some work.",
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                        "text": "We need to reorganize our entire system of retirement plan investing and to develop federal standards of fiduciary duty for pension trustees and fund managers. These require \"top down\" intervention. But we also need investors to look after their own economic interests, a bottom up approach to our problems that is well within our individual power to undertake.",
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                        "text": "I believe that the behavior of too many of our corporations investment bankers and fund managers has jeopardized some of the trust that investors have had. It's not the economic engine that we need to focus on, but the need to make sure that our investors receive their fair share of the returns that that great economic system produces.",
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                        "text": "The fund scandals shined the spotlight on the fact that mutual fund managers were putting their interests ahead of the fund shareholders who trusted them, which had much more substantial consequences in the form of excessive fees and the promotion - as the market moved into the stratosphere - of technology funds and new economy funds which were soon to collapse.",
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                        "text": "Yes, the investor is often his own worst enemy. Yes, the marketing colossus known as the mutual fund industry provides the weaponry which enables investors to indulge their suicidal instincts. No, the fund industry was hardly an innocent bystander in the market boom and the subsequent carnage. \"We have met the enemy and he is us\"... all of us.",
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                        "text": "I believe Washington should be a more active participant focusing on the issue of why corporate shareholders and mutual fund shareholders are not given fair treatment by corporate management and mutual fund management. We need to develop a national standard of fiduciary duty to ensure that these agents, if you will, are adequately representing the principles - pension beneficiaries and mutual fund shareholders - whom they are duty bound to serve.",
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                        "text": "We need a federal government commission to study the way our financial services system is working - I believe it is working badly - and we also need more educated investors. There are good long term low-priced mutual funds - my favorite is a total stock market index fund - and bad short term highly priced mutual funds. If investors would get themselves educated, and invest in the former - taking their money out of the latter - we would see some automatic improvements in the system, and see them fairly quickly.",
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                        "text": "Our capitalistic scheme in the latter years of the 20th century seems to have lost its way. We've had a \"pathalogical change\" from traditional owners capitalism where most of the rewards have gone to those who make the investments and assume the risks to a new and deeply flawed system of managers capitalism where the managers of our corporations our investment system, and our mutual funds are simply take too large a share of the returns generated by our corporations and mutual funds leaving the last line investors - pension beneficiaries and mutual fund owners at the bottom of the food chain.",
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                        "text": "The general systems of money management today require people to pretend to do something they can't do and like something they don't. It's a funny business because on a net basis, the whole investment management business together gives no value added to all buyers combined. That's the way it has to work. Mutual funds charge two percent per year and then brokers switch people between funds, costing another three to four percentage points. The poor guy in the general public is getting a terrible product from the professionals.",
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                        "text": "The idea that a bell rings to signal when investors should get into or out of the stock market is simply not credible. After nearly fifty years in this business, I do not know of anybody who has done it successfully and consistently. I don't even know anybody who knows anybody who has done it successfully and consistently. Yet market timing appears to be increasingly embraced by mutual fund investors and the professional managers of fund portfolios alike.",
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                        "text": "Among my greatest disappointments about the mutual fund industry - in addition to excessive costs and excessive focus on the short-term - is that fund managers have been passive participants in corporate governance.",
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