A recent opinion piece in the Wall Street Journal written by the Vanguard founder offers his views on the future of investing with a focus on the following themes:
- The disintermediation of the financial system.
- An increased acceptance that excessive trading reduces returns.
- A continuation of the trend toward index strategies and away from active management.
- The rise of institutional money manager’s influence on corporate governance.
I took this as a bit more of Bogle’s wish list than a window into his vision of the future but a good read nonetheless.