John Clifton "Jack" Bogle (born May 8, 1929) is the founder and retired CEO of The Vanguard Group. He is known for his 1999 book Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor, which became a bestseller and is considered a classic. Upon graduation he went to work for Walter L. Morgan at Wellington Management Company.[3] After successfully climbing through the ranks, he was named chairman of Wellington but was later fired for an "extremely unwise" merger that he approved, a poor decision that he considers his biggest mistake, stating "The great thing about that mistake, which was shameful and inexcusable and a reflection of immaturity and confidence beyond what the facts justified, was that I learned a lot".[4] Bogle founded The Vanguard Group in 1974. Under his leadership, the company grew to be the second largest mutual fund company in the world. Influenced by the works of Eugene Fama, Burton Malkiel, and Paul Samuelson, Mr. Bogle founded the Vanguard 500 Index Fund in 1975 as the first index mutual fund available to the general public.[5] He continues to be active in The Vanguard Group. Bogle is a member of the board of trustees at Blair Academy. He is also an advisory board member of the Millstein Center for Corporate Governance and Performance at the Yale School of Management. Bogle received an honorary doctorate from Princeton University in 2005. Bogle also currently serves on the board of trustees of the National Constitution Center in Philadelphia, a museum dedicated to the U.S. Constitution. He had previously served as chairman of the board from 1999 through 2007. He was named chairman emeritus in January 2007, when President George H.W. Bush was named chairman. Bogle is famous for his insistence, in numerous media appearances and in writing, on the superiority of index funds over traditional actively managed mutual funds. He contends that it is folly to attempt to pick actively managed mutual funds and expect their performance to beat a well-run index fund over a long period of time, after accounting for the fees that actively managed funds charge. Bogle argues for an approach to investing defined by simplicity and common sense. Below are his eight basic rules for investors:[6] Select low-cost index funds Consider carefully the added costs of advice Do not overrate past fund performance Use past performance to determine consistency and risk Beware of stars (as in, star mutual fund managers) Beware of asset size Don't own too many funds Buy your fund portfolio - and hold it http://en.wikipedia.org/wiki/John_Bogle John Neff (born 1931) is one of the best known mutual fund investors of the past 40 years, notable for his contrarian and value investing styles as well as heading Vanguard's Windsor Fund. Windsor was the best performing mutual fund during his tenure and became the largest fund closing to new investors in the 1980s. Neff retired from Vanguard in 1995. During Neff's 31 years, from 1964 to 1995, Windsor returned 13.7% annually versus 10.6% for the S&P 500.[1] Neff has referred to his investing style as a low price-to-earnings (P/E) methodology, though others consider Neff a variation of the standard value investor. He is also considered a tactical contrarian investor who placed emphasis on low-tech security analysis, that is, digging into a company and its management and analyzing the books, in contrast to David Dreman, who is more of a statistical contrarian investor. Neff's strategies generated relatively high turnover with an average holding period of three years. One area in which Neff is similar to value investors such as Warren Buffett is in emphasizing ROE (return on equity), stating that it is the single best measure of management effectiveness. However, differing from many value investors, Neff places emphasis on predicting the economy and projecting a company's future earnings. Also, Neff liked to pick stocks where dividend yields were high, in the 4% to 5% range. The Wharton School named a professorship in their business school after Neff, the John B. Neff Professor of Finance. Also, Neff published a well received book on his investment strategies in 2001: The University of Toledo College of Business has named the Department of Finance in His honor. It is called the John B. and Lillian E. Neff Department of Finance. http://en.wikipedia.org/wiki/John_Neff
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