Warren Buffett on Jack Bogle, who "did more for American investors" than anyone he's known.


FRI, JAN 18, 2019


Buffett fondly remembers the man Wall Street hated 


Jack Bogle, who died Wednesday at the age of 89, created the world's first stock index mutual fund. Vanguard Group, the company he founded in 1975, popularized index funds, and is now managing $5.1 trillion in assets for 20 million investors.


Bogle's big idea: don't pay Wall Street's big fees when it's likely they won't even beat the market indexes. Instead, buy a low-cost fund that simply buys the stocks used to calculate those indexes, and hold onto those funds for a long time, resisting the urge to "time" the market's ups and downs.


Warren Buffett is a believer. He chose Vanguard's S&P 500 index fund for his winning 10-year wager that a passive index fund would beat a basket of high-cost hedge funds.


Just after Bogle's death was announced, he told CNBC's Becky Quick that "Jack did more for American investors as a whole than any individual I've known."


"A lot of Wall Street is devoted to charging a lot for nothing. He charged nothing to accomplish a huge amount."




At the 2017 Berkshire shareholder meeting, Buffett introduced Bogle, who was in the audience, praising him for putting "tens and tens of billions of dollars" into the pockets of investors, "and those numbers are going to be hundreds and hundreds of billions over time."

In an interview on CNBC two days later, Bogle was modest. "I'm not a hero. I'm an ordinary guy ... who's tried to do my best for investors and who gave a damn about the people who were investing and wanted to make sure they got a fair shake."


  • Warren Buffett could wind up in the middle of a big-money church battle. The San Francisco Business Times questions whether Buffett will continue his annual tradition of hosting a lunch for the winner of a charity auction benefiting San Francisco's Glide Foundation. (The 2018 auction raised $3.3 million.) Glide and the United Methodist Church are fighting in court over the foundation's assets.


  • CNBC Make It notes that while President Trump got some criticism for serving fast food to a college football team visiting the White House, Buffett shares Trump's fondness for McDonald's, where the Omaha billionaire never spends more than $3.17 on breakfast.



Berkshire Hathaway Class A shares closed at $306,500 Friday, up 6.4% over the previous four weeks, and down 4.2% from one year ago.

Berkshire Hathaway Class B shares closed at $204.48, up 6.4% over the previous four weeks, and down 4.1% from one year ago.

The benchmark S&P 500 index closed at 2670.71, up 10.5% over the previous four weeks, and down 4.6% from one year ago.



Berkshire's top stock holdings by market value, based on today's closing prices. The number of shares held is as of September 30, 2018, as disclosed in the company's November 14 13-F SEC filing.


The full list of holdings and current market values is available from CNBC.com's Berkshire Hathaway Portfolio Tracker.



Please send any questions or comments to buffett@cnbc.com. (Sorry, but we won't be forwarding anything to Buffett himself.)


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