Do we have the capability to eliminate booms and busts in economic activity? The answer in my judgment is no, because there is no tool to change human nature. Too often people are prone to recurring bouts of optimism and pessimism.
April 16, 2021
According to Webster, “a myth is a popular belief that has grown up around something or someone.” That would make John Bogle and Vanguard’s “passivity” a perfect example of a mythology. There is a belief that John Bogle originated the concept of passive investing with his 1975 launch of the then eleven million dollar Vanguard Index Fund. No,...