Where this was said
Analysis
At 3:22:13 · chapter starts 3:08:23
From 1965 to 2025, Berkshire delivered a 39,000x return versus the S&P 500's 405x — a 19% vs 10% CAGR. Warren Buffett himself is essentially the Jack Bogle of private equity: no fees, no carry, just patient ownership of great businesses. The alignment between the two philosophies is not accidental.
From 1965 to 2025, Berkshire Hathaway delivered a 19% compound annual growth rate and a 39,000x return versus the S&P 500's 10% CAGR and 405x return.
Passive index fund assets in the US recently overtook active fund assets for the first time, with passive growing at roughly 30% per year while active mutual funds remain flat.
Jack Bogle turned down the creator of ETFs in 1992 because he feared they'd encourage speculation. State Street launched the SPDR instead. By 1999, Vanguard was so far behind that the board enforced its mandatory retirement age — selectively — to remove Bogle. His 'firing' unlocked ETFs for Vanguard and BlackRock's eventual dominance. 99% of Vanguard's AUM came after Bogle stepped down.
Despite founding the largest mutual fund company in the world, Bogle's estate was reportedly worth roughly $80 million — compared to the Johnson family's $40–50 billion from Fidelity.
