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.