The importance of the life's work of mutual fund pioneer and investing legend John C. Bogle The Man in the Arena offers the essence of John C. Bogle's thinking and the meaning of his life's work, which transformed individual investing to benefit tens of millions of investors. Through Bogle's own words—as well as the voices of others whose hearts and minds he touched—the book touches on topics he cares about most deeply: Vanguard, indexing, corporate governance, and a fiduciary society. From Vanguard shareholders to true giants in finance, one cannot read their words without being struck by their sheer intensity. Bogle's parade of admirers is passionate. It is led by, arguably, the two most acclaimed leaders of our day—in the world of investing and the public life of the world—Warren Buffett and President Bill Clinton. The book is a first take at putting Bogle's life work into a broader context. It includes some of Bogle's classic essays and leads to an agenda of reform Bogle feels is essential to preserve our democratic republic. It features insight on the man from such commentators as Arthur Levitt, Burton Malkiel, Paul Volcker, and many more. Features wisdom and commentary on the career and life of legendary investor John C. Bogle - Presents a summary of Bogle's prominent and successful career, as well as his investing strategies - Includes commentary from a Who's Who of top investors “This compilation of John C. Bogle’s essays on indexing, fiduciary responsibility, and corporate governance, together with transcripts of talks and discussions, is a fitting tribute to the founder of the Vanguard Group, who has consistently advocated putting clients’ interests first and has tirelessly imparted the message that investors would be far wealthier if they invested in low-cost index funds….The world would be a better place if more of our business and political leaders emulated John Bogle’s values, ethics, and integrity.” — CFA Institute In April 1910, President Theodore Roosevelt delivered a speech in Paris that included "The Man in the Arena." These words have long resonated with John C. "Jack" Bogle: It is not the critic who counts; . . . The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; . . . who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement . . . The Man in the Arena includes some of Bogle's classic writings on Vanguard, indexing, the mutual fund industry, corporate governance, and the fiduciary ideal. These ideas have been central to his long career in the mutual fund industry, now spanning more than six decades. The voices of observers from all walks of life who have witnessed his journey add insight and context, creating a unique snapshot of Bogle's lifelong battle to serve investors first. In 1975, Bogle founded the world's first index mutual fund. Its concept—that passively investing in the entire market over the long term at lower costs will earn higher returns than will active managers (as a group) who pick individual stocks and charge far higher fees—was immediately ridiculed. Some even called it "un-American." Investors begged to differ. By 2013, 27% of equity mutual fund assets were invested in index funds, and Vanguard had become the world's largest mutual fund manager with client assets of $2.2 trillion. Vanguard's mutual mutual fund structure and indexing—disruptive innovations to their core—have proven to be both business successes and investment successes. By creating a gateway for small investors to enter the capital markets at the lowest possible cost and greatest possible diversification, Bogle helped democratize investing. At Vanguard, he established his management creed based on thrift, simplicity, and integrity, and advocated for corporate governance reforms and a stringent federal standard of fiduciary duty. After leading Vanguard for more than 22 years, Bogle constructed a bully pulpit from which he continues to speak about the financial markets on behalf of investors. Ten books and hundreds of lectures to his credit, Bogle's prescriptions are straightforward, constant, and valuable, enriching ordinary investors at the expense of the personal wealth of fund managers (his own included). Bogle's admiration for Roosevelt's words reflects the candor and fighting spirit that mark his character. Those sentiments are captured in this book, including the proceedings of the 2012 John C. Bogle Legacy Forum and commentary from Vanguard shareholders and crew members as well as leaders in finance, law, academia, and public life. President Bill Clinton, Warren Buffett, Paul Volcker, and other leaders see in Bogle a relationship between a man and his country that few in the nation's service will ever know. The extraordinary appreciations in these writings hint at Bogle's place in history. His legacy is multif