I don’t think Jack Bogle was motivated by author’s royalties. Heck, he probably left $15 to $20 Billion on the table by making low-fee Vanguard a mutual company owned by its shareholders, rather than the privately-held, for-profit model that made Fidelity’s Johnson family billionaires.
Like I said, if you’re among the 2% that can market time successfully and beat the S&P 500, congratulations. But the research tells me that if I can capture that first 98% by basically doing nothing with LTB&H, why spend the time and effort market timing, and accept the risk of failure?
American culture values “hard work” and “looking busy”, even when doing nothing is the most profitable path. The arithmetic will set you free.
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