Vanguard Founder Jack Bogle Says ‘Avoid Bitcoin Like the Plague’
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Re: Vanguard Founder Jack Bogle Says ‘Avoid Bitcoin Like the Plague’
#2Translation - "Don't move your money from our exchange to another"
Re: Vanguard Founder Jack Bogle Says ‘Avoid Bitcoin Like the Plague’
#3Translation - "Don't move your money from our exchange to another"
Virtually nobody has done more to give the average investor a fair shake than Jack Bogle. I think he deserves a little more credit than that.
Re: Vanguard Founder Jack Bogle Says ‘Avoid Bitcoin Like the Plague’
#4Over the past 7 years, Bitcoin has outperformed every security and portfolio that Jack Bogle has recommended.
Re: Vanguard Founder Jack Bogle Says ‘Avoid Bitcoin Like the Plague’
#5Over the past 7 years, Bitcoin has outperformed every security and portfolio that Jack Bogle has recommended.
7 years is a tiny sample size if you are hoping to retire off it (unless of course you cash out your millions during that time). His advice makes sense if you are looking at a 30 year retirement horizon - it may not be there in 30 years.
Re: Vanguard Founder Jack Bogle Says ‘Avoid Bitcoin Like the Plague’
#6"There is nothing to support bitcoin except the hope that you will sell it to someone for more than you paid for it.”
Genuinely asking, isn't this the plan for many people? How is bitcoin different than other commodities or property in this regard? Would Bogle say the same thing about those investments?
Re: Vanguard Founder Jack Bogle Says ‘Avoid Bitcoin Like the Plague’
#7Translation - "Don't move your money from our exchange to another"
Maybe partly, but he has a point - without anything backing it, its volatility doesn't work well with traditional long-term investing strategies.
Vanguard investors are typically not high risk/high reward investors. They are low/med risk investors looking for a slower, steadier increase in their retirement funds, with many of them just putting money in index funds or target date retirement funds. Now, if you are not that kind of investor, and you have less aversion to risk, then his point doesn't matter to you. In which case, sure, go to town with Bitcoin.
Re: Vanguard Founder Jack Bogle Says ‘Avoid Bitcoin Like the Plague’
#8"There is nothing to support bitcoin except the hope that you will sell it to someone for more than you paid for it.” Genuinely asking, isn't this the plan for many people? How is bitcoin different than other commodities or property in this regard? Would Bogle say the same thing about those investments?
Property can be used to generate returns (rents). Bitcoin cannot.
Re: Vanguard Founder Jack Bogle Says ‘Avoid Bitcoin Like the Plague’
#9Over the past 7 years, Bitcoin has outperformed every security and portfolio that Jack Bogle has recommended.
What he probably means is if you missed the boat, it is too late to get on.
Sure, it may still double or triple in the next few months. Or it can loss 50% over a matter of days
Re: Vanguard Founder Jack Bogle Says ‘Avoid Bitcoin Like the Plague’
#10Over the past 7 years, Bitcoin has outperformed every security and portfolio that Jack Bogle has recommended.
Over the 7 years from 1993-2000, a portfolio of stocks with ".com" in the name far outperformed every other asset class out there. If you held that portfolio for the 7 years following, from 2000-2007, you would most likely go bankrupt.