Video of Bogle's speech on the Mutual Fund Industry

I finally got around to watching Bogle's speech to Independent Mutual Fund Directors. It is available on the Bogle eblog.

My favorite quotes:

"...the more mangers take, the less investors make."

"If you do not believe we are we are in teh marketing business, consider rate of fund failure....there have been 30,000 funds in history, 11,000 of them are gone....Even in the last 5 years, 25%, actually 27% of all equity funds have vanished....I am afraid to say, it is largely a marketing business."

Well worth a listen!