After two decades of economic boom, the American finance industry is more prosperous than ever.
經歷了二十年的經濟繁榮，美國金融業比以往任何時候都更加興盛。
00:13
Leading this explosive growth is a new type of company that just 20 years ago was totally unimaginable.
這波爆炸性增長的領頭羊是一種二十年前完全無法想像的新型公司。
00:21
Vanguard, the nation's first and largest index fund.
先鋒集團，全國第一家也是最大的指數基金。
00:25
The captain of Vanguard is a man with unlimited ambition, who through sheer force of well, built a financial empire.
先鋒的掌舵人是一位野心無限的人物，憑藉著純粹的意志力，建立了一個金融帝國。
00:38
He created an institution that was pro-customer.
他創建了一個以客戶為先的機構。
00:41
I just love the… He democratized investing for individuals, which was a huge contribution to the mutual fund space.
我只是很喜歡……他將投資民主化，讓個人也能參與，這對共同基金領域是一大貢獻。
00:49
Jack Bogle is pretty much like a T-Rex in terms of what Vanguard is.
杰克·博格爾對先鋒來說，幾乎就像一隻霸王龍。
00:54
You don't see too many folks anywhere in the world that manage that much money.
你在世界上很少看到有人能管理那麼多錢。
01:11
John Bogle is born into a wealthy family.
約翰·博格爾出生於一個富裕的家庭。
01:15
His father was a decorated pilot during World War I, and now has a high-paying job for the legendary company American Can.
他的父親在第一次世界大戰期間是一位受勳的飛行員，現在在傳奇公司美國罐頭公司擔任高薪工作。
01:24
The Roaring 20s is a decade of unprecedented prosperity.
咆哮的二十年代是一個前所未有的繁榮時代。
01:28
During the Roaring 20s, there was the sense that you can't lose.
在咆哮的二十年代，人們有一種感覺，覺得自己不會賠錢。
01:33
People everywhere seem to get wealthier.
各地的人們似乎都變得更富有。
01:35
The stock market in the 1920s became a retail market in the way it had never been before.
1920年代的股市成為了一個零售市場，這是前所未有的。
01:40
When the people heard that their neighbor had doubled his money in the market, and then doubled it again, you started to feel like a fool if you didn't do it yourself.
當人們聽說鄰居在市場上賺了倍數的錢，然後又賺了倍數的錢，如果你不這麼做，你就會覺得自己像個傻瓜。
01:48
But just months after Bogle's birth, the US stock market collapses.
但在博格爾出生後僅幾個月，美國股市就崩盤了。
01:55
Bogle's father, William Yates Bogle, loses his job and all of his inheritance money.
博格爾的父親威廉·耶茨·博格爾失去了工作和所有的繼承財產。
02:01
He tries to recoup, but lacks that tangible skill and resourcefulness to survive.
他試圖東山再起，但缺乏實際的技能和應變能力來生存。
02:06
He never recovers and becomes addicted to alcohol.
他再也沒有恢復過來，並開始酗酒。
02:16
With his father buried in alcoholism, Bogle and his two brothers are forced to grow up quickly and start working early.
由於父親沉迷酒精，博格爾和他的兩個兄弟被迫快速長大並提早開始工作。
02:24
You know, I think his father was not a great achievement.
你知道，我認為他的父親並沒有什麼偉大的成就。
02:27
He didn't achieve a lot and had trouble holding onto a job, and I think that also probably sparked Bogle to want to make something of himself.
他沒有取得太多成就，並且很難保住一份工作，我認為這也可能激發了博格爾想要有所作為的決心。
02:36
From a young age, Bogle develops a strong work ethic and a meticulous habit of saving every penny he earns.
從小，博格爾就培養出強烈的工作倫理和精打細算的習慣，儲蓄他賺的每一分錢。
02:45
This is a defining period of time for John Bogle.
這是約翰·博格爾人生中一個決定性的時期。
02:48
His harsh childhood taught him to be frugal and self-reliant.
他艱苦的童年教會了他節儉和自力更生。
02:52
These qualities will become the guiding principles for his business in later life.
這些品質將成為他日後事業的指導原則。
02:58
The young Bogle knows there's only one way to a better life.
年輕的博格爾知道，通往更好生活的唯一途徑。
03:02
He needs to get himself into a great college.
他需要進入一所頂尖的大學。
03:07
To do that, he has to become the hardest-working student in his high school.
為此，他必須成為高中裡最努力的學生。
03:13
But in 1947, his hard work pays off.
但在1947年，他的努力得到了回報。
03:18
He graduates from Blair Academy as a class salutatorian and earns a full scholarship to one of the nation's best universities, Princeton.
他以班級第二名的成績從布萊爾學院畢業，並獲得全額獎學金進入全國最好的大學之一——普林斯頓大學。
03:34
Jack Bogle has become accustomed to using brute force to get ahead.
杰克·博格爾已經習慣用蛮力來取得進步。
03:39
He aims to become the top student at Princeton, and plans to accomplish that by working harder than anyone.
他目標成為普林斯頓的頂尖學生，並計劃通過比任何人都更努力的工作來實現這一目標。
03:48
But he quickly realizes that Princeton is not the same as his high school.
但他很快意識到，普林斯頓與他的高中不同。
03:53
Bogle will find out that Princeton was full of students that not only just worked as hard, but also seemed to perform better in classes.
博格爾發現，普林斯頓的學生不僅勤奮，而且在課程中表現得更出色。
04:02
For the first two years, Bogle's grades consistently failed to measure up, often ending the semester with C's and C minuses.
在前兩年，博格爾的成績一直不理想，經常以C和C-結束學期。
04:13
By his junior year in college, Bogle realizes his only way to graduate from Princeton as a winner is through writing an exceptional thesis.
在大學三年級時，博格爾意識到，他唯一能以優異成績從普林斯頓畢業的方式是寫一篇出色的畢業論文。
04:23
At a time, in December of 1949, and when I was thinking about one senior thesis, I was going to graduate in 1951.
在1949年12月的時候，當我正在思考一篇高年級論文時，我將在1951年畢業。
04:32
You can't start too early at all.
你絕對不能開始得太早。
04:34
As I was a contrarian, I wanted to write a thesis on a subject that nobody had ever written on before.
由於我是一個逆向思考者，我想寫一篇沒有人寫過的論文。
04:42
Bogle bets his academic success on a thesis, but the problem is he has no idea what to write about.
博格將他的學術成功押注在一篇論文上，但問題是他不知道要寫什麼。
04:58
To make his thesis stand out, he must write something unique.
為了使他的論文脫穎而出，他必須寫一些獨特的東西。
05:03
As an economics major, Bogle soon becomes fixated on a new type of investment company, the mutual funds.
作為經濟學專業的學生，博格很快對一種新型的投資公司——共同基金產生了興趣。
05:12
I opened Fortune magazine.
我翻開了《財富》雜誌。
05:14
The industry was described as tiny but contentious, and no one's ever written on this before, as I knew others may have later, but I had never seen it.
I picked, on the spot in the library, the topic for my thesis: the open-end investment company, or the mutual fund.
我在圖書館當場選定了我的論文主題：開放式投資公司，也就是共同基金。
05:30
In 1951, the mutual fund industry is still in its infancy, managing barely $2 billion in assets.
1951年，共同基金行業仍處於起步階段，管理的資產僅僅20億美元。
05:38
It's an insignificant portion of the finance industry.
它在金融行業中佔比微不足道。
05:41
So a mutual fund is not just one company.
因此，共同基金不僅僅是一家公司。
05:44
It typically consists of two companies, one serving as the management company, and the other is the actual fund in the form of a partnership.
它通常由兩家公司組成，一家作為管理公司，另一家是實際的基金，以合夥企業的形式存在。
05:53
So if you invest in a mutual fund, you're legally joining a limited partnership, and that partnership will hire the management company to manage your money.
And the management company will invest your money in different financial assets, like stocks and bonds.
管理公司會將你的錢投資於不同的金融資產，比如股票和債券。
06:10
Before most Americans who barely came out of the Great Depression alive, just a decade prior, the safest investment is still savings in the bank.
在大多數美國人剛從十年前的大蕭條中存活下來的時候，最安全的投資仍然是銀行存款。
06:20
But Bogle realizes that the mutual fund industry is on the precipice of a revolution.
但博格意識到，共同基金行業正處於革命的邊緣。
06:26
Bogle believes that in the long run, more American investors will see the value of having access to a diversified portfolio, one that the mutual fund industry provides.
Thirty-five years earlier, Walter Morgan was a stock trader.
三十五年前，沃爾特·摩根是一名股票交易員。
07:18
After losing virtually everything from betting on oil stocks, Morgan became convinced that it was impossible to make money from speculation.
在石油股票上幾乎賠光一切後，摩根確信無法通過投機賺錢。
07:28
He turned himself into a defensive stock investor and created a so-called balanced portfolio.
他轉型為防禦型股票投資者，並創建了所謂的平衡投資組合。
07:36
Less volatile funds tend to work well for investors.
波動性較小的基金往往更適合投資者。
07:39
And so, of course, instead of having just stocks, if you combine it with bonds in a 60-40 mix, the classic mix, it's less volatile and it's easier on investors.
It's just less drama, and that works well for investors.
這樣波動更小，對投資者來說更好。
07:54
He then founded his company to help others do the same by avoiding the temptation of speculation and focusing on steady growth and preservation of capital above everything else.
之後，他創辦了自己的公司，幫助他人避免投機的誘惑，專注於穩健增長和資本保值。
08:07
By the early 1950s, his fund, Wellington, becomes a pillar in the mutual fund industry.
到20世紀50年代初，他的基金惠靈頓成為共同基金行業的中流砥柱。
08:14
After reading Bogle's college thesis, Morgan immediately recognizes the talent and the potential of John Bogle, and hires him to be his executive assistant.
在閱讀了博格的大學畢業論文後，摩根立即認出了約翰·博格的才華和潛力，並聘請他擔任自己的行政助理。
08:25
Well, the most valuable lesson, I suppose, was taught to me by Walter Morgan, my great mentor at Wellington.
我想，最寶貴的一課是我的偉大導師沃爾特·摩根教給我的。
08:30
It was all about balance, balance, balance.
這一切都關乎平衡、平衡、平衡。
08:33
They'd been through a tumultuous period in the 30s and even halfway through the 40s, and a balanced idea worked just fine.
他們經歷了30年代甚至40年代中期的動盪時期，而平衡的理念運作得很好。
08:41
He also drummed into me, in fact, that the crowd was always wrong.
他還一再向我強調，群眾總是錯的。
08:45
If everybody wanted something, that's what you did not want.
如果每個人都想要某樣東西，那正是你不想要的。
08:50
But Bogle's timing to join Wellington couldn't be worse.
但博格加入惠靈頓的時機卻再壞不過了。
08:56
By 1958, the bull market is in full swing, with the Dow Jones almost doubling from five years prior.
到1958年，牛市正處於全盛時期，道瓊斯指數幾乎是五年前的兩倍。
09:05
Many mutual fund companies are opening more funds to attract more investors.
許多共同基金公司正在開設更多基金以吸引更多投資者。
09:11
As a result, Wellington's balanced portfolio is falling out of favor, as the risk appetite of Americans has come back.
因此，惠靈頓的平衡投資組合正在失去青睞，因為美國人的風險偏好又回來了。
09:20
But John Bogle sees this challenge as an opportunity to make a name for himself in the company.
但約翰·博格將這一挑戰視為在公司中成名的機會。
09:27
He devises a bold plan, one that his mentor might not approve of.
他制定了一個大膽的計劃，一個他的導師可能不會贊同的計劃。
09:33
Bogle wanted to start a new fund that contained only equities.
博格想要創立一個只包含股票的新基金。
09:37
He believed that a stock-only fund will attract investors, as long as they stick to a conservative investment strategy.
他相信，只要投資者堅持保守的投資策略，一個純股票基金將能吸引投資者。
09:44
The Wellington Equity Fund is an instant success.
威靈頓股票基金立即取得成功。
09:48
In just one year, it grows from $33 million to having $44 million of assets under management.
在短短一年內，其管理資產從3,300萬美元增長到4,400萬美元。
09:56
The fund's performance and popularity continue to grow for the coming decade.
該基金的表現和受歡迎程度在接下來的十年中持續增長。
10:01
The success of the Wellington Equity Fund makes Bogle the designated successor to Walter Morgan.
威靈頓股票基金的成功使博格成為沃爾特·摩根的指定接班人。
10:07
And by the time Morgan turns 67, he officially passes the reins to Jack Bogle.
當摩根年滿67歲時，他正式將領導權交給傑克·博格。
10:14
At the age of 35, Bogle becomes the CEO of one of the largest mutual funds in the industry.
在35歲時，博格成為該行業最大的共同基金之一的首席執行官。
10:21
But it's a mutual fund whose entire existence is now under threat.
但這是一個共同基金，其整個生存現在受到威脅。
10:27
A war in the mutual fund industry is about to break out.
共同基金行業的一場戰爭即將爆發。
10:31
Only this time, Bogle may be its first casualty.
但這一次，博格可能成為第一個犧牲品。
10:40
By the early 1960s, the spirit of speculation is back, in what's become the go-go decade.
到20世紀60年代初，投機精神回歸，這個時代成為了狂熱的十年。
10:48
Bogle may be the leader of Wellington, but as the competition heats up, the mutual fund starts to decline.
博格可能是威靈頓的領導者，但隨著競爭加劇，該共同基金開始衰落。
10:56
During the bull market, when everyone was doing so well, all of a sudden, his Wellington fund started to look very boring and mediocre.
在牛市期間，當每個人都表現良好時，突然間，他的威靈頓基金開始看起來非常無聊和平庸。
11:03
And people didn't just want steady growth anymore; they wanted to make a fortune in the market.
人們不再只想要穩定增長；他們想在市場上發財。
11:09
As more investors jump ship from Wellington, Bogle begins to worry.
隨著越來越多的投資者離開威靈頓，博格開始擔心。
11:15
He knows if he doesn't do something fast, his company may go under.
他知道，如果不快點採取行動，他的公司可能會倒閉。
11:20
Given the responsibility at age 35 to take over the Wellington Management Company, we were in deep, deep trouble.
在35歲時接管威靈頓管理公司，我們陷入了嚴重的困境。
11:27
And Mr. Morgan said, “Do whatever it takes to fix it.” To save the company, Bogle needs to somehow make his Wellington fund attractive to investors again.
摩根先生說：「不惜一切代價去解決它。」為了拯救公司，博格需要設法讓他的威靈頓基金再次吸引投資者。
11:39
And there's only one path forward.
而前方只有一條路。
11:42
Wellington needs to merge with another fund.
惠靈頓需要與另一家基金合併。
11:52
To save his company from becoming obsolete, Bogle tries to find a merger with a more established firm, like Franklin Templeton and Incorporated Investors.
為了避免公司被淘汰，博格爾嘗試尋找與更成熟的公司合併，如富蘭克林證券和投資者公司。
12:02
They reject Bogle's offer because they believe Wellington's overly conservative strategy will hinder their fund's performance.
他們拒絕了博格爾的提議，因為他們認為惠靈頓過於保守的策略會阻礙他們的基金表現。
12:10
Unable to find a large mutual fund to merge with, Bogle is forced to search for smaller ones.
無法找到大型共同基金合併，博格爾被迫尋找較小的基金。
12:16
And soon, a fund in Boston catches his attention.
很快，波士頓的一家基金引起了他的注意。
12:21
Ivest is an aggressive mutual fund that has the best performance in the industry from 1960 to 1965.
Ivest 是一家積極進取的共同基金，在 1960 至 1965 年間擁有業界最佳的表現。
12:30
Even with just $17 million under management, it's one of the most sought after funds in the industry.
即使管理的資產僅有 1,700 萬美元，它仍是業界最受追捧的基金之一。
12:37
Ivest was very akin to today's prop trading firms using a lot of short-term strategies and technical analysis.
Ivest 非常類似於今日的自營交易公司，使用大量短期策略和技術分析。
12:43
So during a bull market, it's very hard to judge if the success of such a firm is due to luck or skill.
因此，在牛市期間，很難判斷這類公司的成功是由於運氣還是技巧。
12:52
But Bogle believes by merging with Ivest, Wellington will be able to expand the business and attract more investors.
但博格爾認為，通過與 Ivest 合併，惠靈頓將能夠擴展業務並吸引更多投資者。
12:59
After months of consolidation, a new company is born.
經過數個月的整合，一家新公司誕生了。
13:03
While it will carry the name Wellington Management Company, the partners of Ivest will now have 40% ownership.
雖然它將繼續使用惠靈頓管理公司的名稱，但 Ivest 的合夥人將擁有 40% 的股權。
13:12
Many consider giving Ivest so much control a huge risk factor, but Bogle believes it's a sign of sincerity.
許多人認為給予 Ivest 如此多的控制權是一個巨大的風險因素，但博格爾認為這是誠意的表現。
13:21
Finally, Wellington is reborn, ready to take on its competitors and regain its market share.
最後，惠靈頓重獲新生，準備迎戰競爭對手並重奪市場份額。
13:28
John Bogle is poised to continue leading the new company as CEO.
約翰·博格爾準備繼續擔任新公司的執行長。
13:35
But fate has a different plan.
但命運卻有不同的安排。
13:43
A new company is born.
一家新公司誕生了。
13:48
Weeks before the board of the new company announces Bogle to serve as the CEO, he suffers a massive heart attack.
在新公司董事會宣布博格爾擔任執行長的幾週前，他遭遇了嚴重的心臟病發作。
13:57
For a while, Bogle has lived with a heart condition called heart arrhythmia.
博格爾已經患有心律不整的心臟病一段時間了。
14:02
He suffered multiple minor heart attacks since the age of 31.
他從31歲開始多次遭受輕微心臟病發作。
14:06
But none of them was as severe as this one. Bogle is hospitalized for six weeks.
但沒有一次像這次這麼嚴重。博格住院長達六週。
14:14
As a result, his future as the chief executive of Wellington is now on the line.
因此，他作為威靈頓首席執行官的未來現在岌岌可危。
14:20
Unsure if Bogle is fit to lead, the directors of Wellington are considering a new candidate.
威靈頓的董事們對博格是否適合領導公司表示懷疑，正在考慮新的候選人。
14:27
Only Bogle isn't the one who gives up easily.
但博格不是那種輕易放棄的人。
14:31
So to prove he was fit enough to work, Bogle went on the treadmill test.
為了證明自己身體狀況足以工作，博格進行了跑步機測試。
14:36
So a typical patient with his heart condition wouldn't last for more than eight minutes.
通常患有他這種心臟病的病人無法堅持超過八分鐘。
14:41
But Bogle, with his unbelievable willpower, lasted for more than 18 minutes.
但博格憑藉難以置信的意志力，堅持了超過18分鐘。
14:47
After demonstrating his health, Bogle is successfully elected as the CEO.
在證明了自己的健康狀況後，博格成功當選為首席執行官。
14:56
For the next five years, the marriage between Ivest and Wellington looks like something out of heaven.
在接下來的五年裡，Ivest和威靈頓的合作看起來就像天作之合。
15:02
Ivest continues to gain popularity as it consistently beats its competitors.
Ivest持續獲得人氣，因為它不斷擊敗競爭對手。
15:07
Leveraging Ivest's popularity, Wellington opens more funds.
借助Ivest的聲譽，威靈頓開設了更多基金。
15:11
By 1973, Wellington has 10 mutual funds under management, worth over $2.6 billion.
到1973年，威靈頓管理著10隻共同基金，總價值超過26億美元。
15:19
While Bogle has little regard for his own net worth, he relishes the power and influence as the head of Wellington, which by now is the third largest mutual fund in the industry.
But we fail to realize that it has all been an illusion.
但我們沒有意識到，這一切都是一場幻覺。
15:37
After a decade of speculative growth, the go-go era is coming to an end.
經過十年的投機性增長，高速發展的時代即將結束。
15:45
Does that sound familiar?
這聽起來是否熟悉？
15:47
Consider today, since 2008, we've seen record bull markets, cash printing, and sky-high valuations.
看看今天，自2008年以來，我們見證了創紀錄的牛市、現金印鈔和天價估值。
15:55
The result? Now the Federal Reserve is brutally stamping out inflation at the expense of your portfolio.
結果呢？現在聯邦儲備局正在無情地壓制通脹，代價卻是你的投資組合。
16:02
Last year, out of the millions of people who invest with Vanguard 401K, a record number had no choice but to pull their money out.
去年，在數百萬通過先鋒401K進行投資的人中，創紀錄的人數不得不撤回資金。
16:10
Now, more than half of Americans who make six figures are living paycheck to paycheck.
現在，超過一半年收入達六位數的美國人都在靠薪水過日子。
16:16
At least Goldman Sachs is clear about where the market is headed.
至少高盛對市場走向有明確的看法。
16:19
Nowhere.
無處可去。
16:21
The financial titans of today say the 60-40 portfolio of stocks and bonds is dead.
當今的金融巨頭表示，股票和債券的60-40投資組合已經過時。
16:27
Instead, they're pouring hundreds of millions into assets with low correlation to the stock market.
相反，他們正將數億資金投入與股市關聯度低的資產。
16:33
One even appreciated over 130% the last time inflation soared this high.
其中一種資產在上次通膨如此高漲時甚至升值超過130%。
16:39
Contemporary art, helping grow and preserve billions in personal wealth.
當代藝術，幫助成長和保存數十億的個人財富。
16:44
Of course, it's been impossible to access without deep pockets.
當然，沒有雄厚資金的話，這一直是無法進入的領域。
16:48
That is, until now.
也就是說，直到現在。
16:51
Masterworks is a New York-based billion dollar startup that is changing the way people invest in art.
Masterworks是一家位於紐約的獨角獸新創公司，正在改變人們投資藝術的方式。
16:56
As someone who has invested in shares of a basket painting through Masterworks, I'm grateful to be part of this journey along with so many others.
作為一個通過Masterworks投資過一籃子畫作股份的人，我很高興能與這麼多人一起參與這個旅程。
17:04
In 2022, Masterworks had nine exits, all of which were highly profitable.
2022年，Masterworks有九次退出，全部都非常盈利。
17:09
The last three returned 10, 13, and 35%, netting millions and millions to investors.
最近的三次退出分別帶來了10%、13%和35%的回報，為投資者帶來數百萬的收益。
17:15
It's exciting to see how quickly new offerings sell out.
看到新的投資機會如此迅速售罄，令人興奮。
17:19
But I have a special link in the description that gives you priority access so that you don't have to wait and lie.
但我在描述中有一個特殊鏈接，可以讓你優先獲得訪問權限，這樣你就不必等待和錯過機會。
17:26
The stock market plunged yesterday and stepped up trading.
股市昨天暴跌並加劇交易。
17:30
The Dow Jones industrial average registered its biggest loss for a day in almost three years.
道瓊斯工業平均指數錄得近三年來單日最大跌幅。
17:36
And the index tumbled 18.29 points to finish the session at 909.69.
該指數下跌18.29點，收於909.69點。
17:44
In a span of a year, Wellington's assets are down from $3 billion to $1.3 billion.
在一年內，威靈頓的資產從30億美元縮水至13億美元。
17:53
Now, it's all too clear.
現在，一切都已經非常明顯。
17:56
Bogle's decision to merge with Ivest has been an utter failure.
博格決定與Ivest合併，結果卻是徹底的失敗。
18:01
And then there's more bad news.
更多壞消息接踵而至。
18:04
As the industry conditions worsen, a rift between the board of directors whitens.
隨著行業環境惡化，董事會內部的分歧日益加劇。
18:11
A fight soon breaks out, pitting Bogle against four Boston partners of Ivest.
很快，一場爭鬥爆發，博格與Ivest的四位波士頓合夥人對立。
18:17
Afraid Bogle may blame them for the film's failure, the four partners decide to throw the first punch, secretly negotiating and gathering support from the board of directors in Wellington to fire Bogle.
Remember, during the merger, the four partners were given 40% control of the company because Bogle thought they were reasonable people.
記得，在合併期間，四位合夥人獲得了公司40%的控制權，因為博格認為他們是通情達理的人。
18:39
And Bogle only had about 28% of voting power for himself.
而博格自己只擁有約28%的投票權。
18:47
The board summons Bogle to inform him he needs to resign immediately.
董事會召見博格，通知他需要立即辭職。
18:53
And these guys had a real falling out.
這些人之間的關係徹底破裂。
18:55
I think Bogle felt like he had betrayed his mentor and the company by sort of selling out and giving these other hotshot growth managers too much power in their partnership.
So they got into a fight, fingers were pointed, and basically they fired Bogle.
於是他們發生了爭執，互相指責，基本上他們解僱了博格。
19:12
But to their surprise, Bogle refuses to resign and threatens to do a proxy fight.
但令他們驚訝的是，博格拒絕辭職，並威脅要發起代理權之爭。
19:18
Afraid that Bogle may win a proxy fight, the board decides to find a compromise.
恐怕博格可能會贏得代理權之爭，董事會決定尋找一個折衷方案。
19:24
Instead of keeping Bogle as the CEO of the management company, Bogle now can keep a job as the president of the fund company.
博格不再擔任管理公司的首席執行官，而是可以保留基金公司總裁的職位。
19:33
The job is a parallelist position, as an arrangement cooked up by the directors to silence Bogle's influence on a company.
這個職位是一個閒職，是董事們為了壓制博格在公司的影響力而策劃的安排。
19:41
Since a mutual fund is typically managed by an external management company, the president of the fund typically doesn't do anything, much like the vice president of the United States.
由於共同基金通常由外部管理公司管理，基金的總裁通常什麼也不做，就像美國的副總統一樣。
19:55
By 1974 Bogle was defeated and humiliated, kicked out from the company that was rightfully his.
到1974年，博格被擊敗並蒙受羞辱，被趕出了本應屬於他的公司。
20:02
But even in a parallelist position as the president of the fund, Bogle refuses to accept failure and immediately begins to look for ways for a comeback.
但即使在基金總裁這個閒職上，博格拒絕接受失敗，並立即開始尋找東山再起的方法。
20:14
What he does next will turn the mutual fund industry upside down.
他接下來的行動將使共同基金行業天翻地覆。
20:24
The 1970s is a decade of economic turbulence.
1970年代是經濟動盪的十年。
20:27
The Vietnam War and the high government spending from a decade prior finally catch on, with inflation running highest has ever been.
越南戰爭和前十年的高額政府支出終於顯現影響，通貨膨脹達到歷史最高水平。
20:36
Jung Bogle set out to build his Wellington management company, the leader of the industry.
博格爾著手建立他的威靈頓管理公司，成為行業的領導者。
20:42
But his decision to merge with Ivest has proven to be a mistake.
但他與Ivest合併的決定被證明是一個錯誤。
20:48
He's ousted as the CEO of Wellington management and is installed as the president of the fund, a traditionally useless position designed to bury his influence.
But Bogle is determined to find a way around the stranglehold of the management company.
但博格爾決心找到一種方法來擺脫管理公司的控制。
21:05
To do that he will need to make a bold move.
為此，他需要採取一個大膽的行動。
21:14
So legally as the president of the Wellington fund Bogle is forbidden to make investment decisions.
因此，作為威靈頓基金的總裁，博格爾在法律上被禁止做出投資決策。
21:21
But since the fund is a partnership Bogle is able to make business and administrative decisions.
但由於基金是一個合夥企業，博格爾能夠做出業務和行政決策。
21:27
He basically fought back and he found the sort of little leverage, which was that he was still the president of the mutual funds themselves.
他基本上進行了反擊，並找到了一點點的影響力，即他仍然是共同基金本身的總裁。
21:35
And so there's this wonky detail that the mutual funds are like shell companies and the president of those funds actually has some control over, you know, like general contractors, they can decide who is doing what role.
And so he used that leverage to basically dig in and fight with them.
因此，他利用這種影響力基本上與他們進行鬥爭。
21:52
While a mutual fund typically outsources the administrative works to the management company, Bogle makes a game-changing decision.
雖然共同基金通常將行政工作外包給管理公司，但博格爾做出了改變遊戲規則的決定。
22:00
He will no longer give the management company that business function anymore.
他將不再將行政業務交給管理公司。
22:05
Bogle internalizes the administrative functions, saving the fund millions of dollars in fees.
博格爾將行政職能內部化，為基金節省了數百萬美元的費用。
22:11
What Bogle did was breaking the industry norm.
博格爾的做法打破了行業的常規。
22:15
A typical mutual fund doesn't do sales administration on its own.
典型的共同基金不會自己進行銷售管理。
22:19
It typically pays an external management company to handle the tasks.
它通常支付外部管理公司來處理這些任務。
22:24
To once again show his independence, he changes the name of the fund from Wellington to Vanguard.
為了再次展示他的獨立性，他將基金的名稱從威靈頓改為先鋒。
22:31
For the first time Bogle believes his fund will be shareholder focused.
博格爾首次相信他的基金將以股東為中心。
22:36
He calls it a mutualization.
他稱之為共同化。
22:39
It all lies in, I think, mutualization trying to run mutual funds for their shareholders and not for their managers.
這一切在於，我認為，共同化試圖為股東而不是為經理人經營共同基金。
22:53
For the coming years, Vanguard, with his new structure, saves investors millions of dollars in fees, making Vanguard the most cost-friendly fund to invest in.
John Bogle has managed to turn his humiliating failure into a success, but his convinced a bigger opportunity awaits.
約翰·博格爾設法將他令人羞辱的失敗轉化為成功，但他確信更大的機會在等待著。
23:12
He needs to completely cut well into management out of the picture.
他需要完全將管理層排除在外。
23:16
The problem is, as a fund, Vanguard is legally forbidden to manage its own investment.
問題在於，作為一家基金，先鋒集團在法律上被禁止管理自己的投資。
23:23
It must hire an external management company like Wellington.
它必須聘請像威靈頓這樣的外部管理公司。
23:27
Bogle is convinced there's a way around this.
博格爾確信有辦法解決這個問題。
23:31
After witnessing so many mutual funds underperforming the market, for the long term, he started to question the value of such an effort.
在目睹了如此多的共同基金長期表現不如市場後，他開始質疑這種努力的價值。
23:39
He questioned if it's even possible to beat the market.
他質疑是否有可能擊敗市場。
23:42
Bogle realizes, in the long run, it is nearly impossible to outperform the market.
博格爾意識到，從長遠來看，幾乎不可能超越市場。
23:48
And to serve his shareholders better, all he needs to do is to invest in every stock, while keeping the cost low.
為了更好地為股東服務，他需要做的就是投資每一支股票，同時保持低成本。
23:56
It's a type of fund that was impossible to execute.
這是一種無法執行的基金。
24:00
Today we know it as an index fund.
今天我們稱之為指數基金。
24:04
So, it's not that it's impossible to outperform.
所以，並不是不可能超越市場。
24:08
But what I've often said, it's like looking for a needle in a haystack.
但我經常說，這就像在大海撈針。
24:14
And at least the core of your portfolio ought to be invested in broad-based indices.
至少你的投資組合核心應該投資於廣泛的指數。
24:23
Influenced by Molekeel's research, Bogle believes the best path forward is to start an index fund.
受到莫爾基爾研究的影響，博格爾認為最好的前進道路是創建一個指數基金。
24:30
One that doesn't need to be managed.
一個不需要被管理的指數基金。
24:32
The simplicity of an index fund is brilliant, and Wall Street is never the same.
指數基金的簡單性是絕妙的，華爾街從此不再相同。
24:40
Bogle launches the first index investment trust in 1976, designed to maximize shareholders' long-term profit.
博格於1976年推出第一支指數投資信託，旨在最大化股東的長期利潤。
24:48
But what he doesn't know is whether people will buy it.
但他不知道的是，人們是否會購買它。
24:57
But despite Bogle's good ideas, his Vanguard index fund struggles to take off.
盡管博格的想法很好，但他的先鋒指數基金卻難以起飛。
25:04
The press is calling it Bogle's Folly.
媒體稱其為「博格的愚行」。
25:08
Anyone who invests in an index fund is doomed to have a mediocre result.
任何投資指數基金的人註定會得到平庸的結果。
25:14
The main criticism at a time was that, by putting money in every company, in everything, it was very anti-capitalism.
當時的主要批評是，通過將資金投入每家公司、所有事物，這是非常反資本主義的。
25:22
Bogle believes the only way to prove that his fund is better is by patiently waiting, until the fund accumulates a good track record for the coming years.
博格認為，證明他的基金更好的唯一方法是耐心等待，直到基金在未來幾年積累良好的績效記錄。
25:39
Just seven years after the launch of the world's first index fund, American investors finally begin to recognize the performance and the reliability of an index fund.
在世界上第一支指數基金推出僅七年後，美國投資者終於開始認識到指數基金的績效和可靠性。
25:51
And Vanguard's first index investment trust takes off, accumulating $100 million in assets by 1982.
先鋒的第一支指數投資信託起飛，到1982年累積了1億美元的資產。
25:59
I remember in 1993, after looking at the underperformance of all these fund managers, finally kind of coming over to Bogle's attitude about the whole thing.
我記得在1993年，在看到所有這些基金經理的表現不佳後，終於轉向博格對整件事的態度。
26:08
Of course, it wasn't just that you could get into them and buy into the S&P 500.
當然，不僅僅是你可以進入並購買標普500指數。
26:14
It was cheaper.
它更便宜。
26:15
Remember, you were paying two percent, two and a half percent per year for active management at the time.
記得，當時你每年要支付2%、2.5%的費用給主動管理。
26:21
Most of them were not outperforming.
它們大多數都沒有跑贏大盤。
26:23
Suddenly, you could buy in for a fraction of that into the S&P 500.
突然間，你可以以更低的費用購買標普500指數。
26:27
It was a simple insight, yet really revolutionary.
這是一個簡單的洞見，卻具有革命性。
26:31
By 1988, Jack Bogle has accomplished the impossible.
到1988年，傑克·博格已經完成了不可能的任務。
26:36
Building the world's first index fund worth over $1 billion.
建立了世界上第一支價值超過10億美元的指數基金。
26:42
His Vanguard group with as many low-cost funds is the second largest mutual fund company in the industry.
他的先鋒集團擁有眾多低成本基金，是業內第二大共同基金公司。
26:51
Before Bogle, it isn't enough.
在博格之前，這是不夠的。
26:54
He wants to be number one.
他想成為第一。
26:58
Occupying the top spot of the mutual fund industry is Fidelity, led by an aggressive and elusive man, Ned Johnson, and he isn't about to let Vanguard eat his lunch.
By the early 1990s, Fidelity is the uncontested king of mutual funds.
到1990年代初，富達投資已成為共同基金行業無可爭議的王者。
27:23
It was founded by Ed Johnson in 1930.
它由艾德·強森於1930年創立。
27:28
Fidelity was one of the first mutual funds to deploy a diversified investment strategy.
富達投資是最早採用多元化投資策略的共同基金之一。
27:33
On top of that, Ed Johnson was a pioneer in hiring salespeople to sell mutual funds as if it's a product on the shelf.
此外，艾德·強森還是一位先驅，他聘請銷售人員銷售共同基金，就像銷售貨架上的產品一樣。
27:43
By the 1980s, it's the biggest mutual fund in the industry with enough funds covering all sectors and asset classes.
到1980年代，它已成為行業中最大的共同基金，擁有足夠的資金覆蓋所有行業和資產類別。
27:52
But out of all the funds, the only one that is capable of outperforming the market is the Magellan Fund.
但在所有基金中，唯一能夠超越市場的基金是麥哲倫基金。
28:00
And it's all because of one man, Peter Lynch.
這都要歸功於一個人，彼得·林奇。
28:05
For 1974 to 1990, under his management, Magellan Fund achieves a mind-boggling 29% annual return for more than a decade.
從1974年到1990年，在他的管理下，麥哲倫基金在十多年時間裡實現了驚人的29%年回報率。
28:16
The legendary performance made Fidelity the most popular investment company in the industry.
這傳奇的表現使富達投資成為行業中最受歡迎的投資公司。
28:22
With its growing control of the industry, who can possibly take on Fidelity now?
隨著其對行業的控制不斷增強，誰還能與富達投資抗衡呢？
28:30
Only one man would dare.
只有一個人敢於挑戰。
28:37
Bogo's low cost and better performing index fund has disrupted the mutual fund industry and is also slowly eating away a Fidelity's market share.
博格的低成本和表現更好的指數基金已經顛覆了共同基金行業，並且正在逐漸蠶食富達投資的市場份額。
28:48
Fidelity believes the only way to beat Vanguard is by delivering performance better than index funds.
富達投資認為，擊敗先鋒集團的唯一方法是提供比指數基金更好的表現。
28:58
To outperform Vanguard, Fidelity begins to expand to more areas, including starting an international bond fund.
為了超越先鋒集團，富達投資開始擴展到更多領域，包括成立國際債券基金。
29:06
Net Johnson demands their traders to do what it takes to beat the market and deliver above-average returns.
尼德·強森要求他們的交易員不惜一切代價擊敗市場，並提供高於平均水平的回報。
29:14
Jet Bogo knows this is a recipe for disaster.
博格知道這是一場災難的秘方。
29:19
All he has to do now is to wait for the giant to stumble.
他現在要做的就是等待這個巨人跌倒。
29:23
Bogo realized that, given long enough time, most of the active management funds will underperform.
博格意識到，只要時間足夠長，大多數主動管理基金的表現都會不如預期。
29:30
He called it reverting to the mean.
他稱之為「回歸平均值」。
29:33
Even today, if you look at Berkshire Hathaway for the past 10 years, it didn't do any better than a market.
即使是現在，如果你看過去十年的波克夏海瑟威，它的表現並不比市場更好。
29:38
And before long, Bogo's prediction comes true.
不久之後，博格的預言成真了。
29:44
The fallout of higher United States interest rates affected Mexico, hurting many emerging market bond funds.
美國利率上升的影響波及墨西哥，打擊了許多新興市場債券基金。
29:52
Fidelity was hit harder than most.
忠利投資受到的打擊比大多數公司更嚴重。
29:56
After making a bet on Mexican debt, Fidelity's newly formed bond fund suffers a severe trading loss.
在投資墨西哥債券後，忠利投資新成立的債券基金遭受了嚴重的交易損失。
30:05
As Fidelity crumbles, their failure demonstrates the validity and safety of Vanguard index funds.
隨著忠利投資的崩潰，他們的失敗證明了先鋒指數基金的有效性和安全性。
30:17
In 1995, Vanguard, with his low-cost index funds, has turned the entire finance industry upside down.
1995年，先鋒集團憑藉其低成本的指數基金，徹底顛覆了整個金融業。
30:26
Many of his competitors are rushing to catch on.
許多競爭對手正爭相趕上。
30:31
With Vanguard in a better shape than ever before, Bogo decides the time has come for him to retire.
先鋒集團的狀況比以往任何時候都好，博格決定是時候退休了。
30:39
For the past years, he's been grooming his executive assistant, Jack Brennan, to succeed him.
多年來，他一直在培養他的執行助理傑克·布倫南作為他的接班人。
30:48
In May 1995, Bogo officially passes the CEO title to Brennan, but he remains the chairman of the company.
1995年5月，博格正式將CEO的頭銜交給布倫南，但他仍然擔任公司的董事長。
30:59
Brennan grew up in a banking family. His father was the CEO of Union Warren Savings Bank in Boston.
布倫南在一個銀行世家長大。他的父親是波士頓聯合華倫儲蓄銀行的CEO。
31:07
As the head of the Vanguard Group, Brennan aims to leave his own mark and to prove to his father that he can outdo him.
作為先鋒集團的領導者，布倫南的目標是留下自己的印記，並向他的父親證明他能夠超越他。
31:18
Brennan decides the only way forward is for Vanguard's assets to grow bigger. That means increasing spending on marketing and sales.
布倫南認為，唯一的前進道路是讓先鋒集團的資產規模更大。這意味着需要增加在營銷和銷售上的支出。
31:27
There is just one problem. Bogo may never agree to this.
只有一個問題。博格可能永遠不會同意這樣做。
31:33
This industry became a total marketing business. It became an opportunistic business. It became a business creating expectations on past performance that could never possibly be duplicated in the future.
As far as Brennan is concerned, to pursue his plan without repercussion, there's just one solution. Bogo must resign as the chairman.
在布倫南看來，要在沒有後果的情況下追求他的計劃，只有一個解決方案。博格必須辭去董事長的職務。
31:59
Jack Bogo has helped put Brennan in the CEO position, but now his protege has turned on him.
傑克·博格幫助布倫南成為了CEO，但現在他的門生卻反咬了他一口。
32:08
John C. Bogo was a tough enough to survive a heart transplant, but now he cannot overcome the policies of the Vanguard Group.
約翰·C·博格經歷過心臟移植手術，但現在他無法克服先鋒集團的政策。
32:17
The mutual fund company he founded a quarter century ago.
他二十五年前創立的共同基金公司。
32:20
At age of 70, the chairman should retire by tradition, but Bogo wanted to make an exception for himself because after all, he's the founder of the company.
70歲的主席按傳統應該退休，但博戈想為自己破例，畢竟他是公司的創辦人。
32:30
But Brennan and the board did not approve it, and they forced Bogo into retirement.
但布雷南和董事會並未批准，他們迫使博戈退休。
32:37
In the span of 20 years, Bogo has built an unimaginable empire.
在二十年內，博戈建立了一個難以想像的帝國。
32:42
While the company he founded will live on and dominate the finance industry for decades to come.
而他創立的公司將繼續存在，並在未來數十年主導金融業。
32:49
For Bogo, he is forced into retirement.
對博戈來說，他被迫退休。
32:55
With Bogo gone, Brennan expands the marketing and sales, but to truly leave a legacy, he needs to find something even bigger.
博戈離開後，布雷南擴大了行銷和銷售，但為了真正留下遺產，他需要找到更大的東西。
33:05
But in the late 1990s, a new segment of the finance industry is soaring, the ETFs.
但在1990年代末，金融業的一個新領域正在迅速崛起，即ETF。
33:18
As the world enters the new millennium, Wall Street is undergoing a revolution.
當世界進入新千年時，華爾街正經歷一場革命。
33:24
A new type of investment fund is growing at an unprecedented rate.
一種新型的投資基金正以空前的速度成長。
33:29
They're called exchange traded funds.
它們被稱為交易所交易基金。
33:32
It's a concept that has long been difficult to actualize, but now all the major Wall Street firms are staking their claims.
這是一個長期以來難以實現的概念，但現在所有主要的華爾街公司都在爭奪份額。
33:40
ETF stands for exchange traded fund, a fund that trades on the exchange.
ETF代表交易所交易基金，一種在交易所交易的基金。
33:45
So think of it as a mutual fund that is available to be purchased in a New York Stock Exchange or the NASDAQ market.
可以將其視為一種在紐約證券交易所或納斯達克市場上可供購買的共同基金。
33:52
ETFs may be their trend, but white man believes that they are too volatile to benefit the average investor.
ETF可能是一種趨勢，但懷特曼認為它們對普通投資者來說波動太大。
34:01
If I have a little bias against the ETF, the market went down 300 points in the middle of the day.
如果我對ETF有些偏見，市場在一天中下跌了300點。
34:09
I mean, a lot of bouncing around is meaningless, but in the long run, in the long run, that's a new one.
我的意思是，很多波動都是毫無意義的，但在長期來看，這是一個新的趨勢。
34:15
It's a different, no difference whatsoever.
這是一個不同的，完全沒有差別。
34:17
With the retirement of Bogo from Vanguard and to compete with Fidelity, Jack Brennan is considering getting into the ETF's business.
隨著博戈從先鋒集團退休，並與忠利競爭，傑克·布雷南正在考慮進入ETF業務。
34:32
Vanguard went very big into ETFs. It turned out to be a fantastic move.
先鋒集團大舉進入ETF領域，結果證明這是一個極其明智的舉措。
34:37
Vanguard itself quickly surpassed Fidelity. It's big rival because Fidelity was slower getting into the ETF business.
先鋒集團很快就超越了其主要競爭對手忠利，因為忠利在進入ETF業務方面較為緩慢。
34:44
And as a result of Vanguard's decision to sort of go against Jack's wishes, Vanguard is now a giant.
由於先鋒集團決定在某種程度上違背傑克的意願，先鋒集團現在已成為一個巨頭。
34:51
By 2019, Vanguard has almost $5 trillion in total assets.
到2019年，先鋒集團的總資產幾乎達到5萬億美元。
34:57
Many criticized that by being one of the biggest ETFs, Vanguard hurts his brand for being a long-term driven fund by contributing to the short-term speculations of the market.
Although Bogo found it Vanguard, he remains critical of Vanguard during the later stage of his life.
雖然博格創立了先鋒集團，但在他晚年的時候，他仍然對先鋒集團持批評態度。
35:15
Well, it's difficult. Let me be honest about it. It's difficult. The company is not particularly spent with my directness and outspokenness in my books.
這很困難。讓我誠實地說，這很困難。公司並不特別欣賞我在書中直言不諱的態度。
35:23
And when someone says, well, I understand you disagree with Vanguard in that point. I said, absolutely not. I would never disagree with Vanguard.
當有人說，我理解你在某些方面與先鋒集團意見不一致。我說，絕對不是。我永遠不會與先鋒集團意見不一致。
35:29
Vanguard disagrees with me. And it's the right.
是先鋒集團與我的意見不一致。而這是正確的。
35:36
On the crisp winter morning in 2019, the world mourns the loss of a legend.
在2019年一個寒冷的冬日早晨，世界哀悼一位傳奇人物的逝世。
35:44
Jack Bogol is dead. So coming to esophageal cancer.
傑克·博格爾去世了，死於食道癌。
35:50
Some more breaking news. This time, sad news, an icon of the financial industry, John Bogol, the founder of Vanguard Group, dead at the age of 89.
