Too many investors speculate rather than invest according to John Bogle, the founder of the Vanguard Group and the creator of the Vanguard 500 Index Fund, which tracks the S&P 500 stock index. Investing means buying and holding; trading (frequent buying and selling) is speculation. Speculation is what happens when sales people act as financial advisers instead of investment fiduciaries. Similarly, speculation is what happens when marketing people manage money instead of investment fiduciaries. Thus, according to Bogle, the exchange traded fund is the greatest marketing innovation of the 21st century.
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