Jack Bogle is one of America’s iconic investors and I’m a fan. He is well known for founding and growing the second largest mutual fund company in the world, The Vanguard Group with over $3 trillion in assets under management.
You may be surprised to know that Bogle was actually fired from his first employer due to approving an “extremely unwise” merger that went south. Looking back, Bogle cites it as his biggest mistake. But sometimes mistakes lead to great opportunities:
“When I was 38, I became head of Wellington Management, and I did an extremely unwise merger. I got wrapped up in the excitement of the go-go era, and the go-go era ended. As a result of that stupid decision, I got fired. The great thing about that mistake, which was shameful and inexcusable and a reflection of immaturity and confidence beyond what the facts justified, was that I learned a lot. And if I had not been fired then, there would not have been a Vanguard.” – Jack Bogle