FYI: Even the most successful investors make money mistakes, including Vanguard founder Jack Bogle.
His worst bet, he says, was merging the mutual fund company he was running in the 1960s and early 70s, Wellington Management Co., with a Go-Go fund management group. It cost him $1 billion in assets and his job .
Bogle was hired by Wellington Management, which did the investing for the conservative Wellington Fund, straight out of college in 1951. He worked his way up to executive vice president by 1965.
Shortly after, hoping to keep his fund alive during the "go-go era," he initiated a merger in 1966 with investment counseling firm Thorndike, Doran, Paine & Lewis. The small Boston firm was owned by four young partners and managed the hot Ivest Fund, a $30 million aggressive mutual fund, among others.
Regards,
Ted
https://finance.yahoo.com/news/jack-bogle-shares-1-billion-140800358.html
