His squawking forced a face-saving pact with the board and his successor as chairman, John Brennan. I spoke with Bogle recently in his office at Vanguard's Malvern, Pa., headquarters. Here are edited excerpts from our conversation. The last few months for you at Vanguard have been rocky ones.
Life is complicated.
People are complicated. We all do our best in some of these struggles. We all have egos, we all have pride. And the time comes when you have to put that aside a little bit and make things work. Survivor bias really is a gross distortion of the industry's record.