February 4, 2019

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Monday February 4, 2019 vol. CXLIII no. 1

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BEYOND THE BUBBLE

Vanguard Group founder John Bogle ’51 passed away at 89 By Allan Shen Contributor

COURTESY OF WIKIMEDIA COMMONS

John C. “Jack” Bogle ’51 has passed away at 89.

Hipkins Bogle. Bogle graduated from Blair Academy and then from the University magna cum laude in 1951 with an A.B. in economics. During his time at the University, Bogle formed a friendship with his senior thesis adviser Philip Bell ’46 *56, who was then a Ph.D. student and instructor at the University. After graduating, Bogle joined the Philadelphia-based fund management company Wellington Fund. He eventually became president in 1967. A few years after Wellington Fund merged with the Boston investment company Thorndike, Doran, Paine & Lewis, a managerial dispute caused Bogle to depart from the new firm and found Vanguard. A prominent member of the University alumni community, Bogle directed much of his phi-

STUDENT LIFE

Star athlete arrested, suspended from team By Ivy Truong Head News Editor

Men’s basketball standout Devin Cannady ’19 has been arrested after he allegedly swung at a Department of Public Safety officer in Wawa early Friday morning, according to The Trentonian. Cannady is charged with aggravated assault, resisting arrest, and improper behavior. According to a statement from University spokesperson Ben Chang, Cannady has

lanthropy work at the University. For instance, Bogle’s contributions to the University include the dormitory building Bogle Hall, located in Butler College, and the John C. Bogle ’51 Fellowships in Civic Service, which support Princeton undergraduate students pursuing service or civic engagement during the summer after their first year. Bogle received the Woodrow Wilson Award in 1999, which recognizes an undergraduate alumnus or alumna whose achievements exemplify Woodrow Wilson’s memorable phrase “Princeton in the nation’s service.” “[Bogle] made it possible [so] that the average American [could] participate in the stock market at a reasonable price. Many people talked of financial inclusion, but he actually did it,“ said economics professor

Markus Brunnermeier. Brunnermeier, who is the director of the Bendheim Center for Finance, also highlighted Bogle’s role in supporting the Bendheim Center’s development. “He was very instrumental at the beginning, when the Bendheim Center was set up. He was always somebody we could rely on and call for advice,” Brunnermeier said. Bogle also made it a point to visit the freshman seminar, FRS 149: Ethics in Financial Markets, every fall semester for the past seven years. “He really engaged very well with the students [and] was very dynamic despite his age. He was very interested in human interaction with the students and was always very approachable,” said Jean-Christophe de Swaan, the course’s instructor and a visiting lecturer in economics.

STUDENT LIFE

ON CAMPUS

Man with knife arrested inside Lewis Library

been suspended from the team pending further review for violating team rules. Cannady did not immediately respond to a request for comment. PSAFE deferred comment to the Office of Communications. The senior guard is the team’s leading scorer for the season with 19.5 points per game. He is fifth on Princeton’s all-time scoring list with 1,458 points and third in career three-pointers made with

By Ivy Truong

Head News Editor

See CANNADY page 3

BRAD SPICHER :: PRINCETONIAN STAFF PHOTOGRAPHER

USG president Rachel Yee ’19 held her last meeting with the USG Senate on Sunday, Jan. 20.

USG holds last meeting under Yee administration By Marissa Michaels Contributor

COURTESY OF GOPRINCETONTIGERS

Cannady is the team’s leading scorer for the season.

In Opinion

Managing editor Sam Aftel discusses his Bicker experience and the inevitability of its results, and senior columnist Liam O’Connor examines the correlations between athletic culture and eating club affiliation. PAGE 8

In its last meeting under the current administration, the Undergraduate Student Government discussed Wintersession and end-of-term ref lections during its weekly meeting on Jan. 20. In her end-of-the-year report, USG president Rachel Yee ’19 ref lected on the end of her term. She displayed a table that listed her campaign

promises and whether or not she accomplished them, saying that many students are frustrated that USG senators “do not fulfill their campaign promises.” According to Yee, she succeeded in fulfilling many of her promises. For instance, she felt she had helped destigmatize mental health on campus. Some of Yee’s unfulfilled tasks, however, include re-

Today on Campus 8–11 a.m.: First day bagels and coffee. McCosh Hall and Fine Hall

See USG page 5

On Thursday, Jan. 10, 32-year-old Afriyie Knight of Princeton Junction, N.J., was arrested after he was seen taping a knife to his leg in the treehouse area of the Lewis Library building. Knight is charged with unlawful possession of a weapon and disorderly conduct, according to an emailed statement from Deputy University Spokesperson Michael Hotchkiss. It is unknown why Knight was in the building. The statement wrote that Department of Public Safety and the Princeton Police Department responded to a report received in the evening that a man was seen taping a knife to his leg. “DPS and the Princeton Police Department … moved several students from the area before approaching the individual,” Hotchkiss wrote, adding that the knife was confiscated. According to the crime log, the report was filed at 7:19 p.m. As of Jan. 14, Executive Director of Public Safety Paul Ominsky said that there were no new updates on the case in an email to the ‘Prince.’

WEATHER

University alumnus and founder of the Vanguard Group John Clifton “Jack” Bogle ’51 passed away in his home in Bryn Mawr, Pa. on Wednesday, Jan. 16 at the age of 89. The cause of death was esophageal cancer, according to his personal assistant, Michael Nolan. Frequently credited with “democratizing” the financial markets and transforming the financial industry, Bogle created the First Index Investment Trust, the first mutual fund that was tied to a market index, in 1975. Today, the First Index Investment Trust is known as the Vanguard 500 Index Fund. In 1974, Bogle founded the Vanguard Group of Investment Companies, which is now the second largest asset manager in the world, managing $4.9 trillion worth of assets as of the end of 2018. Bogle’s investment philosophy, which was drawn from his senior thesis, emphasized the average investor’s inability to profit from the stock market due to extremely high management fees. As a result, Bogle proposed an index mutual fund that would not require active management, and would therefore greatly lower the fees necessary for investment. When speaking of the index mutual fund, the economist and Nobel laureate Paul A. Samuelson, whose ideas influenced Bogle’s invention of the index fund, ranked “this Bogle invention along with the invention of the wheel, the alphabet, Gutenberg printing, and wine and cheese.” Bogle was born in Montclair, N.J., on May 8, 1929. He and his twin brother David Caldwell were born to William Yates Bogle, Jr. and Josephine Lorraine

De Swaan noted that Bogle often stayed after class to sign copies of his book to give to students and invited them to visit him at the campus of the Vanguard Group. Philip Sobocinski ’22, who was a student in the freshman seminar, expressed similar sentiments. “I had gotten to the class early, and he began asking how I was liking my experience so far at Princeton,” Sobocinski said. “You wouldn’t expect one of the most important people in the history of modern finance to care about a random freshman. You could see his age physically, but his mind was as sharp as ever.” Burton G. Malkiel *64, the Chemical Bank Chairman’s Professor of Economics, Emeritus at the University and author of the bestselling book “A Random Walk Down Wall Street,” who served as a board member of the Vanguard Group for 28 years while working closely with Bogle, described him as a worker and leader. “As a leader, the best analogy for Jack was that he was close to [becoming] an evangelical minister. Jack believed in what he was trying to do. This was, if you wish, a religion for him,” Malkiel said. “Jack basically worked all the time. Jack never retired. I don’t think I know of a harder worker than Jack in any other field.” Bogle is survived by Eve Sherrerd, his wife of 62 years; his brother, William Yates Bogle III; his four daughters, Barbara Bogle Renninger, Jean Bogle, Nancy Bogle St. John, and Sandra Bogle Marucci; his two sons, John Jr. and Andrew; 12 grandchildren; and six great-grandchildren. This story was updated on Sunday, Feb. 3.

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