In a Business Week article about John Bogle he discusses his campaign to lower management fees of funds.  The article goes on to example the effects of fees on performance.  “A dollar invested over 50 years at an 8% annual return compounds at $47.  But dock two percentage points for expense rations and transaction costs, and you’re down to $18.  Back out another three points for inflation, and you’re at just under $14.”  Hard to believe, but guess true.

Bogle goes on to discuss his failing transplanted heart.  The heart is slowly being rejected.