“The mutual fund industry has been built, in a sense, on witchcraft.”

We continue our John Bogle quotes season. Each week he gets more scathing on the financial services industry. Here, he takes aim at mutual funds (or unit trusts). I think he is talking about all the “inventive” investment strategies that are floating around.

More on Bogle: John Bogle is the founder of Vanguard. He is also seen as the father of passive investing. He has written many books on investing. “The Clash of the Cult...