Minimizing Investment Costs

Bogle highlights the detrimental impact of high fees and trading costs on overall returns, coining the term 'tyranny of compounding investment costs.' He argues that frequent trading and high management fees consume a significant portion of investment returns. 'In the game of investing, the financial croupiers always win, and investors as a group lose,' Bogle asserts, emphasizing the importance of minimizing costs to preserve and grow investment returns.