John “Jack” Bogle revolutionized the investment industry by opening the first index fund in 1976 to replicate the S&P 500 index. It was not easy to sell the idea of a fund generating average market results. But Bogle has shown that by lowering costs he can outperform actively managed funds.

Eric Balchunas, author of the fantastic book titled “The Bogle Effect. How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions” is my podcast guest today. It’s a semi-documentary book with numerous interviews by Eric, including Jack Bogle and even Warren Buffett. The book described the genesis of a great revolution in the financial world – the passive revolution.

Paul Merriman, my today’s guest, is a worldwide recognized authority on index investing, asset allocation, buy-and-hold, and active management strategies. Paul began his career in the 1960s, working briefly as a broker for a major Wall Street firm. He concluded that Wall Street was burdened with too many conflicts of interest and decided to help small companies raise venture capital. He retired in 1982 to create his independent investment management firm.

Now retired from his company, he is dedicated to educating investors. In 2013 he created The Merriman Financial Education Foundation, dedicated to providing comprehensive financial education to investors, with information and tools to make informed decisions in their own best interest and successfully implement their retirement savings program.

Over the years, Paul has written many articles and books on investing. Paul’s weekly podcast, Sound Investing was named the best money podcast by Money magazine.