The passing this week of Jack Bogle, founder of Vanguard, has highlighted what an extraordinary ethical visionary he has been. While we may mourn his death, we also celebrate how much better the world is because of his impact. Though Bogle may be remembered most for the invention of the index mutual fund in the 1970s, his most impressive achievement has been in providing such a marvelous example of how all businesses, not just the investment industry, need to be grounded in stewardship. For Bogle, that word meant that as a business you could act as a capitalist and strive to make money, but it still remains incumbent upon you to treat your clients honorably and honestly. It’s heartening that Bogle was still alive to see the massive transition to lower-fee offerings like indexing in an industry too often focused on its own enrichment rather than the wealth of its clients. Investors certainly owe him a debt of gratitude for the potentially hundreds of billions of dollars he saved them in lower fees, but we all owe him for leading through his personal choices the kind of ethical life that has so substantially improved the lives of others.
On a personal note, the one thing I’ll hold against Jack Bogle is that he set the bar so very high for honorable behavior in the business world. Though virtually none of us can ever contribute to the good of society to the extent Bogle has, we can at least aspire to follow his commitment to doing the right thing.
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Patrick Geddes
Senior Advisor and Chief Tax Economist
What are your key responsibilities? I analyze cash flows for complicated tax situations facing our clients and their tax advisors, including charitable donations, incentive options, and estate/gift tax scenarios.
Describe your key previous work experience. Prior to co-founding Aperio, I was the Research Director and CFO at Morningstar. I also taught graduate-level portfolio theory, which has proven quite applicable to constructing client portfolios at Aperio. Likewise, I’ve applied learnings from building complex, risk-adjusted after-tax cash flow models at an oil company to my work here, doing the same thing for taxable investors.
What is the most interesting aspect of the job to you? As I try to help taxable investors understand how their pre-tax returns aren’t relevant, I continuously observe how resistant the investment industry remains to focusing on after-tax returns. It’s fascinating how much the industry’s stance reflects financial incentives—particularly from the lucrative revenue streams of the least tax-efficient strategies. More generally, the challenge of complicated investment problems continues to stimulate and satisfy my intellectual curiosity.
Describe some noteworthy projects you have worked on that directly impact Aperio’s clients. I’ve been closely involved in a wide range of new strategies and portfolio features, and often meet with many of our clients. I’ve particularly enjoyed balancing how to operate a for-profit business while emphasizing the fair treatment of clients and providing an exacting level of transparency and honesty, including taking full ownership when we make mistakes.
What do you like most about working at Aperio? It’s an incredible honor to work with such smart people who take pride in doing the right thing.
What previous role(s) did you serve at Aperio? Before assuming the roles of CEO and Chief Tax Economist in 2014, I was Aperio’s Chief Investment Officer for 15 years.
What are some non-work-related things we should know about you? I love to cook, which proves gratifying since I spend so much of my work time in my head and cooking is such a physical experience, especially the olfactory delights of spices. My other interests include reading, bicycling, hiking, and listening to Renaissance/early baroque music.
What postsecondary degrees and/or professional certifications do you possess? BA in History from Yale University; MBA in Finance from the University of Chicago.
At the recent passing of David Swensen, the deservedly famous head of the Yale Endowment, many commented on how revolutionary and successful his ideas have been in raising institutional investing to a whole new level...
In the past 18 months, we’ve witnessed some extraordinary changes in how retail stock investors trade, from the broad shift for many brokerage firms toward zero commissions to the jump in trading by individuals in 2020, presumably a result of the pandemic...
In June, we posted our “Statement on Racism” and said that we were developing plans on what Aperio could do to help move toward racial justice. Through these blogs, we’re sharing our journey...
"Restoring Value to Minimum Variance" – Journal of Investment Management, Second Quarter 2014 (received a Harry M. Markowitz Special Distinction Award)
"The Pursuit of After-Tax Returns: Indexed Exchange-Traded Funds vs. Indexed Separately Managed Accounts" – Investments & Wealth Monitor, September/October 2011
