April 12, 2011

To: Principals and Veterans,

Three recent items to report to you:

(1)

Text of my brief (for me) remarks on receiving the Tiburon CEO Summit Award, in which I review our industry position and describe the amazing and unpredictable events that led to our creation, without anyone of which Vanguard would not exist today.

(2)

A nice presentation of my op-ed for the Financial Times of London, describing the harsh realities of investing as compared to the bright illusions created by Wall Street ( one of the major themes of Don’t Count on It!).

(3)

A copy of the cover and the text on the inside flap of a new book, The House that Bogle Built: How John Bogle and Vanguard Reinvented the Mutual Fund Industry. It begins with a revision of John Bogle and the Vanguard Experiment, published in 1996, and then follows with a chronicle of the past 15 years. While it includes interviews with me, Bill McNabb, and others, the opinions expressed are the author’s own. While I have not read it, I’ve heard the book includes some controversial issues. I believe it’s now in the book stores, as well as Amazon, Barnes & Noble, etc.

Thanks to each one of you for making this place such a fine haven for our clients, especially in these unpredictable and volatile markets.

Jack

By Mike

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