October 28, 2010
To Principals and Veterans,
While the attached speech about Vanguard’s ascent to industry leadership was presented to the FUSE Network Research Conference on the future of asset management and the distribution of marketing resources, it occurs to me that it would likely be of even greater interest to our Vanguard crew.
So I’m sending along “Uneasy Lies the Head that Wears the Crown,” some reflections on the lessons of industry leadership, with particular attention to the three past leaders during our industry’s 76-year history. Each held the crown with surprising durability, lasting for about 25 years before their decline and fall.
The obvious question: Will Vanguard’s reign be as durable? Or will it last even longer? Read on.
Best,
Jack
P.S. I’ll also be posting the speech on my eBlog – www.johncbogle.com