Memo to Veterans and Principals
From John C. Bogle
May 27, 2015
Recent “Vanguard in the Press” Articles
- Fees on Mutual Funds Fall. Thank Yourself. The New York Times, May 9, 2015. Once again, journalist Jeff Sommer cites my 2014 Financial Analysts Journal paper on “all-in” fund expenses. One more nail in the coffin of high-cost funds.
- 6 Ways Vanguard has Changed the Way People Invest. Also on May 9, Chuck Jaffe, writing on MarketWatch, extols our “simply being a good steward of people’s money.” (Chuck’s piece is a model of accuracy . . . except for the first sentence of the first paragraph on page 4.) I prefer to say that at Vanguard, we sell what we make, while too many of our competitors make what will sell.
- The Five Members of the Advisor’s Pantheon. In its annual selection of the IA 35 (most influential investors), Investment Advisor magazine highlights these five leaders. (Always nice to be linked to the legendary Benjamin Graham!)
- Hillary Clinton Has a Smart and Surprisingly Simple Investment Strategy. And, as VOX reporter Timothy Lee reports on May 18, 2015, her $25 million holding in Vanguard 500 Index Fund is by far her largest equity holding. (Not quite sure why my photo appeared . . . in tuxedo, yet!)
- John Bogle Stands Pat on Wall Street Bet. On MarketWatch (May 21, 2015), correspondent Mitch Tuchman notes my theme in an earlier CNBC interview: “Buy the entire stock market . . . then get out of the casino, and never show yourself there again.” The story is illustrated with a picture of me . . . in a casino! (Photoshop must be at work here.)
- Lightning Strikes: The Creation of Vanguard . . . A lengthy late-April review of my essay in the 40th Anniversary Issue of the Journal of Portfolio Management, along with my (candid) interview with the “Practical Applications” booklet published by Institutional Investor Journals.
Thanks for all you have done to make Vanguard who we are today.
Best,
Jack