To: Veterans and Principals
From: John C. Bogle
Date: May 1, 2014
A Remarkable Salute from Investors and CNBC
As many of you have already reported to me, CNBC has ranked me among the top ten people who have had “the most profound impact on business and finance” over the past quarter-century. (CNBC has just begun its second quarter-century.) In this context, I’m sending along two attachments.
1. “Index Mutual Fund Pioneer.” The CNBC profile of my long career is remarkably insightful, particularly in its recognition of the role of “Bogle’s evangelism.” They also identify the often-unrecognized link between Vanguard’s truly mutual structure and that first index fund.
However you may feel about the culture of stock market television, I’m actually deeply touched by being placed high (#9) on the CNBC list of “25 transformative leaders, icons, and rebels of the past quarter-century.”
NOTE: I’ve also included a link to the CNBC video on my career. It’s just three minutes in length, but professionally done and power-packed.
2. “The List: CNBC First 25.” Who are these other icons? Here’s the list, led (deservedly, I think) by #1 Steve Jobs and #2 Bill Gates. Interestingly, Warren Buffett (#6) and I (#9) are the only people from the field of investment management (also, in a limited way, Carl Icahn, #17) on this influential list, which includes at least eight leaders from abroad.
One of our crew members called an amusing point to my attention. I’m sandwiched between #8 Mark Zuckerberg (net worth, $28.5 billion) and #10 Larry Ellison (net worth, $48 billion). Last time I looked, I’m well below average (to say the least!) relative to these successful fellows.
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Our organization structure and our index strategy represent the solid core of the reputation we have earned and the trust we have established with investors . . . and with the world. How good it feels to be recognized on the CNBC list of these 25 men and women who have been “the rebels, icons, and leaders in the vanguard (yes!) of that change,” from yesteryear’s era of business and finance to today’s.
Bogle’s Expectations for Stocks and Bonds
Be Sensible About Rebalancing
Indexing Always Pays Off
Jack was recently interviewed by TK Kerstetter for the web series This Week in the Boardroom.