To Vanguard Veterans and Principals
I’m sending along some of the press clippings that you may have missed during the dog days of summer, now rapidly coming to a close:
M/1. Bogle Weighs In On Key Issues. Morningstar’s summary of my extensive interview at the 25th Annual Morningstar Investment Conference. Responding to tough questions, I gave blunt—but, I hope, tactful—answers.
F/1. Enrich Your 401(k) In One Simple Move Using The Bogle Gospel. A nice article from FORBES on August 30. Little you’ll see there will surprise you, except that my correcting (sort of) the math of a Nobel Laureate may be a first.
FT 1/2/3. Vanguard’s Bogle Responds To ‘Parasite’ Tag. The first of five articles published by the Financial Times during the late summer, my somewhat sharp response to a London money manager’s opinion piece alleging that index funds are Passive Parasites . . . A commentary on this debate—An Elegantly Simple Formula Shows Why Passive Investing Will Earn Higher Returns Than Active Investing—is attached as well.
FT 4/5. Hidden Fund Costs Are Hurting Investors. Separately, the Financial Times relied on research that I recently completed for the Financial Analysts Journal. Included is an interesting ETF story whose headline—Performance will Replace Price as Weapon of Choice —may well be correct.
FA/1. Bogle Pressures SEC On Fund Firm Fiduciary Rule. A rare story from Fund Action on the work that I’ve been doing to persuade the SEC to deal with the (almost) industry-wide conflict between the interests of fund managers and the interests of fund shareowners.
HK/1. From Hong Kong, The Ten ___iest People On Wall Street. It may well be that Maria Bartiromo deserves to be ranked #1, but it’s a tad idiotic for me to be #6, especially compared to Tim Geithner (#7) and Jamie Dimon (#8), both of whom are three decades younger than I. (To avoid the possibility of violating company policy, I will not provide translation.)
These are interesting times. Be sure to enjoy them.
Jack