To: Veterans and Principals
From: John C. Bogle
Date: March 6, 2014
Re: The Cascade of Press Coverage Abates . . . for a Moment.
Part III
As promised yesterday, just a single final addition to the recent flurry of favorable public recognition of Vanguard. (Part I, March 4, 2014. The ECONOMIST and The Financial Analysts Journal—“The Arithmetic of ‘All-In’ Investment Expenses.” Part II, March 5, 2014. The Warren Buffett endorsement, etc.)
In Part III, “Finance in Philadelphia–Leadership, Decline, Renaissance,” I’m sending along a major speech on the role of our Greater Philadelphia region in contributing to America’s economy. As you will note, Vanguard is now the leader of our region’s recent renaissance. In that role, each of us here has an obligation to represent our community with knowledge of the past, dedication to high standards, and conduct characterized by integrity and humility.
The text of the speech is preceded by an article in The Philadelphia Inquirer on February 7, 2014, reporting on the forum in which I delivered my remarks. One local journalist described my essay as “excellent, revelatory reading. I love the irony of how the Quaker precept of thrift has returned to fashion, thanks to Vanguard, vision, and perseverance.” My historical perspective begins with Robert Morris in 1776 (and, in the same year, the wisdom of Adam Smith). Today, as by far the largest firm in the giant mutual fund industry, we have become the embodiment of thrift and simplicity. These principles work!
Q.E.D.
Best,
Jack