To: Veterans and Principals
From: John C. Bogle
Date: April 15, 2014
Re: More Recognition for Our Firm, Part II
This follow-up note to my mailing of April 10 includes five more recent articles from the press:
1) “Vanguard Founder Discusses How to Invest.” This interview in Investor’s Business Daily was published on April 2. While several of the quotes are a bit casual (if not mystifying!), the overall tone of the story is highly positive.
2) “Michael Lewis is Wrong About Rigged Markets.” Jonathan Berr’s April 3 story in Moneywatch is yet one more contribution(?) to the huge publicity campaign that kicked-off Flash Boys. While I didn’t have the benefit of knowing the opinion of later commentators, my position is not much different from those of Burton Malkiel, Arthur Levitt, Morningstar’s John Rekenthaler, and other thought leaders.
3) “On Smart Beta, Smart Skeptics.” James Green’s thoughtful story in Investment Advisor magazine (March 31, 2014). Of course, my response is blunt—smart beta is a “marketing gimmick.” Might as well be honest!
4) “Vanguard Beats BlackRock . . .” Christopher Condon’s article in Bloomberg Business Week (April 1, 2014) is one more long, well, “commercial” for our firm, its mission, and the work we all do. It is surely a rare quarter when we capture 90%(!) of all ETF cash flows as we did in the three months ended March 31, 2014, but of course there’s a message there.
5) “The Inevitable Standard.” Investment News, April 7, 2014. The “Inevitable Standard” cited in Mark Schoeff Jr.’s perceptive story is a federal standard of fiduciary duty—something I’ve been seeking for many years. I’m certain that my dream will come true . . . some day.
Keep fighting the good fight!
Best, always
Jack