To: Veterans and Principals
Date: December 10, 2014
RE: VG/JCB PR
Sorry to delay so long that my usual list of Vanguard news items has reached near-record proportions.
- Jason Zweig in The Wall Street Journal, appraising this triumphant year for the S&P 500 Index with a sort-of-warning from me.
- In “The Best Books for Investors,” Jason selects 15 of his favorites. I’m pleased to see that my Common Sense on Mutual Funds merited such distinguished company.
- On “Money Life with Chuck Jaffe,” this popular financial commentator reviews the highlights of a recent two-part interview.
- “John Bogle on why your retirement plan stinks.” (Not my words!) Blogger Mitch Tuchman endorses my ideas on the importance of investment costs.
- An Editor’s Note in Investment News (“The Comeback Kid?”) compares my 1974 firing from Wellington Management Company (Result: Vanguard!) with the recent firing of PIMCO founder Bill Gross. Here, I salute Bill’s (well-deserved) status as a legend.
- Barron’s journalist Lewis Braham examines “Why the Pros Can’t Pick ETFs.” (Surprise!) He backs up his report with independent data that enforces my consistent thesis that excessive trading activity damages investor returns.
- “Bogle Distrusts Corporate Earnings” is a post from “The Guru Investor” expressing my concerns about the accuracy of reported corporate earnings, and the dangerous focus on short-term volatility in the stock market (especially in the S&P 500).
- This three-part report on the Bogleheads’ visit to Vanguard (in late October), written by journalist Nora Morrison for “The Street,” will give you some interesting (I think) and amusing (I’m sure) insights into that regular annual gathering of our biggest fans. (BH XIII.)
Phew! Enjoy (when you have the time).
Best,
Jack