TO: Veterans and Principals
FROM: John C. Bogle
DATE: March 11, 2015
RE: “The Beat Goes On”
I’m not sure that I understand why the media has given so much recent attention to the principles that I’ve tried to develop as Vanguard’s hallmark. But the beat goes on.
- Jack Bogle’s Success Principles to Live By: CNBC article by Elizabeth MacBride, February 17, 2015. Her story focuses pretty heavily on my eight rules of leadership (I wasn’t counting!). But it also notes the human side of my career, and her story is rather sentimental. So be it.
- Why You Owe Your Freedom to Jack Bogle: The Wall Street Journal, by Allan S. Roth, March 3, 2015. All too generous.
- John Bogle Enters White House Fray Over Broker Conflicts: Market Watch, by Mitch Tuchman, February 26, 2015. My work with the Council of Economic Advisors, The National Economic Council, and the Department of Labor was really thrilling . . . especially since we all agreed on the need to move forward with fiduciary duty for retirement plans.
- Saving for Retirement: Obama Proposal Sets Up Wall Street Fight: Associated Press, February 23, 2015. The conclusion of the efforts noted above was expressed by the President on a televised speech. The Department of Labor is expected to propose an expanded standard of fiduciary duty applicable to retirement plan advisors, probably several months from now. Wall Street will fight fiercely to prevent the expansion of the fiduciary standard, though I wonder if any of the detractors wants to say, “Let’s put the clients second.”
With all the headlines and fine stories, it’s little wonder that Vanguard’s lead over our competitors continues to burgeon.
Best,
Jack