Speeches

2017

The Modern Corporation and the Public Interest
Public Company Accounting Oversight Board 2017 International Institute
December 7, 2017

Acceptance Remarks
2017 CME Group Melamed-Arditti Innovation Award
November 14, 2017

“Puritan Boston and Quaker Philadelphia”
Annual Meeting of the Society of Friends
November 9, 2017

Surviving Defeat, Surviving Victory
FIASI Speaker Luncheon
October 24, 2017

Numbers Games–Reflections on the Uses and Abuses of “Big Data”
The Journal of Investment Management Annual Seminar
September 24, 2017

Reflections on a Revolution
70th CFA Institute Annual Conference
May 23, 2017

The Road Less Traveled
Morningstar Investment Conference
April 27, 2017

2016

Saving a Company, Building a Colossus, Preserving a Culture: Reflections on the History of Vanguard
Marking the Completion of 65 Years in the Mutual Fund Industry
July 9, 2016

Remarks on Receiving the 2016 Bob Edgar Public Service Achievement Award
Presented by Common Cause Pennsylvania
June 7, 2016

Fiduciary Duty in an Age of Consumerism
The Campaign for Investors
Sponsored by the Institute for the Fiduciary Standard
May 24, 2016

David and Goliath: Who Wins the Quantitative Battle?
Q Group 50th Anniversary Seminar
Institute for Quantitative Finance
April 18, 2016

2015

Bogleheads 14
October 15, 2015

Putting Investors First
CFA Society of Philadelphia
Endowment and Foundation Event
June 4, 2015

The Mutual Fund Industry Today: “Conflicts, Conflicts Everywhere”
United States Securities and Exchange Commission
Asset Management Unit
April 28, 2015

2014

Values, Ethics, and Structure in Finance
The Public-Private Partnership Symposium
Georgetown University School of Law
October 31, 2014

Financial Reform: Investment Standards and Ethical Values
The Community Forum Distinguished Lecture Series
Bryn Mawr Presbyterian Church
April 28, 2014

2013

Financial Management: Profession or Business?
CFA Society of Philadelphia 70th Anniversary Gala
September 25, 2013

Big Money in Boston–The Commercialization of the ‘Mutual’ Fund Industry
Boston Security Analysts Society
May 17, 2013

The U.S. Financial System: Look Out! Change Is Coming.
G.S. Beckwith Gilbert Lecture, Princeton University
February 21, 2013

2012

In The Fund Industry, Mutuality and Indexing Rule the Seas
National Rural Utilities Cooperative Finance Corporation
November 13, 2012

The (Non) Lessons of History–and the (Real) Lessons of Return Sources and Investment Costs
The American Philosophical Society
November 10, 2012

The Age of Fiduciary Duty has Arrived
The National Association of Personal Financial Advisers
November 8, 2012

A Life, A Career, and a Mission to Build A Better Financial World for Investors
Merion Cricket Club
October 10, 2012

Thinking About What Lies Ahead for Investors
CFA Society of Washington
June 13, 2012

Straight From The Heart: Efficiency and Humanity, in Medicine and Finance
Inaugural Presentation of the Bernard Lown Humanitarian Award
May 17, 2012

Written Testimony on the Concept Release on Auditor Independence and Audit Firm Rotation
PCAOB Public Hearing
March 21, 2012

John C. Bogle Legacy Forum Opening Remarks
Museum of American Finance
January 31, 2012

2011

The Lessons of History – Endowment and Foundation Investing Today
The NMS Investment Management Forum
September 12, 2011

Helping Others
On Receiving the “Others” Award from the Salvation Army
May 11, 2011

At the Summit
Tiburon Summit XX
April 13, 2011

2010

Ethical Principles and Ethical Principals
The Johnson School at Cornell University
November 11, 2010

America’s Financial System – Powerful but Flawed
The Phi Beta Kappa National Lecture Series, Temple University
November 3, 2010

Uneasy Lies the Head that Wears the Crown
The First FUSE Research Network Award for Lifetime Impact and Commitment to Investors
October 26, 2010

How Calvin Coolidge Could Guide Us Now
50th Anniversary Symposium of the Calvin Coolidge Memorial Foundation
October 7, 2010

The Fifth “Never”
Trinity College Commencement
May 23, 2010

Community and Caring, Courage and Character
Blair Academy Commencement
May 20, 2010

2009

Economic Markets and Public Purpose
The Reinvestment Fund’s 24th Annual Celebration
June 11, 2009

When a Man Comes to Himself
Williamson Free School of Mechanical Trades
May 28, 2009

The Culture That Gave Rise To The Current Financial Crisis
Seventh Annual John M. Templeton, Jr., Lecture on Economic Liberties and the Constitution, National Constitution Center
May 13, 2009

Aspiring to Build a Better Financial World
2009 Jake McCandless ’51 Princeton Varsity Club Speaker Series
April 30, 2009

The Fiduciary Principle: “No Man Can Serve Two Masters”
Columbia University School of Business
April 1, 2009

If You Can Trust Yourself…
Roxbury Latin School
March 30, 2009

Building a Fiduciary Society
IA Compliance Summit
March 13, 2009

Fixing a Broken Financial System
Stradley, Ronan, Stevens & Young Assembly, Philadelphia, PA
February 12, 2009

2008

A Community of Character
On Receiving the 2008 Bonnell Award from the Community College of Philadelphia
December 16, 2008

Economics, Politics, and the Financial Markets
Blair Academy Reception
October 14, 2008

A Tribute to Bernard Lown, M.D.
Boston, MA
September 13, 2008

The Coming Market Environment and Implications for Financial Innovation
Financial Planning Association Retreat
June 2, 2008

The New Global Economy
Combined Columbia University / MIT Association
April 10, 2008

Business and Its Publics
New York University Stern School of Business
February 25, 2008

A New Order of Things–Bringing Mutuality to the “Mutual” Fund
George Washington University Law School
Manuel F. Cohen Lecture Series
February 19, 2008

Investing in Times of Market Turbulence
The Princeton Club of New York
Millennium Lecture Series
January 28, 2008

2007

Why Do I Bother to Battle?
Yale CEO Leadership Summit
December 13, 2007

When Does Innovation Go Too Far?
Philadelphia Federal Reserve Policy Forum
November 30, 2007

The U.S. Financial Sector and the Relentless Rules of Humble Arithmetic
New York University
November 14, 2007

Building a Better Financial System
Given to “The Old Guard” at Princeton University
November 7, 2007

Reflections on Finance and Education
National Council on Economic Education
October 30, 2007

“High Standards of Commercial Honor . . . Just and Equitable Principles of Trade . . . Fair Dealing with Investors”
Financial Industry Regulatory Authority
October 15, 2007

Black Monday and Black Swans
Risk Management Association
October 10, 2007

“A Question So Important that It Should Be Hard to Think about Anything Else”
60th Anniversary of CFA Institute
June 12, 2007

“Enough”
Georgetown University Commencement
May 18, 2007

The Role of the Fiduciary in Risky Financial Markets
The Philadelphia Estate Planning Council
May 1, 2007

“Leaving the Things that You Touch Better than You Found Them”
The Union League of Philadelphia
April 10, 2007

Salesmanship vs. Stewardship–Bond Mutual Funds Gone Awry
The Fixed Income Analysts Society
April 17, 2007

Reflections on Markets, Ethics, and Careers
New York University Stern School of Business
March 23, 2007

Vanishing Treasures–Business Values and Investment Values
Speech at Princeton University
March 15, 2007

“Vanguard: Saga of Heroes”
Speech at Pepperdine University
February 27, 2007

Looking At Investing From A New Perspective, A Half Century Old
CFA Society of Los Angeles
February 26, 2007

Designing a New Mutual Fund Industry
NICSA’s 25th Anniversary Conference
February 20, 2007

2006

The Joy of Writing–Books, Ideas, Advocacy, and Idealism
The Free Library of Philadelphia
November 20, 2006

Reflections on the Importance of History–Milestones, Men, and a Moral Society
The Presbyterian Historical Society
November 16, 2006

Ethical Principles and Ethical Principals
The “Changing the Game” Forum
November 1, 2006

What’s Happened to the Mutual Fund Industry?
The CFA Society of San Francisco
October 26, 2006

A Tale of Two Markets
The 17th Annual Conference on Financial Reporting
October 27, 2006

The Battle for the Soul of Capitalism
Immaculata University
October 23, 2006

Long Horizon Investing and Corporate Governance
International Centre for Pension Management
June 7, 2006
Slides Only

What’s Ahead for Stocks and Bonds – And How to Earn Your Fair Share
The Money Show
May 15, 2006
Speech
Slides

Investment Wisdom and Human Values
The United States Military Academy, West Point, NY
April 6, 2006

The Battle for the Soul of Capitalism
Remarks at the Aspen Book Series
March 14, 2006

Randall Rothenberg’s Response to Mr. Bogle’s Remarks at the Aspen Book Series
March 14, 2006

Mutual Funds: How a Profession with Elements of a Business Became a Business with Elements of a Profession
Boston Security Analysts Society
February 24, 2006

“The Battle for the Soul of Capitalism”
University of Virginia Miller Center of Public Affairs
February 8, 2006

Capitalism, Entrepreneurship, and Investing – The 18th Century vs. the 21st Century
Greater Philadelphia Venture Group
January 25, 2006

2005

The Mutual Fund Industry Sixty Years Later: For Better or Worse?
Essay for the 60th Anniversary of the Financial Analysts Journal

The Chief Cornerstone
The Superbowl of Indexing
December 7, 2005

The Uncanny Ability to Recognize the Obvious
2005 Outstanding Financial Executive Award
Financial Management Associates International
October 15, 2005

In Troubled Times… The Arithmetic of Mutual Fund Investing is More Important Than Ever
American Association of Individual Investors – Philadelphia Chapter
May 24, 2005

The Ownership of Corporate America – Rights and Responsibilities
20th Anniversary Meeting of the Council of Institutional Investors
April 11, 2005

Corporate Governance: What’s Next?
The Foley and Lardner National Directors Institute
March 10, 2005

In Investing, You Get What You Don’t Pay For
The World Money Show
February 2, 2005

2004

This Above All: To Thine Own Self Be True
Episcopal Academy
December 2, 2004

Character Counts In Business, In Markets, And In Each Firm
Property Casualty Insurers Association of America
October 26, 2004

Time for Growth – Strengthening Trust and Confidence in Financial Services
SIBOS Atlanta
October 12, 2004

CONVERGENCE!
The Art of Indexing Conference
September 30, 2004

We the People
Centennial Celebration of The Committee of Seventy
June 9, 2004

Vanguard – Child of Princeton
The Princeton Entrepreneurs’ Network National Conference
May 28, 2004

The Right Kind of Success
Pennsylvania State University
May 15, 2004

Marketing and Fiduciary Duty – Strange Bedfellows?
The First Lifetime Achievement Award of Marketing Expo
May 12, 2004

Creating Sound Governance: The Shareholder’s Perspective
2004 AIMR Conference
May 10, 2004

As The Index Fund Moves From Heresy to Dogma…. What More Do We Need To Know
The Gary M. Brinson Distinguished Lecture
Washington State University
April 13, 2004

Tis Not Too Late to Seek a Newer World
Institutional Investor 11th Annual Mutual Fund Industry Awards
March 10, 2004

It’s High Time We Return Capitalism to its Owners
2004 Institutional Shareholder Services Annual Conference
February 26, 2004

Senate Testimony
Governmental Affairs Subcommittee on Financial Management,
the Budget and International Security
January 27, 2004

Re-Mutualizing the Mutual Fund Industry – The Alpha and the Omega
Boston College Law School
Jan 21, 2004

Has Your Fund Manager Betrayed Your Trust? Consider the Stewardship Quotient
The American Institute of Certified Public Accountants
Personal Financial Planning Conference
Jan 5, 2004

2003

Corporate Governance and Mutual Fund Governance – Reflections at a Time of Crisis
New York Society of Securities Analysts
November 21, 2003

A New Era for Corporate America, for Mutual Funds, and for Investors
Vanderbilt University Owen School of Management
November 11, 2003

Senate Testimony
Governmental Affairs Subcommittee on Financial Management,
the Budget and International Security
November 3, 2003

It’s An Ill Wind That Blows No Good
Society of American Business Editors and Writers
October 27, 2003

Somebody’s Gotta Keep An Eye On These Geniuses – What We Must Do To Restore Owners Capitalism
Directors Summit of the State of Wisconsin Investment Board
October 1, 2003

Introduction of the President of the United States
National Constitution Center Groundbreaking Ceremony
September 17, 2003

Restoring Trust: Financial Services in the New Era
SunGard World 2003
September 16, 2003

The Constitution: “For Ourselves and our Posterity”
Dedication of the National Constitution Center
July 4, 2003

Chasing the Rabbit
Drexel University
June 14, 2003

Owners Capitalism vs. Managers Capitalism
2003 National Investor Relations Institute Conference
June 11, 2003

One Equal Temper of Heroic Hearts
The Cardiovascular Institute of Philadelphia
June 7, 2003

The Policy Portfolio in an Era of Subdued Returns
The Investment Analysts Society of Chicago
June 5, 2003

Choosing The Right Path
The United Methodist Church at Swarthmore
June 1, 2003

Entrepreneurship–What’s It Really About?
National Foundation for Teaching Entrepreneurship
May 19, 2003

Reflections on Wellington Fund’s 75th Birthday

What I’ve Learned in A Half Century In Business – Twelve Rules For Building A Great Work Force
Society of Human Resource Management
April 23, 2003

House of Representatives Testimony
Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises
March 12, 2003

What Went Wrong in Corporate America?
Community Forum Distinguished Speaker Series
Bryn Mawr Presbyterian Church
February 24, 2003

The Mutual Fund Industry in 2003: Back to the Future
Boston Security Analysts Society
Jan 14, 2003

Business Leadership and Morality
The Yale School of Leadership Summit
January 14, 2003

2002

Three Lucky Breaks–Three Exciting Careers
Union League of Philadelphia
November 22, 2002

The Investment Dilemma of the Philanthropic Investor
The Philanthropy Roundtable
October 31, 2002

After the Fall: What Lies Ahead for Capitalism and the Financial Markets?
The University of Missouri
October 22, 2002

Don’t Count on It! The Perils of Numeracy
The “Landmines in Finance” Forum
The Center for Economic Policy Studies, Princeton University
Oct 18, 2002

Memorandum to: Financial Intermediaries RE: How We Can Profit From The Experience of Corporate America
Business Solutions 2002 – American Life Insurance Council
October 14, 2002

The Telltale Chart
Morningstar Investment Forum
June 26, 2002

Rebuilding Faith: Wealth Management in the New Era
“Changing the Game” Thought-Leadership Forum
June 12, 2002

Honoring Adam Smith
Economics Pennsylvania
June 12, 2002

A Lot Can Happen in 25 Years
Association of Investment Management Sales Executives
April 29, 2002

“The End of Mutual Fund Dominance”
Financial Planning Association 2002 Forum
April 25, 2002

A Nation Challenged…And Not Only From Abroad
The Executive Forum – Philadelphia Academies
April 18, 2002

Leadership: Creating a Firm With Character
Samuel Curtis Johnson Graduate School of Management
Cornell University
April 10, 2002

Entrepreneurship and Economic Progress
The Hollerith Lecture Series at Blair Academy
April 2, 2002

Just When We Need It Most… Is Corporate Governance Letting Us Down?
New York Society of Security Analysts
February 14, 2002

“Energy and Persistence Conquer All Things”: Applying Benjamin Franklin’s Entrepreneurship in the 21st Century
On Receiving the Benjamin Franklin Founders Award
January 17, 2002

2001

The Wisdom of Investment–The Folly of Speculation
The Sixth Superbowl of Indexing
December 5, 2001

Three Odysseys–The Long Adventurous Journeys of the Stock Market, the Mutual Fund Industry, and Vanguard
The Wisemen
November 15, 2001

The Marriage of Information Technology and Investing: For Richer or Poorer?
Society for Information Management
October 22, 2001

Three Challenges of Investing: Active Management, Market Efficiency, and Selecting Managers
AXA Rosenberg Group Client Conference
October 21, 2001

What Will Survive Of Us Is Love
United Way Commuinty
October 2, 2001

One in Mission
On Receiving the 2001 “Giving Forward” Award
June 13, 2001

Reinventing Mutual Funds
Forrester Finance Forum
June 11, 2001

At the 50-Year Mark — Looking Back, Looking Ahead
May 29, 2001

When Commitment Leads, Providence Follows
Susquehanna University
May 13, 2001

The Twelve Pillars of Wisdom: Lessons We Should Have Learned before the Bear Market Arrived, but Are Only Learning Now
The Arizona Republic Investment Strategies Forum
April 27, 2001

A Tale of Two Markets
Trunity University
April 16, 2001

After the Fall: What’s Next for the Stock Market and the Mutual Fund Industry?
National Press Club
March 21, 2001

The Stock Market Universe – Stars, Comets, and the Sun
Financial Analysts of Philadelphia
February 15, 2001

Energy and Persistence Conquer All Things
On Receiving The Benjamin Franklin Founders Award
January 17, 2001

“The Case of the Dog that Didn’t Bark”
Mutual Fund Directors Education Council
January 11, 2001

2000

Wisdom, Insight, and the Qualities of a Model Institution
Commencement Exercises of Eastern College
December 15, 2000

What Can Active Managers Learn From Index Funds?
Bullseye 2000 Conference
December 4, 2000

Success In Investment Management: What Can We Learn From Indexing?
Investment Analysts Society of Chicago
October 26, 2000

The Vanguard Story: “Luck, Leadership and Strategy”
NYU Henry Kaufman Distinguished Visiting Professor of Business
October 19, 2000

Public Accounting: Profession or Business?
NYU Seymour Jones Distinguished Lecture
October 16, 2000

The Financial Markets and the Mutual Industry- What the Past Half-Century Can Tell Us About the Future
The Town Hall of Cleveland
October 12, 2000

Tis The Gift To Be Simple
Pennsylvania Chamber of Business and Industry
September 18, 2000

Bread and Circuses
World Affairs Council of Greater Valley Forge
June 15, 2000

Business as a Calling
University of Rochester William E. Simon Graduate School of Business
June 11, 2000

Remarks at Vanguard’s 25th Anniversary Dinner
May 20, 2000

Mutual Funds at the Millennium: Fund Directors and Fund Myths
The ’40 Act Institute of the PLI
May 15, 2000

A Businessman-Philosopher Considers the New Millennium
Alumni Association of the Shipley School
May 5, 2000

Risk and Risk Control in an Era of Confidence
New England Pension Consultants’ Client Group
April 6, 2000

The Dream of a Perfect Plan
The Investment Forum and Expo
March 18, 2000

The Power of Words, Ideas, Ideals, and Books
The Free Library of Philadelphia
March 9, 2000

Technology: Follower or Leader? Bane or Blessing?
Society for Information Management
February 2, 2000

1999

Human Beings: Essential Link in the Service-Profit Chain: A Vanguard Perspective
Harvard Business School
December 7, 1999

Giving The Bond Fund Investor a Fair Shake
Induction into the Fixed Income Analysts Society Hall of Fame
November 10, 1999

The Economics of the Mutual Fund Industry: For Fund Investors… For Fund Managers
Albright College
October 5, 1999

The Lengthened Shadow, Economics, and Idealism
Before Princeton University’s Annual “Wilson and Princeton” Dinner
September 30, 1999

Adam Smith, the Invisible Hand, and the Mutual Fund Industry
The Adam Smith Distinguished Leadership Award
The Pennsylvania Partnership for Economic Education
June 17, 1999

“Gentlemen … To Save Our Business from Ruin, We Must Reduce Expenses”
National Association of Personal Financial Advisors
June 4, 1999

The Fox, The Hedgehog, and The Cave
Remarks on Receiving NICSA’s Robert L. Gould Award
May 6, 1999

Globalisation of Mutual Funds: Perspective, Prospects, and Trust
International Bar Association Seminar
May 3, 1999

And What Role Does the Law Play?
New York University Center of Law and Business
March 10, 1999

Changing the Mutual Fund Industry: The Hedgehog and the Fox
Remarks by John C. Bogle on receiving the Woodrow Wilson Award for representing “Princeton in the Nation’s service”
February 20, 1999

Investing with Simplicity
The Washington Post Personal Finance Conference
January 30, 1999

1998

“Acres of Diamonds”
Temple University
November 17, 1998

Creating Shareholder Value: BY Mutual Funds or FOR Mutual Fund Shareholders?
Annual Conference of the Investor Responsibility Research Center
October 26, 1998

The Dream of a Perfect Plan
Money Matters
October 16, 1998

The Four Dimensions of Investment Return
Institute for Private Investors
May 21, 1998

The Search for the Holy Grail
The Institute for Quantitative Research in Finance
March 29, 1998

Bond Funds: Treadmill to Oblivion?
Fixed Income Analysts Society
March 18, 1998

Honoring Our $4 Trillion Trust: Mutual Funds in the 21st Century
NICSA’s 1998 Conference
February 24, 1998

Reversion to the Mean: Sir Isaac Newton’s Revenge on Wall Street
MIT Lincoln Laboratory Distinguished Lecture Series
January 29, 1998

1997

The First Index Mutual Fund
1997

Happiness or Misery? Investment Performance in an Age of “Investment Relativism”
Washington, D.C. Society of Analysts
December 16, 1997

Mutual Funds: Parallaxes and Taxes
The Association for Investment Management and Research
November 12, 1997

Nothing Fails Like Success
The Contrary Opinion Forum
October 3, 1997

Mutual Funds: Parallaxes and Taxes
Wealth Management Group, Northern Trust Bank
September 25, 1997

Reflections on the Spirit of Entrepreneurship
Greater Philadelphia Venture Group
September 16, 1997

Mutual Funds and Life Insurance: Contrasts and Parallels
The American Council of Life Insurance
September 4, 1997

The Riddle of Performance Attribution — Who’s in Charge Here: Asset Allocation or Cost?
AIMR Financial Analysts Seminar at Northwestern University
July 20, 1997

The Investment Outlook and Strategies in Our Global World
The Union League of Philadelphia
July 17, 1997

The Implications of Style Analysis on Mutual Fund Performance Evaluation
Morningstar Investment Conference
June 13, 1997

On Leadership
Address at the 176th Commencement of Widener University
May 17, 1997

To What Avail? Computer Technology and Mutual Funds
Grant’s Spring Investment Conference
April 3, 1997

1996

Be Not The First… Nor Yet The Last
1996 AIMR Annual Conference
May 8, 1996

1987

Mutual Funds in 1987: A $700 Billion Trust
NICSA’s 25th Annual Conference
February 16, 1987

1984
Statistics and Suicide
The Institute of Quantitative Research in Finance
May 6, 1984
1977

Marketing Mutual Fund Shares in the 1980’s
NICSA’s 1977 Conference
March 10, 1977