{"id":1048,"date":"2015-07-24T09:01:17","date_gmt":"2015-07-24T14:01:17","guid":{"rendered":"http:\/\/johncbogle.com\/wordpress\/?p=1048"},"modified":"2015-07-24T09:03:25","modified_gmt":"2015-07-24T14:03:25","slug":"memo-to-veterans-and-principals-9","status":"publish","type":"post","link":"https:\/\/johncbogle.com\/wordpress\/2015\/07\/24\/memo-to-veterans-and-principals-9\/","title":{"rendered":"Memo to Veterans and Principals"},"content":{"rendered":"<p><strong>TO: Veterans and Principals<\/strong><\/p>\n<p><strong>FROM: John C. Bogle<\/strong><\/p>\n<p><strong>DATE: March 16, 2015<\/strong><\/p>\n<p><strong>RE: <em>Financial Times<\/em> Op-Ed<\/strong><br \/>\n&nbsp;<\/p>\n<p><a href=\"http:\/\/www.ft.com\/intl\/cms\/s\/0\/1cd71934-c716-11e4-8e1f-00144feab7de.html#axzz3gj37Q1oK\" target=\"_blank\">I penned a commentary<\/a> for today\u2019s <em>Financial Times<\/em> \u201cFund Management\u201d section about the role of exchange-traded funds in the growth of indexing. I describe my concerns with the rapid trading so common with ETFs. The first and largest ETF\u2014the $190 billion SPDR S&#038;P 500 ETF\u2014is the most widely traded equity in the world, averaging over $20 billion in turnover <em>every day<\/em>. As I wrote in the article, \u201cbroad-market exchange traded funds are fine, as long as investors don\u2019t trade them.\u201d<br \/>\n&nbsp;<\/p>\n<p>The front page of the <em>FTfm<\/em> section picked up that commentary in an article by journalist Chris Newlands. The headline of the article is rather over-the-top\u2014<a href=\"http:\/\/www.ft.com\/intl\/cms\/s\/0\/f7634ce0-c8b4-11e4-b43b-00144feab7de.html#axzz3gj37Q1oK\" target=\"_blank\">\u201cJohn Bogle renews attack on exchange traded funds\u201d<\/a>\u2014but the facts presented by Mr. Newlands are accurate.<br \/>\n&nbsp;<\/p>\n<p>I like to think that Vanguard is a firm in which constructive debate is tolerated, perhaps even encouraged. My piece in today\u2019s <em>FTfm<\/em> is a prime example of a case where, as Bill McNabb recently said, \u201creasonable people can disagree.\u201d<br \/>\n&nbsp;<br \/>\n&nbsp;<br \/>\n&nbsp;<\/p>\n<p>Best,<\/p>\n<p><strong><em>Jack<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TO: Veterans and Principals FROM: John C. Bogle DATE: March 16, 2015 RE: Financial Times Op-Ed &nbsp; I penned a commentary for today\u2019s Financial Times \u201cFund Management\u201d section about the role of exchange-traded funds in the growth of indexing. I describe my concerns with the rapid trading so common with ETFs. The first and largest [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,15,7,5],"tags":[],"class_list":["post-1048","post","type-post","status-publish","format-standard","hentry","category-commentary","category-memos-to-principals-and-veterans","category-op-eds","category-press-clippings"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/posts\/1048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/comments?post=1048"}],"version-history":[{"count":1,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/posts\/1048\/revisions"}],"predecessor-version":[{"id":1049,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/posts\/1048\/revisions\/1049"}],"wp:attachment":[{"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/media?parent=1048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/categories?post=1048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/tags?post=1048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}