{"id":1062,"date":"2015-07-24T14:12:31","date_gmt":"2015-07-24T19:12:31","guid":{"rendered":"http:\/\/johncbogle.com\/wordpress\/?p=1062"},"modified":"2015-07-24T14:20:39","modified_gmt":"2015-07-24T19:20:39","slug":"memo-to-veterans-and-principals-13","status":"publish","type":"post","link":"https:\/\/johncbogle.com\/wordpress\/2015\/07\/24\/memo-to-veterans-and-principals-13\/","title":{"rendered":"Memo to Veterans and Principals"},"content":{"rendered":"<p><strong>Memo to Veterans and Principals<\/strong><br \/>\n<strong>From John C. Bogle<\/strong><br \/>\n<strong>May 27, 2015<\/strong><br \/>\n<strong>Recent \u201cVanguard in the Press\u201d Articles<\/strong><br \/>\n&nbsp;<\/p>\n<ul>\n<li><strong><a href=\"http:\/\/www.nytimes.com\/2015\/05\/10\/your-money\/fees-on-mutual-funds-fall-thank-yourself.html\" target=\"_blank\">Fees on Mutual Funds Fall. Thank Yourself<\/a><\/strong>. <em>The New York Times<\/em>, May 9, 2015. Once again, journalist Jeff Sommer cites my 2014 <em>Financial Analysts Journal<\/em> paper on \u201call-in\u201d fund expenses. One more nail in the coffin of high-cost funds.<\/li>\n<li><strong><a href=\"http:\/\/www.marketwatch.com\/story\/6-ways-vanguard-has-changed-the-way-people-invest-2015-05-09\" target=\"_blank\">6 Ways Vanguard has Changed the Way People Invest<\/a><\/strong>. Also on May 9, Chuck Jaffe, writing on MarketWatch, extols our \u201csimply being a good steward of people\u2019s money.\u201d (Chuck\u2019s piece is a model of accuracy . . . except for the first sentence of the first paragraph on page 4.) I prefer to say that at Vanguard, we sell what we make, while too many of our competitors make what will sell.<\/li>\n<li><strong><a href=\"http:\/\/www.thinkadvisor.com\/2015\/05\/17\/five-to-honor-investing-pioneersthe-2015-ia-35-for\" target=\"_blank\">The Five Members of the Advisor\u2019s Pantheon<\/a><\/strong>. In its annual selection of the IA 35 (most influential investors), <em>Investment Advisor<\/em> magazine highlights these five leaders. (Always nice to be linked to the legendary Benjamin Graham!)<\/li>\n<li><strong><a href=\"http:\/\/www.vox.com\/2015\/5\/18\/8618043\/hillary-clinton-index-funds-vanguard\" target=\"_blank\">Hillary Clinton Has a Smart and Surprisingly Simple Investment Strategy<\/a><\/strong>. And, as <em>VOX<\/em> reporter Timothy Lee reports on May 18, 2015, her $25 million holding in Vanguard 500 Index Fund is by far her largest equity holding. (Not quite sure why my photo appeared . . . in tuxedo, yet!)<\/li>\n<li><strong><a href=\"http:\/\/www.marketwatch.com\/story\/john-bogle-stands-pat-on-wall-street-bet-2015-05-21\" target=\"_blank\">John Bogle Stands Pat on Wall Street Bet<\/a><\/strong>. On MarketWatch (May 21, 2015), correspondent Mitch Tuchman notes my theme in an earlier CNBC interview: \u201cBuy the entire stock market . . . then get out of the casino, and never show yourself there again.\u201d The story is illustrated with a picture of me \u00a0. . . in a casino! (Photoshop must be at work here.)<\/li>\n<li><strong><a href=\"http:\/\/www.iijournals.com\/doi\/abs\/10.3905\/pa.2015.2.4.082\" target=\"_blank\">Lightning Strikes: The Creation of Vanguard<\/a><\/strong> . . . A lengthy late-April review of my essay in the 40<sup>th<\/sup> Anniversary Issue of the <em>Journal of Portfolio Management<\/em>, along with my (candid) interview with the \u201cPractical Applications\u201d booklet published by <em>Institutional Investor Journals.<\/em><\/li>\n<\/ul>\n<p>&nbsp;<br \/>\nThanks for all you have done to make Vanguard who we are today.<\/p>\n<p>Best,<\/p>\n<p><strong>Jack<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Memo to Veterans and Principals From John C. Bogle May 27, 2015 Recent \u201cVanguard in the Press\u201d Articles &nbsp; Fees on Mutual Funds Fall. Thank Yourself. The New York Times, May 9, 2015. Once again, journalist Jeff Sommer cites my 2014 Financial Analysts Journal paper on \u201call-in\u201d fund expenses. One more nail in the coffin [&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":[15,5],"tags":[],"class_list":["post-1062","post","type-post","status-publish","format-standard","hentry","category-memos-to-principals-and-veterans","category-press-clippings"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/posts\/1062","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=1062"}],"version-history":[{"count":2,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/posts\/1062\/revisions"}],"predecessor-version":[{"id":1064,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/posts\/1062\/revisions\/1064"}],"wp:attachment":[{"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/media?parent=1062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/categories?post=1062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/tags?post=1062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}