{"id":1091,"date":"2015-12-08T14:35:14","date_gmt":"2015-12-08T19:35:14","guid":{"rendered":"http:\/\/johncbogle.com\/wordpress\/?p=1091"},"modified":"2015-12-08T14:35:14","modified_gmt":"2015-12-08T19:35:14","slug":"memo-to-veterans-and-principals-21","status":"publish","type":"post","link":"https:\/\/johncbogle.com\/wordpress\/2015\/12\/08\/memo-to-veterans-and-principals-21\/","title":{"rendered":"Memo to Veterans and Principals"},"content":{"rendered":"<p>To: Veterans and Principals<br \/>\nFrom: John C. Bogle<br \/>\nRe: Vanguard in the News<br \/>\nDate: December 3, 2015<\/p>\n<p>Hi All,<\/p>\n<p>Favorable press coverage of our firm seems to be growing just as rapidly as our cash flow. (Well, maybe not quite as fast!) I\u2019m attaching five of the more important news stories with this note.<\/p>\n<p>1. \u201c<a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2015-12-01\/vanguard-s-gain-is-wall-street-s-pain-as-billions-leave-the-financial-industry\" target=\"_blank\">Vanguard\u2019s Gain is Wall Street\u2019s Pain<\/a>.\u201d Bloomberg Business, December 1, 2015. I urge all of you to read this remarkably perceptive article by veteran journalist Eric Balchunas. It discusses the often taboo subject of our impact on the entire field of investment, estimating that by 2020 we will have reduced Wall Street\u2019s revenues by $40 billion per year. (Actually, that figure is underestimated.)<\/p>\n<p>2. \u201c<a href=\"http:\/\/www.npr.org\/2015\/10\/21\/443192311\/the-george-washington-of-investing-wants-you-for-the-revolution\" target=\"_blank\">The George Washington of Investing Wants You For The Revolution<\/a>.\u201d NPR\u2019s Chris Arnold wrote this story in connection with his radio segment about me for NPR\u2019s Morning Edition, which you can <a href=\"http:\/\/www.npr.org\/2015\/10\/21\/443192311\/the-george-washington-of-investing-wants-you-for-the-revolution\" target=\"_blank\">listen to here<\/a>. Chris wrote a <a href=\"http:\/\/www.npr.org\/templates\/story\/story.php?storyId=436993646\" target=\"_blank\">companion piece about asset allocation<\/a>, with suggestions from David Swensen, me, and Gretchen Tai of Hewlett-Packard.<\/p>\n<p>3. \u201c<a href=\"http:\/\/www.marketwatch.com\/story\/john-bogles-legacy-falling-prices-everywhere-2015-11-19\" target=\"_blank\">John Bogle\u2019s legacy: Falling prices everywhere<\/a>.\u201d On November 19, 2015, Mitch Tuchman of MarketWatch again refers to \u201cthe Vanguard Effect\u201d\u2014the impact of our low pricing strategy on our peers. He concludes: \u201cIf better, cheaper advice along with falling prices for funds in a race to the bottom, bring it on!\u201d<\/p>\n<p>4. \u201c<a href=\"http:\/\/www.businessinsider.com\/jack-bogle-investing-strategy-2015-11\" target=\"_blank\">The best strategy for everyday investors, according to investing legend Jack Bogle<\/a>.\u201d In Business Insider, on November 3, 2015, Kathleen Elkins concludes: \u201cSet yourself up for financial success by investing in low-cost index funds.\u201d<\/p>\n<p>5. \u201c<a href=\"http:\/\/www.ftadviser.com\/2015\/10\/29\/investments\/equities\/costs-always-matter-so-pick-this-winning-read-VQoHzmEMRy6MbwbxNLNm3H\/article.html\" target=\"_blank\">Cost Always Matter, So Pick This Winning Read<\/a>.\u201d Financial adviser Nick Train, writing in FT Adviser on October 29, 2015, quotes at length from the recently published \u201cClassic Edition\u201d of John Bogle on Investing\u2014The First 50 Years. (Curiously, he doesn\u2019t get around to mentioning the name of the book.) He shares my view that \u201cpicking winners is a loser\u2019s game.\u201d<\/p>\n<p>Please enjoy this continuing stream of affirmation for the work we do\u2014you and I alike\u2014to serve investors with excellence.<\/p>\n<p>Best,<br \/>\n<em>Jack<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>To: Veterans and Principals From: John C. Bogle Re: Vanguard in the News Date: December 3, 2015 Hi All, Favorable press coverage of our firm seems to be growing just as rapidly as our cash flow. (Well, maybe not quite as fast!) I\u2019m attaching five of the more important news stories with this note. 1. [&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-1091","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\/1091","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=1091"}],"version-history":[{"count":1,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/posts\/1091\/revisions"}],"predecessor-version":[{"id":1092,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/posts\/1091\/revisions\/1092"}],"wp:attachment":[{"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/media?parent=1091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/categories?post=1091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/tags?post=1091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}