Vanguard\u2019s recognition in the press continues unabated. Here are some more recent press clippings.<\/p>\n
\u201cVanguard\u2019s John Bogle: Ready or Not, an Expanded Fiduciary Rule Is Coming<\/a>,\u201d Investment News<\/em>, September 15, 2016. <\/strong>I wrote this op-ed for Investment News<\/em> in support of the Department of Labor\u2019s recent establishment of a fiduciary standard for all advisers and brokers who advise clients on retirement accounts. My conclusion: \u201cIt is in the enlightened self-interest of the distributors, advisers, and brokers for mutual funds to place the interests of investors first. But even if an expanded federal fiduciary standard fails to accomplish this goal, our mutual fund shareholder\/clients will ultimately compel this outcome.\u201d<\/p>\n \u201cHow Vanguard\u2019s Decision to Forgo Profit has Paid Off for Investors<\/a>,\u201d Washington Post<\/em>, September 15, 2016.<\/strong> Allan Sloan, former senior editor at Fortune<\/em>, wrote this column about how Vanguard\u2019s unique, client-owned structure has been incredibly successful both for Vanguard and our clients. Allan observed, \u201cThe idea that forgoing profit can be good business is an important lesson that we should all take from the recent celebration of the 40th<\/sup> anniversary of the Aug. 31, 1976, launch of what is now known as the Vanguard 500 Index Fund.\u201d He went on to quote me speaking about the earnings generated by corporate America, \u201cIt\u2019s a question of allocating those profits to Main Street rather than to Wall Street. [Our] profits go to the funds\u2019 investors, not to the managers.\u201d [1]<\/a><\/p>\n \u201cJack Bogle:<\/a><\/strong> Admitting a Mistake Makes You Look Better<\/a>,\u201d CNBC<\/em>, September 14, 2016.<\/strong> In the wake of the recent scandal at Wells Fargo, Elizabeth MacBride wrote this article about my belief that trying to cover up a mistake to avoid accountability almost always backfires, while being honest and open about it usually improves your credibility and helps you ultimately move beyond the problem. To be clear, I have refrained from commenting on the ghastly mess that Wells Fargo is now facing up to. My interview with Ms. MacBride took place over two years ago, and she found it relevant to the current situation at Wells Fargo.<\/p>\n \u201cThey All have One Thing in Common<\/a>,\u201d The Irrelevant Investor<\/em>, October 4, 2016. <\/strong>Michael Batnick from Ritholtz Wealth Management wrote this blog post that points out one thing I have in common with the acclaimed investors Seth Klarman, Howard Marks, Warren Buffett, and Phil Fisher: \u201ctheir ability to clearly communicate their philosophy.\u201d Michael generously appraised one of my books: \u201cHis most recent book, Clash of the Cultures<\/em>, which details how companies went from an investment business to a marketing business, is an excellent read.\u201d<\/p>\n \u201cFund Legend Still Fighting for Investors,\u201d Kiplinger\u2019s<\/em>, October 2016.<\/strong> In this interview published in Kiplinger\u2019s<\/em>, I talk about my 65th<\/sup> anniversary in the mutual fund industry, reasonable expectations for stock and bond returns in the coming years, and the DOL fiduciary rule, among other topics.<\/p>\n