To Veterans and Principals<\/p>\n
VANGUARD IN THE NEWS<\/p>\n
Hi, all, Here are some more press clippings that highlight Vanguard.<\/p>\n
1. \u201cYears after surgery, a heartfelt reunion<\/a>,\u201d Philadelphia Inquirer<\/em>, February 22, 2017.<\/strong> Thomas Jefferson University hosted a wonderful panel discussion with the two surgeons who performed my heart transplant way back in 1996, Dr. Rohinton Morris and Dr. Louis Samuels. They joined me and Jefferson CEO Stephen Klasko for a discussion on the 21st anniversary of my heart transplant. A standing room only crowd attended the seminar, moderated by students and focused on my transplant experiences and the similar challenges facing investment management and health care.<\/p>\n 2. \u201cJack Bogle doesn\u2019t feel \u2018super confident\u2019 about the market rally\u2014here\u2019s why<\/a>,\u201d CNBC<\/em>, February 21, 2017.<\/strong> Just before the panel at Jefferson, my interview on CNBC was broadcast live to the audience. In the interview, I talked about the potential strength of the recent market rally, my outlook for stocks over the long term, and my \u201cheart birthday.\u201d<\/p>\n 3. \u201cA lesson in investing simplicity: Why the Bogle Model beats the Yale Model<\/a>,\u201d MarketWatch<\/em>, February 7, 2017.<\/strong> I am a great admirer of David Swensen, who runs Yale\u2019s highly successful endowment and is the pioneer of \u201cThe Yale Model,\u201d which calls for large allocations to illiquid and alternative assets for investors with very long-term time horizons like university endowments. Nonetheless, I read with great delight this article comparing a simple three-index-fund portfolio, dubbed \u201cThe Bogle Model,\u201d to the average endowment. Not only did the index funds beat the average endowment and even the top quartile endowments over 3, 5, and 10 years, it even beat the very best\u2014top decile endowments\u2014over 10 years (losing by only a whisker over 3 and 5 years). What a great endorsement of the power of simplicity over complexity\u2014even for some of the world\u2019s most sophisticated investors.<\/p>\n 4. \u201cJohn Bogle: Demise of fiduciary rule would be \u2018step backward\u2019 for nation<\/a>,\u201d InvestmentNews<\/em>, February 9, 2017.<\/strong> InvestmentNews ran this summary of my recent New York Times op-ed about the Department of Labor\u2019s fiduciary rule. In the op-ed, I referenced a consulting firm\u2019s estimate that Wall Street would lose $20 billion through 2020 as a result of DOL\u2019s rule, which I pointed out the overlooked fact that the $20 billion would go to Main Street investors. I added, \u201cBy any definition, that\u2019s a social good.\u201d<\/p>\n 5. \u201cThe Granddaddy of Indexing<\/a>,\u201d The Globe and Mail<\/em>, January 25, 2017.<\/strong> This interview touches on the history of indexing, the current investment environment, and Warren Buffett\u2019s endorsement of indexing, among other topics. But I\u2019m not sure how I feel about the headline\u2014if I\u2019m the \u201cgranddaddy of indexing,\u201d who is the father?<\/p>\n