November 4, 2011<\/p>\n
To Principals and Veterans:<\/strong><\/p>\n Three items that may be of interest:<\/p>\n Next Monday and Tuesday (and possibly Wednesday), CBS Evening News<\/strong> will present excerpts from a group interview yesterday on the problems facing America, our nation’s challenges and our hopes.\u00a0 The interview was conducted by new anchor Scott Pelley (moving over from “60 Minutes”).\u00a0 He did, I thought, a really outstanding job.\u00a0 I was honored to be part of the ten-person panel – a diverse group of citizens of various ages, genders, races, and backgrounds.\u00a0 If you happen to catch any of the shows, I’d be interested in your reaction.<\/p>\n Last Friday, Michael Smerconish wrote a generous column in The Philadelphia Inquirer<\/strong><\/em>, discussing my reaction to the “Occupy Wall Street” movement and its many aspects.\u00a0 In case you missed it, a copy is attached.\u00a0 (Not sure about being called a “patrician.”)<\/p>\n Virtually every day, I receive complimentary letters about Vanguard and my long career.\u00a0 I couldn’t possibly circulate all of them, but I just received a very special one.\u00a0 It comes from James Grant, publisher of Grant’s Interest Rate Observer<\/strong><\/em> and host of a well-attended and prestigious semi-annual forum for senior money managers.\u00a0 Their reaction to Jim’s interview with me was truly remarkable.\u00a0 He describes it in\u00a0his lovely letter, also attached.<\/p>\n Thanks to you all for doing the exceptional work you do.\u00a0 Happily, much of it continues to reflect on me.<\/p>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Best,<\/p>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Jack<\/em><\/p>\n