{"id":910,"date":"2014-01-02T16:33:59","date_gmt":"2014-01-02T21:33:59","guid":{"rendered":"http:\/\/johncbogle.com\/wordpress\/?p=910"},"modified":"2014-01-02T16:33:59","modified_gmt":"2014-01-02T21:33:59","slug":"ring-out-the-old","status":"publish","type":"post","link":"https:\/\/johncbogle.com\/wordpress\/2014\/01\/02\/ring-out-the-old\/","title":{"rendered":"Ring Out the Old"},"content":{"rendered":"

December 31, 2013<\/span><\/span><\/b><\/p>\n

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TO VANGUARD VETERANS AND PRINCIPALS:<\/span><\/span><\/b><\/p>\n

\u00a0<\/span><\/b><\/p>\n

\u201cRing Out the Old,<\/span><\/b> <\/b>ring in the new,\u201d Tennyson wrote<\/a>, and continued, \u201cring out false pride in place and blood; . . . \u00a0ring in the love of truth and right; ring in the common place of good.\u201d<\/span><\/p>\n

In that spirit, as the old year 2013 ends I attach the following items from the financial press.<\/i><\/b><\/i><\/span><\/p>\n

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1.\u00a0\u00a0\u00a0\u00a0\u00a0 Vanguard raked in almost every dollar that went into U.S. equity funds this year.<\/a><\/span><\/b> <\/b>\u00a0<\/i>(InvestmentNews, <\/i>December 18, 2013).<\/span><\/p>\n

Here, the article is speaking of both actively managed and traditional index funds (TIFs) investing in U.S. equities, excluding exchange traded funds (ETFs). The total cash flows: Vanguard, $41.4 billion of the $42.4 billion total. (Our total includes $36 billion in our index funds and $5.4 billion in our \u201cactive\u201d funds.) \u201cThanks to Mr. Bogle\u2019s creation, the index fund,\u201d journalist Jason Kephart says, \u201cthe U.S. Mint may have to replace George Washington with Mr. Bogle on all its quarters.\u201d (Please don\u2019t hang by your thumbs waiting!)<\/span><\/p>\n

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2.\u00a0\u00a0\u00a0\u00a0\u00a0 <\/b>Warren Buffett (again!) to the Motley Fool,<\/a><\/span><\/b> (<\/b>December 30, 2013). \u201cIf you invested in a very low-cost index fund . . . you\u2019ll do better than 90% of [investors]. . . . Just pick a broad index like the S&P 500 . . . I recommend John Bogle\u2019s books. Any investor in funds should read them. They have all that you need to know.\u201d<\/b><\/span><\/p>\n

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3.\u00a0\u00a0\u00a0\u00a0\u00a0 <\/b>Bogle urges regulators to move on fiduciary<\/a><\/span><\/b>. <\/b>(InvestmentNews, <\/i>December 16, 2013). I\u2019m accurately quoted as saying, \u201cif you\u2019re touching other peoples\u2019 money, you are a fiduciary . . . Put the principle first.\u201d (Just what Tennyson said: \u201cRing in the love of truth and right.\u201d)<\/b><\/span><\/p>\n

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Enjoy these three articles. Happy New Year, and best to all.<\/span><\/p>\n

\u00a0<\/span><\/b><\/p>\n

Jack<\/span><\/b><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

December 31, 2013 \u00a0 TO VANGUARD VETERANS AND PRINCIPALS: \u00a0 \u201cRing Out the Old, ring in the new,\u201d Tennyson wrote, and continued, \u201cring out false pride in place and blood; . . . \u00a0ring in the love of truth and right; ring in the common place of good.\u201d In that spirit, as the old year […]<\/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-910","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\/910","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=910"}],"version-history":[{"count":1,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/posts\/910\/revisions"}],"predecessor-version":[{"id":911,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/posts\/910\/revisions\/911"}],"wp:attachment":[{"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/media?parent=910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/categories?post=910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/tags?post=910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}