{"id":933,"date":"2014-03-06T16:09:17","date_gmt":"2014-03-06T21:09:17","guid":{"rendered":"http:\/\/johncbogle.com\/wordpress\/?p=933"},"modified":"2014-03-06T16:10:54","modified_gmt":"2014-03-06T21:10:54","slug":"a-memo-from-john-c-bogle-3","status":"publish","type":"post","link":"https:\/\/johncbogle.com\/wordpress\/2014\/03\/06\/a-memo-from-john-c-bogle-3\/","title":{"rendered":"A Memo from John C. Bogle"},"content":{"rendered":"

To: Veterans and Principals<\/span><\/b><\/p>\n

From: John C. Bogle<\/span><\/b><\/p>\n

Date: March 6, 2014<\/span><\/b><\/p>\n

Re: The Cascade of Press Coverage Abates . . . for a Moment.<\/span><\/b><\/p>\n

 <\/p>\n

Part III<\/span><\/b><\/p>\n

As promised yesterday, just a single final addition to the recent flurry of favorable public recognition of Vanguard. (Part I<\/b>, March 4, 2014. The ECONOMIST<\/i> and The Financial Analysts Journal<\/i>\u2014\u201cThe Arithmetic of \u2018All-In\u2019 Investment Expenses.\u201d Part II,<\/b> March 5, 2014. The Warren Buffett endorsement, etc.)<\/span><\/p>\n

\u00a0In Part III<\/b>, \u201cFinance in Philadelphia–Leadership, Decline, Renaissance<\/a>,\u201d<\/b> I\u2019m sending along a major speech on the role of our Greater Philadelphia region in contributing to America\u2019s economy. As you will note, Vanguard is now the leader of our region\u2019s recent renaissance. In that role, each of us here has an obligation to represent our community with knowledge of the past, dedication to high standards, and conduct characterized by integrity and humility.<\/span><\/p>\n

The text of the speech is preceded by an article in The Philadelphia Inquirer<\/i> <\/b><\/a>on February 7, 2014, reporting on the forum in which I delivered my remarks. One local journalist described my essay as \u201cexcellent, revelatory reading. I love the irony of how the Quaker precept of thrift has returned to fashion, thanks to Vanguard, vision, and perseverance.\u201d My historical perspective begins with Robert Morris in 1776 (and, in the same year, the wisdom of Adam Smith). Today, as by far the largest firm in the giant mutual fund industry, we have become the embodiment of thrift and simplicity. These principles work!<\/span><\/p>\n

\u00a0<\/span>Q.E.D.<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/p>\n

\u00a0<\/span>\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,<\/b><\/span><\/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<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0 <\/b>Jack<\/b><\/em>\u00a0\u00a0\u00a0<\/em> <\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

To: Veterans and Principals From: John C. Bogle Date: March 6, 2014 Re: The Cascade of Press Coverage Abates . . . for a Moment.   Part III As promised yesterday, just a single final addition to the recent flurry of favorable public recognition of Vanguard. (Part I, March 4, 2014. The ECONOMIST and The […]<\/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":[15,5,9],"tags":[],"class_list":["post-933","post","type-post","status-publish","format-standard","hentry","category-memos-to-principals-and-veterans","category-press-clippings","category-recent-speeches"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/posts\/933","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=933"}],"version-history":[{"count":2,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/posts\/933\/revisions"}],"predecessor-version":[{"id":937,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/posts\/933\/revisions\/937"}],"wp:attachment":[{"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/media?parent=933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/categories?post=933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/tags?post=933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}