{"id":948,"date":"2014-04-16T08:40:56","date_gmt":"2014-04-16T13:40:56","guid":{"rendered":"http:\/\/johncbogle.com\/wordpress\/?p=948"},"modified":"2014-04-16T08:44:37","modified_gmt":"2014-04-16T13:44:37","slug":"a-memo-from-john-bogle","status":"publish","type":"post","link":"https:\/\/johncbogle.com\/wordpress\/2014\/04\/16\/a-memo-from-john-bogle\/","title":{"rendered":"A Memo from John Bogle"},"content":{"rendered":"

To:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Veterans and Principals<\/span><\/p>\n

From:\u00a0\u00a0\u00a0 John C. Bogle<\/span><\/p>\n

Date: \u00a0\u00a0\u00a0 April 15, 2014<\/span><\/p>\n

Re:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 More Recognition for Our Firm, Part II<\/span><\/p>\n

This follow-up note to my mailing of April 10 includes five more recent articles from the press:<\/span><\/p>\n

1)<\/span> \u201cVanguard Founder Discusses How to Invest.\u201d<\/a><\/span><\/b><\/span> This interview in Investor\u2019s Business Daily<\/i> was published on April 2. While several of the quotes are a bit casual (if not mystifying!), the overall tone of the story is highly positive.<\/span><\/p>\n

2) \u201cMichael Lewis is Wrong About Rigged Markets.”<\/a><\/b>\u00a0 Jonathan Berr\u2019s April 3 story in Moneywatch<\/i> is yet one more contribution(?) to the huge publicity campaign that kicked-off Flash Boys<\/i>. While I didn\u2019t have the benefit of knowing the opinion of later commentators, my position is not much different from those of Burton Malkiel, Arthur Levitt, Morningstar\u2019s John Rekenthaler, \u00a0and other thought leaders.<\/span><\/span><\/span><\/p>\n

3) \u201cOn Smart Beta, Smart Skeptics.”<\/a><\/b> James Green\u2019s thoughtful story in Investment Advisor<\/i> magazine (March 31, 2014). Of course, my response is blunt\u2014smart beta is a \u201cmarketing gimmick.\u201d Might as well be honest!<\/span><\/span><\/span><\/p>\n

4) \u201cVanguard Beats BlackRock . . .\u201d<\/a><\/b> Christopher Condon\u2019s article in Bloomberg Business Week<\/i> (April 1, 2014) is one more long, well, \u201ccommercial\u201d for our firm, its mission, and the work we all do. It is surely a rare quarter when we capture 90%(!)<\/b> of all ETF cash flows as we did in the three months ended March 31, 2014, but of course there\u2019s a message there.<\/span><\/span><\/span><\/p>\n

5) \u201cThe Inevitable Standard.\u201d<\/a><\/b> Investment News<\/i>, April 7, 2014. The \u201cInevitable Standard\u201d cited in Mark Schoeff Jr.\u2019s perceptive story is a federal standard of fiduciary duty\u2014something I\u2019ve been seeking for many years. I\u2019m certain that my dream will come true . . . some day.<\/span><\/span><\/span><\/p>\n

\u00a0<\/span>Keep fighting the good fight!<\/span><\/p>\n

Best, always<\/span><\/span><\/span><\/p>\n

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

To:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Veterans and Principals From:\u00a0\u00a0\u00a0 John C. Bogle Date: \u00a0\u00a0\u00a0 April 15, 2014 Re:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 More Recognition for Our Firm, Part II This follow-up note to my mailing of April 10 includes five more recent articles from the press: 1) \u201cVanguard Founder Discusses How to Invest.\u201d This interview in Investor\u2019s Business Daily was published on April […]<\/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-948","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\/948","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=948"}],"version-history":[{"count":3,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/posts\/948\/revisions"}],"predecessor-version":[{"id":951,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/posts\/948\/revisions\/951"}],"wp:attachment":[{"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/media?parent=948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/categories?post=948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/tags?post=948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}