{"id":973,"date":"2014-05-22T09:36:25","date_gmt":"2014-05-22T14:36:25","guid":{"rendered":"http:\/\/johncbogle.com\/wordpress\/?p=973"},"modified":"2014-05-22T09:36:25","modified_gmt":"2014-05-22T14:36:25","slug":"a-memo-to-principals-and-veterans","status":"publish","type":"post","link":"https:\/\/johncbogle.com\/wordpress\/2014\/05\/22\/a-memo-to-principals-and-veterans\/","title":{"rendered":"A Memo to Principals and Veterans"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p><span style=\"font-size: medium;\"><span style=\"color: #000000;\">May 20, 2014<\/span><\/span><\/p>\n<p><span style=\"color: #000000; font-size: medium;\">\u00a0<\/span><span style=\"font-size: medium;\"><span style=\"color: #000000;\">To Vanguard Principals and Veterans:<\/span><\/span><\/p>\n<p><span style=\"color: #000000; font-size: medium;\">\u00a0<\/span><span style=\"font-size: medium;\"><span style=\"color: #000000;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 As you all must know by now, I regard recognition of Vanguard in <i>The Economist<\/i> as among the highest possible accolades. This cover story in the issue of May 3, 2014, entitled \u201cDeath of the Fund Manager\u201d is one more testimonial to all the good we do here at Vanguard.<\/span><\/span><\/p>\n<p><span style=\"color: #000000; font-size: medium;\">\u00a0<\/span><span style=\"font-size: medium;\"><span style=\"color: #000000;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Attached are: (1) the opening editorial, \u201c<a href=\"http:\/\/www.economist.com\/news\/leaders\/21601511-business-managing-other-peoples-money-being-commoditised-about-time-cheap-cheerful\" target=\"_blank\">Cheap is Cheerful<\/a>,\u201d and (2) the main story, \u201c<a href=\"http:\/\/www.economist.com\/news\/briefing\/21601500-books-and-music-investment-industry-being-squeezed-will-invest-food\" target=\"_blank\">Briefing: Fund Management. Will Invest for Food<\/a>.\u201d (Both pieces are informative and insightful. Too bad that the headlines fail to suggest that.)<\/span><\/span><\/p>\n<p><span style=\"color: #000000; font-size: medium;\">\u00a0<\/span><span style=\"font-size: medium;\"><span style=\"color: #000000;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Despite the accolades for index (\u201ctracker\u201d in the UK) funds, the authors seem unaware of the impact that indexing has already had on Vanguard and the fund industry. Ever irrepressible, I wrote a <a href=\"https:\/\/johncbogle.com\/wordpress\/wp-content\/uploads\/2014\/05\/LTE-Economist-5-19-14.pdf\">letter to the editor<\/a> presenting the data. It\u2019s probably too late and long to be published, but I\u2019m sure you\u2019ll enjoy it (Attachment 3).<\/span><\/span><\/p>\n<p><span style=\"color: #000000; font-size: medium;\">\u00a0<\/span><span style=\"font-size: medium;\"><span style=\"color: #000000;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 We\u2019ve come such a long way since we began in 1974. Thank you for all your help in making it happen.<\/span><\/span><\/p>\n<p><span style=\"color: #000000; font-size: medium;\">\u00a0<\/span><span style=\"color: #000000;\"><em><strong>Jack<\/strong><\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; May 20, 2014 \u00a0To Vanguard Principals and Veterans: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 As you all must know by now, I regard recognition of Vanguard in The Economist as among the highest possible accolades. This cover story in the issue of May 3, 2014, entitled \u201cDeath of the Fund Manager\u201d is one more testimonial to all the good [&hellip;]<\/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-973","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\/973","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=973"}],"version-history":[{"count":1,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/posts\/973\/revisions"}],"predecessor-version":[{"id":977,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/posts\/973\/revisions\/977"}],"wp:attachment":[{"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/media?parent=973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/categories?post=973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/johncbogle.com\/wordpress\/wp-json\/wp\/v2\/tags?post=973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}