Download Character Counts : The Creation and Building of the Vanguard by John C. Bogle PDF
By John C. Bogle
How John Bogle outfitted forefront and reworked the funding worldin his personal words
Jack Bogle is still one of many titans of the funding global and a hero to the self reliant investor, as well known for his effect as he's revered for his accomplishments. Character Counts is the tale of the way leading edge was once born, why it has flourished, and what management ideas and administration practices fostered its development.
Covering the interval 19742001, the tale is instructed during the dozens of powerful and remarkable speeches he has given to leading edge team contributors through the years, interspersed with a story that gives context and clarification. This "you are there" process offers new insights into one of many world's most crucial monetary institutionsand into the mutual fund itself. Character Counts paints an indelible portrait of the guy Fortune named one of many "four giants of finance" of the twentieth century.
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Additional info for Character Counts : The Creation and Building of the Vanguard Group
Without you, there can be no victory. What you have accomplished for us already is impressive. But we must now ask for more: We ask for your dedication, your diligence, your contribution, your cooperation—in doing the tasks you do so well. Seamen and officers alike, we need your skills, more effectively performed, more productively used, than ever before. The paradox of thanking you for the past while asking for still more in the future, has, I am sure, not escaped you. But we will succeed— whether measured by yet additional billions or measured by enhanced efficiency and productivity on a stable or even smaller asset base— only if we all devote every reasonable energy to working together in the common cause of making Vanguard successful, making Vanguard a hallmark of performance and service in the financial services field.
We took our first global step in 1981 and formed our international growth fund, selecting an outstanding London-based investment manager. In 1985, we created the first modern-day “fund of funds”—STAR Fund, holding a balance among Vanguard stock, bond, and money market funds. While Forbes magazine dubbed it “the worst idea in years,” it is today by far the largest fund of its kind, with an outstanding record of performance. On the conventional fund front, we formed Trustees’ Commingled Equity Fund in 1980, retaining Batterymarch Financial Management as adviser, our first use of a non-Wellington equity manager.
Our accounting group now copes with twenty-two separate fund portfolios, compared to just twelve in 1975. So many of you do so much in these and other areas that I want to reiterate our appreciation for your work, at a time when we must run so fast just to stay in the same place. In a way, I wish that I could tell you that the pace of change will slow, but I am inclined to doubt that it will. For change has been with us always, and will be with us always. The change we face is no different from that of life itself.