“Enough” by John Bogle – Wrapping Up: What’s Enough?
What’s Enough For Me
I have never played in that billion-dollar-plus major league; nor, for that matter, even in its hundred-million-dollar-plus league. Why not? Simply because as the founder of Vanguard, I created a firm in which the lion’s share of the rewards would be bestowed on the shareholders of the truly mutual mutual funds that compose the Vanguard Group… So, in comparison to nearly all, if not all, of my peers in this business, I’m something of a financial failure. P 234-235
Wellington’s first contribution to the plan was made in July 1951, 15 percent of my first month’s salary of $250, or just $37.50. I’ve continued investing 15 percent of my compensation… After stepping down as Vanguard’s chief executive, I’ve continued to put away 15 percent of the modest annual retainer I receive from the firm. P 236
Continue reading ““Enough” by John Bogle – Wrapping Up: What’s Enough?” »
“Enough” by John Bogle – Life Section (Ch 8-10)
Ch 8 – Too Much Focus on Things, Not Enough Focus on Commitment
Commitment and boldness – these are among the things that truly matter, the things by which we can measure our lives, the things that help turn providence in our favor. Their reach goes far beyond how we earn our living, for never forget that none of us lives by bread alone. P 189
Continue reading ““Enough” by John Bogle – Life Section (Ch 8-10)” »
“Enough” by John Bogle – Business Section (Ch 4-7)
Ch 4 – Too Much Counting, Not Enough Trust
Numbers are not reality. At best, they are a pale reflection of reality. At worst, they’re a gross distortion of the truths we seek to measure. But the damage doesn’t stop there. Not only do we rely too heavily on historic economic and market data; our optimistic bias also leads us to misinterpret the data and give them credence that they rarely merit. P 99-100
Ch 5 – Too Much Business Conduct, Not Enough Professional Conduct
But as so many of our nation’s proudest professions gradually shift their traditional balance away from that of trusted professions serving the interests of their clients of the community and toward that of commercial enterprises seeking competitive advantage, the human beings who rely on those services are the losers. P 125
Continue reading ““Enough” by John Bogle – Business Section (Ch 4-7)” »
“Enough” by John Bogle – Money Section (Ch 1-3)
Ch 1 – Too Much Cost, Not Enough Value
But our financial economy, by definition, deducts from the value created by our productive businesses. Think about it: While the owners of business enjoy the dividend yields and earnings growth that our capitalistic system creates, those who play in the financial markets capture those investment gains only after the costs of financial inter-mediation are deducted. Thus, while investing in American business is a winner’s game, beating the stock market before those costs is a zero-sum game. But after inter-mediation costs are deducted, beating the market – for all of us as a group – becomes a loser’s game. P 47
Continue reading ““Enough” by John Bogle – Money Section (Ch 1-3)” »
