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By John C. Bogle
How John Bogle outfitted leading edge and reworked the funding worldin his personal words
Jack Bogle continues to be one of many titans of the funding international and a hero to the self sustaining investor, as well known for his effect as he's revered for his accomplishments. Character Counts is the tale of ways forefront 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 in the course of the dozens of effective and noteworthy speeches he has given to leading edge team participants through the years, interspersed with a story that offers context and clarification. This "you are there" strategy offers new insights into one of many world's most vital 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.
Read or Download Character Counts : The Creation and Building of the Vanguard Group PDF
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Extra info for Character Counts : The Creation and Building of the Vanguard Group
Example text
But more often in this world it is a head wind that we face. Then, though the bearing of your destination be precisely the same, you have to tack—back and forth, back and forth—closehauled; wind in your face, spray on your legs; fingers white upon the sheet, body tense against the bucking tiller; fine-tuning your lively lade to the majestic forces of splendid Creation; and so wresting from that opposing wind the destiny of your desire. That’s when your boat must need be staunch and true, well braced and put together, and lithe like a living thing.
At last it was time to act. We expanded our Vanguard Partnership Plan—which provided annual payouts to our officers based on a small share of the actual cost savings we achieved for our shareholders each year, plus the value of the excess returns we earned vis à vis the performance of peer funds— to include the entire crew, an annual cash payout each June that could reach 30 percent of each crew member’s annual compensation. In 1984, the total payout was less than $1 million. By the turn of the century, it had soared at least 100-fold.
It was a productive, exciting time. And it was the time we placed on Vanguard the stamp of character that shaped every move we made. In that 2001 speech, here’s the way I described it: That era constituted the formative era in our history. For those of you here tonight who were unfortunate enough not to have shared in the chaotic excitement surrounding the creation and conversion of Vanguard, you have my pity. The words that Shakespeare attributed to Henry V at the Battle of Agincourt on October 25, 1415—Saint Crispin’s Day, nearly six centuries ago—express my emotions far better than could any words of mine: We few, we happy few, we band of brothers, For he today who shed his blood with me Shall be my brother .