Stay the Course: The Story of Vanguard and the Index Revolution by the late, great John ‘Jack’ Bogle

Crossposting this tweet thread:

Stay the Course: The Story of Vanguard and the Index Revolution by the late, great John ‘Jack’ Bogle.

Why care?

Because Bogle was a hero, always putting American investors 1st. He knowingly & happily gave up personal profits for the betterment of you & me.

The book explains the history between Wellington, the creation of the Vanguard Group & the creation of the Index fund.

Tactical Investing Advice

Low costsπŸ‘
Broadly diversifiedπŸ‘
[TIFs] Traditional Index fundsπŸ‘
ETFs πŸ‘ πŸ‘Ž
Target Date FundsπŸ‘
SpeculationπŸ‘Ž
TradingπŸ‘Ž
Active ManagersπŸ‘Ž

Adversity & Opportunity

  • 1st heart attack at 31 years old > ongoing complications > eventual transplant decades later.
  • CEO of Wellington Management Company at just 35 years old w/ $100,000 salary. Removed as CEO 10yrs later > new subsidiary created… called it Vanguard.

Product Lessons for product manager’s & company operators

  • Mistakes (& avoidance): happened when acting with a ‘marketing hat’ on instead of prioritizing end clients.
  • Loyalty is a 2 way street. Pay your peeps. * Principles 1st: Investors first. Stay the course.

About Bogle

  • Jack has probably done more for the American investor than any man in the country.” Warren Buffett
  • “The best friend an individual investor has every had.”
  • “While some mutual fund founders chose to make billions, [Jack created Vanguard] to make a difference.”

From Bogle

  • “There are no panaceas.”
  • “Ideas are a dime a dozen. Implementation is everything.”
  • Advice… Always remember, “this too shall pass.”
  • “The little engine that could offers the best brief advice for a successful career that I can imagine: I think I can, I…”
  • ‘Each of us must be the best that we can be, help others–especially those less privileged–in life. We must leave everything we touch better than it was when we found it. We are here for only a short while, isn’t it our obligation to make the most of every moment?’
  • ‘When I’m asked what is the secret of a life well-lived, I often answer, “First rule: get out of bed in the morning. Then, every day, teach something and learn something. Along the way, given an enthusiastic compliment. Then you’ve earned a good night’s sleep. Repeat.’
  • ‘I’ve usually used the phrase “stay the course” as one of the great rules of investment success. Ignore the day-to-day fluctuations… But it is also a splendid rule for fighting our way through the inevitable ups and downs of the short spans of our existence on Earth.’

Thanks for everything you did for us, Jack.


Category: Books

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