Bogle Recounts History For Vanguard Group’s 40th Anniversary
The mutual fund pioneer that took people out of the investment selection process when Malvern’s Vanguard Group created the index fund is now toasting to the value of people on the organization’s 40th anniversary.
“You know — must know — that I’m far more interested in human beings than in algorithms, and I do my best to keep Vanguard a place where judgment has at least a fighting chance to triumph over process,” founder Jack Bogle said in a memo published on Philly.com.
Looking back, it was the people who made the best memories, Bogle said.
“These past 40 years have brought great joy in my life. The joy was in the battle during those tough early years. In recent years, much of the joy has been working on the firing line with you on the crew of my beloved Vanguard, you who do the hard, sometimes thankless work of serving our client/owners. Joy is having lunch in the Galley and waving to you; chatting with you; meeting with you on so many fine teams; large and small; visiting with you and your colleagues on the anniversaries of your Vanguard service and, with mixed emotions, on your retirements.”
Read much, much more about Bogle’s reflections on Vanguard history, from its “truly mutural mutual fund structure” and its “at-cost” central strategy to the many investment innovations that followed, on Philly.com here, and check out previous Chesco Business Today coverage of Vanguard here.
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Top image courtesy of www.philly.com
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