
Stay the Course
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Stay the Course is the story the Vanguard Group as told by its founder, legendary investor John C. Bogle. This engrossing book traces the history of Vanguard--the largest mutual fund organization on earth.
Offering the world's first index mutual fund in 1976, John Bogle led Vanguard from a $1.4 billion firm with a staff of 28 to a global company of 16,000 employees and with more than $5 trillion in assets under management. An engaging blend of company history, investment perspective, and personal memoir, this book provides a fascinating look into the mind of an extraordinary man and the company he created.
John Bogle continues to be an inspiring and trusted figure to millions of individual investors the world over. His creative innovation, personal integrity, and stubborn determination infuse every aspect of the company he founded. This accessible and engaging book will help you:
* Explore the history of some of Vanguard's most important mutual funds, including First Index Investment Trust, Wellington Fund, and Windsor Fund
* Understand how the Vanguard Group gave rise to the Index Revolution and transformed the lives of millions of individual investors
* Gain insight on John Bogle's views on values such as perseverance, caring, commitment, integrity, and fairness
* Investigate a wide range of investing topics through the lens of one of the most prominent figures in the history of modern finance
The Vanguard Group and John Bogle are inextricably linked--it would be impossible to tell one story without the other. Stay the Course: The Story of Vanguard and the Index Revolution weaves these stories together taking you on a journey through the history of one revolutionary company and one remarkable man. Investors, wealth managers, financial advisors, business leaders, and those who enjoy a good story, will find this book as informative and unique as its author.
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Content
- Intro
- Stay the Course
- Dedication
- Contents
- About Stay the Course
- What This Book Contains
- Striving for Accuracy
- Foreword
- Part I The Story of Vanguard
- Chapter 1 1974: The Prophecy
- Structure and Strategy
- 2018: The Prophecy Fulfilled
- Vanguard: Lowering Costs for Investors
- Index Strategy Follows Mutual Structure
- "The Emperor's Clothes"
- Chapter 2 1945-1965: The Background - Blair, Princeton, Fortune, and Wellington
- 1949: "Big Money in Boston"
- "The 'Mutual' Fund"
- 1951: "The Economic Role of the Investment Company"
- July 1951: Enter Wellington and Walter Morgan
- Modus Operandi 1951: One Fund per Manager
- The Power of Conservative Investing
- Staying the Course
- Chapter 3 1965-1974: The "Go-Go" Era, the Aftermath, and the Formation of Vanguard
- The "Go-Go" Era
- Bagels Out, Doughnuts In
- "I Was Too Conservative"
- Three Strikes . . . but Not Quite Out
- The Merger
- The "Peace Dollar"
- The Bubble Bursts
- 1970-1974: Bear Market Follows Bull Market
- Fiduciary Duty . . . but to Two Masters?
- The Wrong Scapegoat
- "Ex-Fund Chief to Come Back"
- The Board Meeting That Changed Everything
- Achieving Independence
- Chuck Root: The Indispensable Man
- Option #2: "Weak Tea"
- "Fired with Enthusiasm!"
- The Challenge
- Vanguard: The Birth of a New Flagship
- A Narrow Escape
- The First Skirmish
- Game Over?
- "A Near-Run Thing"
- The Shareholders Approve
- A Full-Fledged Mutual Fund Complex Emerges
- "A Plague on Both Your Houses?"
- Two Memorable - and Opposite - Reactions
- Staying the Course
- Chapter 4 The Index Fund Revolution: From Birth to Dominance
- 1951: The Seed Is Planted
- Motive and Opportunity
- Persuading Vanguard's Directors That Costs Matter
- "The Fund Is Not Managed"
- First Index Investment Trust
- Who Was First? Who Survived?
- More Index Failures
- The IPO
- Fortune Strikes . . . Again
- Dr. Samuelson Redux
- The Road Shows Yield a Flop
- "Bogle's Folly"
- 280 Stocks, Not 500
- "The Stone That the Builders Rejected Has Become the Chief Cornerstone"
- Vanguard 500 Index Fund: Real-World Success
- Recap: $15,000 Grows to $1,127,704
- Caveats
- Vindication: Money Talks
- Buffett and Swensen
- Paul Samuelson Completes a New "Murderer's Row"
- Staying the Course
- Chapter 5 1974-1981: A New Beginning
- The First Step
- The Anomaly of Fund Share Distribution
- February 1977: Control of Marketing and Distribution
- Struggling with the Index Fund
- The 500-Index Superiority Fades
- The Go-Go Era, the Nifty Fifty Era, and Their Aftermath
- Wellington Fund Assets Drop by 75%
- 1971: The Money Market Fund
- A Late Start
- 1977: The Defined-Maturity Municipal Bond Fund
- A Simple Innovation
- A Curious Anomaly
- Vanguard Fixed Income Group Takes Shape
- New Fund Profile
- 1978-1993: 200-Plus Reductions in Advisory Fees
- Only the Beginning
- A Wave of Fee Reductions
- The Wellington Fund Example
- Across-the-Board Fee Reductions
- Negotiating Fees on New Vanguard Funds
- Index Funds and Bond Funds: Still Lower Costs
- Investment Expenses and Operating Expenses
- The Vanguard Total Expense Ratio
- $217 Billion of Savings to Shareholders?
- Taking on the World
- Staying the Course
- Chapter 6 1981-1991: Setting the Stage for Future Growth
- The Happy Events of 1981
- Flipping the Traditional Fund Model
- Whose Interests Come First?
- Vanguard Enters the Active Management Arena . . .
- . . . and Expands Indexing to the Bond Market
- Two Crises
- Black Monday
- 32 More Mutual Funds
- Turning to Active Managers
- A Second Windsor Fund
- The Cynics Lose
- Vanguard Specialized Portfolios
- A Productive Decade
- Looking Ahead
- Staying the Course
- Chapter 7 1991-1996: Preparing for a New Mutual Fund Industry
- Beginning with a Bang
- The Sacred Cows
- Technology Leadership
- Customized Advice
- "A Shot Across the Bow"
- The Admiral Funds
- New Concepts in Indexing
- The Growth and Value Index Funds
- The Ideal versus the Reality
- The Factor-Fund Boom
- Bringing Lower Costs to Investors
- Competing on Price . . . The 1993 Proxies
- A Serious Blunder
- The Balanced Index Fund
- Spawning a Family of Balanced Funds
- The LifeStrategy Funds
- Target Retirement Funds
- Active versus Passive TDFs - Costs Matter
- Introducing Other New Concepts
- Tax-Managed Funds
- Trial . . .
- . . . and Error
- The Horizon Fund Portfolios
- Factor Funds Introduced
- Staying the Course
- Chapter 8 1996-2006: The ETF Revolutionizes Indexing
- A Visit from Nathan Most
- ETFs: The Beginning
- No Community of Interest
- The "Spider"
- The ETF Catches On
- The "Holy Grail" of Investing
- "All Day Long, in Real Time"
- Imitation Is the Sincerest Form of Flattery
- "I'm Shocked, Shocked . . ."
- Vanguard and VIPERs
- Taking the High Ground
- The Proof of the Pudding
- TIF Returns versus ETF Returns
- New Markets for ETFs Emerge
- "As First ETF Turns 25, Exchange-Traded Funds Dominate the Investing World"
- Staying the Course
- Chapter 9 2006-2018: The Momentum Continues - Strategy Follows Structure
- The Triumph of Indexing
- Optimism
- It's Called Momentum
- The Index Revolution
- Vanguard's Share
- A Revolution in Market Share
- "Uneasy Lies the Head That Wears a Crown"
- M.I.T., then MFS
- IDS , Now Columbia Threadneedle
- Fidelity
- Magellan Fund
- Vanguard
- Strategy Follows Structure
- The Low-Cost Structure
- "Relative Predictability" in Practice
- The Benefits of Relative Predictability
- Vanguard's Actively Managed Funds
- Closing Funds to New Investors . . . when Appropriate
- Vanguard's Mutual Structure
- Fees versus Rates
- "Vanguard Is Not . . . Different" Really?
- Nothing Succeeds (or Fails?) Like Success . . .
- . . . but Trees Don't Grow to the Sky
- Challenges to the Index Fund
- An Organization That Cares
- Staying the Course
- Appendix I My Successors
- John Brennan
- F. William (Bill) McNabb
- Mortimer J. (Tim) Buckley
- Appendix II Vanguard by the Numbers
- Chapter 10 Caring: The Founder's Legacy
- The Founder's Mentality
- Great Leaders of History
- Lord Nelson: "An Infectious Trust in People"
- The Vanguard Award for Excellence
- Loyalty Is a Two-way Street
- "Even One Person Can Make a Difference"
- Caring About the Institution
- The Vanguard Partnership Plan: Another Landmark
- Cash on the Line
- Our Nautical Heritage
- What's in a Name?
- Two Complementary Views
- Nice People
- "No Man Is an Island"
- Staying the Course
- Part II The Vanguard Funds
- Chapter 11 Wellington Fund: Vanguard's Alpha and Omega
- The Alpha
- The Founding Objectives
- Walter L. Morgan, Founder and Mentor
- The Fall: Wellington Fund's Nadir (1965-1978)
- "Dynamic Conservatism?"
- March 1972: A Warning About Speculation
- Abject Failure
- 1978-2018: The Renaissance
- A 70% Dividend Increase
- Strategy + Implementation - Cost = Fund Return
- The Cost Advantage
- Summing Up
- The Omega
- Chapter 12 The Index Funds
- Our Index Fund Is Copied . . . and Praised
- Betting on the 500 Index Fund
- International Stock Index Funds
- Enter the Total Stock Market Index Fund
- Growth and Value Index Funds
- Success for the Funds, Failure for Their Investors
- More Index Funds
- Market Indexes Have Outpaced 91% of Actively Managed Funds
- Index Funds Dominate
- Chapter 13 The Windsor Funds
- What's in a Name?
- Modest IPO, Weak Returns
- Enter John B. Neff
- Strong Fund Returns, Strong Cash Flows
- "The Time Has Come"
- What to Do?
- For the Doubters, a Surprising Outcome
- The Multi-Manager Concept
- The Lessons of History
- Chapter 14 The PRIMECAP Funds
- PRIMECAP Management Is Formed
- Vanguard PRIMECAP Fund Is Formed
- Let's Look at the Record
- Low Costs Account for Much of PRIMECAP's Advantage in Annual Return
- Vanguard's "Four Ps" in Evaluating Fund Managers
- PRIMECAP in Retrospect
- PRIMECAP and Vanguard Capital Opportunity Fund
- The PRIMECAP Funds Today
- Summing Up
- Chapter 15 The Bond Funds
- 1970: "Bonds Are Yesterday, Stocks Are Tomorrow"?
- Municipal Bond Funds: The Door Swings Ajar
- The Door Opens Wide: Vanguard Becomes a Bond Fund Manager
- Managing Vanguard's Fixed Income Funds
- Vanguard Becomes a Fully Functioning Fund Complex
- Enter the Bond Index Fund
- Vanguard: The Dominant Bond Manager
- Industry Leadership
- The Role of Bond Index Funds
- Lower Costs Equal Higher Yields
- "It's the Extra Yield, Stupid"
- The Drag of Sales Loads
- Fiduciary Duty
- The Future of Bonds . . . and Bond Funds
- Looking Ahead
- Chapter 16 Problems and Perspectives
- Vanguard U.S. Growth Fund
- The New Adviser Fails
- Vanguard Asset Allocation Fund
- It Worked . Until It Didn't
- Vanguard Growth Equity Fund
- The Past Was Not Prologue
- Three Sad Stories, Three Challenged Funds
- A Changing Asset Base
- Part III The Future of Investment Management
- Chapter 17 The Fund Industry Becomes Mutual
- The Mutual Fund Industry: 1951 and 2018
- The Failure to Add Value
- An Endorsement from Paul Volcker
- An Absurd Structure
- Structures That Contravene U.S. Public Policy
- "Independent Scrutiny"?
- Babies Grow Up
- "The Vanguard Experiment"
- The Coming Age of Mutualization
- Strike One: The IBM Funds
- As Clear as a Conflict Can Be
- Strike Two: Putnam
- Ethical Failures
- A Perfect Case
- Two Strikes, Still at Bat
- The SEC Speaks
- Chapter 18 The Challenge to the S&P 500 Index Fund
- The Challenge from Wall Street
- The Challenge from Academia
- One Company per Industry
- How Many Industries?
- Why Seek to Destroy the Index Fund?
- Pascal's Wager: Consequences Must Outweigh Probabilities
- Yes, Index Funds Face Challenges
- Concentration in Indexing
- "All the Darn Money Goes to the Fund Shareholders"
- Monopoly Power?
- A New Gilded Age?
- Chapter 19 "The Financial Institutions Act of 2030"
- The Fund and the Fund Complex
- Public Ownership of Mangers
- Institutional Investors and Corporate Governance
- The Narrow Ambit of the 1940 Act
- Implications of Index Fund Dominance
- Two Other Investment Issues
- Fiduciary Duty: The Theme of Part III
- Part IV Personal Reflections
- Chapter 20 What Really Matters: A Memoir
- "The Eagle and the Bear"
- Giving Back
- Blair's Renaissance
- "On Vanguard's Seas"
- Heart Transplant Wanted!
- "Dr. B"
- ICI Chairman, 1969-1970
- Proteges
- Other Friends
- "A Real Chairman?"
- "Mr. President . . ."
- Two More Presidents
- Picked Out of Obscurity
- From D+ to A+
- Scholarships and Fellowships
- A Great Investment
- Stay the Course
- Index
- Books by John C. Bogle
- Supplemental Images
- EULA
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