John Bogle was the founder and CEO of The Vanguard Group.
He pioneered the first index fund. He passed away in 2019.
He once said in a speech I’ll never forget:
“Here’s how I recall the wonderful story that sets the theme for my remarks today: At a party given by a billionaire on Shelter Island, the late Kurt Vonnegut informs his pal, the author Joseph Heller, that their host, a hedge fund manager, had made more money in a single day than Heller had earned from his wildly popular novel Catch 22 over its whole history.
Heller responds, ‘Yes, but I have something he will never have… Enough.’
Enough. I was stunned by its simple eloquence, to say nothing of its relevance to some of the vital issues arising in American society today. Many of them revolve around money — yes, money — increasingly, in our ‘bottom line’ society, the Great God of prestige, the Great Measure of the Man (and Woman).”...
