#57 John Bogle: Stay the Course: The Story of Vanguard and the Index Revolution
Founders
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The Founder's Mentality
In 1951, studying the fund industry for my Princeton senior thesis, I observed the performance of five sector funds. With such a flawed investment premise, despite their brilliant, for a time, marketing premise, these funds ill-served their investors and fell out of the mainstream. So he's basically doing the same thing and they wind up not serving the investors in Vanguard. He says, it occurs to me that most of my mistakes I've made during my long career came on those occasions happily rare when I removed my investment hat and put on a marketing hat. Most companies that achieve sustainable growth share a common set of motivating attitudes and behaviors that can usually be traced back to a bold, ambitious founder who
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