PERSISTENCE AND PUBLICATION
The very existence of Bogle on Mutual Funds: New Perspectives for the Intelligent Investor depended largely on some remarkable persistence, first by Amy Hollands, then senior editor for Irwin Professional Publishing (later part of McGraw-Hill Publishing). Amy stopped in at my Valley Forge office in November 1990 and told me that Irwin was eager to publish a book aimed at helping mutual fund investors achieve their financial goals. Based on her numerous high-level contacts around the financial community, she reported that almost every person with whom she discussed the need for a solid book on mutual funds had suggested that I should be the author.
“Thanks Amy, but maybe later,” I told her. For at that time I was quite overwhelmed with the task of building Vanguard—the fund complex that I had founded in 1974, beginning with some $1.4 billion of investor assets—and managing the explosive growth that would carry our assets to more than $100 billion by 1993. At that time, we had just begun to emerge as an industry leader, and cash flow from net investments by shareholders had been growing at an amazing 20% annual rate for a decade. “I'd love to do it. And I know that I can do it,” I told her, “but right now I can't possibly find the time to write a book.”
So, Amy came back a year later with the same ...