CAHPTER 2
A MERGER MADE IN HEAVEN
Looking for his first real job after graduation, Jack Bogle got a lucky break: Walter McGessler, the manager of Jack’s eating club at Princeton, bumped into Walter Morgan, a former club member who was in the mutual fund business. McGessler urged Morgan to consider hiring Bogle, citing his thesis on mutual funds. Reluctant to waste his own time—he thought most Princetonians were spoiled kids who wouldn’t work hard—Morgan asked two of his senior people, A. Moyer Kulp and Joseph E. Welch, to meet Bogle as a favor to McGessler. When they did, they were impressed by the young man’s observations on the industry and urged Morgan to read the thesis. Morgan did and was more than impressed; he urged all his employees ...
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