John Bogle on Investing: The First 50 Years

SOME WORDS OF APPRECIATION

IT SEEMS LIKE ONLY yesterday when Jeffrey A. Krames, publisher at The McGraw-Hill Companies, visited me in my Vanguard offices to propose a new book: selections from the 100-plus formal speeches that I've delivered over the past 30 years. Actually, it was on November 1, 1999, close to the 50th anniversary, as it were, of my fortuitous reading of an article in the December 1949 issue of Fortune magazine. The subject of the story intrigued me, and I decided to write my Princeton thesis on it: the mutual fund industry. On that random event of a half-century ago depended everything that followed in my long career in this business. When Jeff suggested that my ancient thesis be one of the centerpieces of the book, I quickly succumbed to the obvious temptation and agreed to his proposal.

So, first, I thank Jeff for his initiative. I also thank both him and McGraw-Hill editor Stephen Isaacs for their constructive support in helping me select the most significant speeches, in reviewing my new text that places the thesis and the speeches in context, and in bringing the publication of my third book to a happy conclusion. I also express my special appreciation to my associates who comprise the staff of Vanguard's Bogle Financial Markets Research Center: My good right arm Kevin P. Laughlin provided tireless assistance, not only in preparing this manuscript for publication, but also in the yeoman's work he's done for me in research and editorial support during his ...