John Bogle on Investing: The First 50 Years

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THE THINGS BY WHICH ONE MEASURES ONE'S LIFE

Commencement AddressThe Haverford SchoolHaverford, PennsylvaniaJune 7, 1999

I AM PROFOUNDLY honored, if somewhat intimidated, by this opportunity to address The Haverford School Class of 1999 at your commencement. My job, as I understand it, is to say something important and relevant, but not speak so long as to try your patience. I'll do my best to meet both standards.

A lot has happened in the world since my own school graduation 52 years ago (although it doesn't seem nearly that long!). But we share at least a few similarities. Blair Academy, a boarding school in northern New Jersey, was also an all-boys school, so commonplace then, but so rare now. I salute Haverford for its determination to stay the course in pursuing its 115-year mission.

After school, I too immediately went on to college, in my case Princeton University. (It was far easier to gain admission there in 1947 than in 1999.) Supported by two scholarships and earnings from student and summer jobs, I graduated in 1951 and entered the investment business, plying the same trade that I ply to this day. A fine education is a priceless advantage in life, and I hope you won't take for granted your good fortune in being able to move on, almost seamlessly, from an outstanding preparatory school to a fine college.

As a father of two sons who are Haverford alumni and a daughter who directs your Capital Campaign, I've come to know your school fairly well. I learned a lot more ...