Respect Your Investors

They Win Only When Your Customers Are Loyal

In the summer of 2019, a Chinese entrepreneur bid an astounding $4.57 million for the privilege of having lunch with legendary investor Warren Buffett.1 This news reminded me how incredibly fortunate I had been back in 1996 when a similar opportunity (perhaps an even better one) came my way. The price was surely better. I was treated to a round of golf with Jack Bogle, and the famously parsimonious Vanguard Group—which Jack founded—covered both my greens fee and dinner that evening.

Jack was a true superhero in his field and was widely admired for his respectful treatment of his investors. As a MarketWatch obituary in 2019 put it, “Jack Bogle even towered over Warren ...

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