A Quote by John C. Bogle
We need to reorganize our entire system of retirement plan investing and to develop federal standards of fiduciary duty for pension trustees and fund managers. These require "top down" intervention. But we also need investors to look after their own economic interests, a bottom up approach to our problems that is well within our individual power to undertake.
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I believe that the behavior of too many of our corporations investment bankers and fund managers has jeopardized some of the trust that investors have had. It's not the economic engine that we need to focus on, but the need to make sure that our investors receive their fair share of the returns that that great economic system produces.
Our capitalistic scheme in the latter years of the 20th century seems to have lost its way. We've had a "pathalogical change" from traditional owners capitalism where most of the rewards have gone to those who make the investments and assume the risks to a new and deeply flawed system of managers capitalism where the managers of our corporations our investment system, and our mutual funds are simply take too large a share of the returns generated by our corporations and mutual funds leaving the last line investors - pension beneficiaries and mutual fund owners at the bottom of the food chain.
The simple index fund solution has been adopted as a cornerstone of investment strategy for many of the nation's pension plans operated by our giant corporations and state and local governments. Indexing is also the predominant strategy for the largest of them all, the retirement plan for federal government employees, the Federal Thrift Savings Plan (TSP). The plan has been a remarkable success, and now holds some $173 billion of assets for the benefit of our public servants and members of armed services.
People constantly requesting government intervention are casting their problems at society. And, you know, there's no such thing as society. There are individual men and women and there are families. And no government can do anything except through people, and people must look after themselves first. It is our duty to look after ourselves and then, also, to look after our neighbours.
I believe Washington should be a more active participant focusing on the issue of why corporate shareholders and mutual fund shareholders are not given fair treatment by corporate management and mutual fund management. We need to develop a national standard of fiduciary duty to ensure that these agents, if you will, are adequately representing the principles - pension beneficiaries and mutual fund shareholders - whom they are duty bound to serve.
Left-wing shareholder activists seek to leverage the mass economic power of institutional investors such as pension funds, whose managers are supposed to focus strictly on their fiduciary responsibilities to retirees.
We need a mutual fund industry with both vision and values; a vision of fiduciary duty and shareholder service, and values rooted in the proven principles of long-term investing and of trusteeship that demands integrity in serving our clients.
We need to reform our immigration system from top to bottom and make sure our country is not only safer for, but also more inclusive of, immigrants.
We need a federal government commission to study the way our financial services system is working - I believe it is working badly - and we also need more educated investors. There are good long term low-priced mutual funds - my favorite is a total stock market index fund - and bad short term highly priced mutual funds. If investors would get themselves educated, and invest in the former - taking their money out of the latter - we would see some automatic improvements in the system, and see them fairly quickly.
I can only hope that one day soon we'll understand our true economic buying power by investing in our own communities and putting our money into businesses that keep our dollars in our community.
Our country also hungers for leadership to ensure the long-term survival of our Social Security system. With 70 million baby boomers in this country on the verge of retirement, we need to take action to shore up the system.
Our approach has worked for us. Look at the fun we, our managers, and our shareholders are having. More people should copy us. It's not difficult, but it looks difficult because it's unconventional - it isn't the way things are normally done. We have low overhead, don't have quarterly goals and budgets or a standard personnel system, and our investing is much more concentrated than average. It's simple and common sense.
Our first duty to liberty is to keep our own. But it is also our duty - as Europeans - to keep alive in the Eastern as well as the Western half of our continent those ideas of human dignity which Europe gave to the world. Let us therefore resolve to keep the lamps of freedom burning bright so that all who look to the West from the shadows of the East need not doubt that we remain true to those human and spiritual values that lie at the heart of European civilization.
Our entire judicial system in Liberia has broken down because of the many years of lawlessness, indiscipline and warfare. We need more training to get more qualified judges. We need infrastructural reforms. All of our laws need to be re-examined by a law reform commission.
If we are demoralized, sad and only complain, we’ll not solve our problems. If we only pray for a solution, we’ll not solve our problems. We need to face them, to deal with them without violence, but with confidence - and never give up. If you adopt a non-violent approach, but are also hesitant within, you’ll not succeed. You have to have confidence and keep up your efforts - in other words, never give up.
How our governments need standards of integrity! How our communities need yardsticks to measure decency! How our neighborhoods need models of beauty and cleanliness! How our schools need continued encouragement and assistance to maintain high educational standards! Rather than spend time complaining about the direction in which these institutions are going, we need to exert our influence in shaping the right direction. A small effort by a few can result in so much good for all of mankind.
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