I would always advise young people to follow their star - not my star. They have to live their own life. If they decide they want to go into the investment business, do it, but make it a better business than it is today.
Interpretation
Encourage individuals to pursue their own paths and improve upon existing standards.
John C. Bogle emphasizes the importance of personal journey and self-discovery for young people. Rather than simply mimicking the experiences or successes of others, he advocates for following one's own aspirations and striving to enhance whatever field they choose to enter, particularly in the realm of investment. This reflects a broader philosophy of authenticity and improvement in personal and professional endeavors.
In practice
In a graduation speech, one might share this quote to inspire young graduates to forge their own paths.
When our financial system - essentially our money managers, marketers of investment products and stockbrokers - put up zero percent of the capital and assume zero percent of the risk yet receive fully 80% of the return, something has gone terribly wrong in our financial system.
Entrepreneurs or international conglomerateurs, or large financial institutions buy or create mutual fund management companies to create a return on their own capital. It's capitalism at work, where the rewards tend to go to the managers rather than the investors.
Net return is simply the gross return of your investment portfolio less the costs you incur. Keep your investment expenses low, for the tyranny of compounding costs can devastate the miracle of compounding returns.
Investing is a virtuous habit best started as early as possible.
Wise investors won't try to outsmart the market.
The Vanguard Experiment was designed to prove that mutual funds could operate independently, and do so in a manner that would directly benefit their shareholders.
I learned many years ago never to waste time trying to convince my colleagues.
Such a man as instinctively feeds on pure ambrosia and leaves alone the indigestible in things.
If you just sit and observe, you will see how restless your mind is. If you try to calm it, it only makes it worse, but over time it does calm, and when it does, there's room to hear more subtle things - that's when your intuition starts to blossom and you start to see things more clearly and be in the present more. Your mind just slows down, and you see a tremendous expanse in the moment. You see so much more than you could see before. It's a discipline; you have to practice it.
Doing a straight-forward, clear-cut task that has a beginning and an end balances out the complexity-without-end that often vexes the rest of my life. Sacred simplicity.
Each daughter of God is of infinite worth because of her divine mission.
The stars had only one task: they taught me how to read. They taught me I had a language in heaven and another language on earth.
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