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.
How great, my friends, is the virtue of living upon a little!
As meditation goes deep you will feel less and less desires, more and more contentment with whatsoever you have. There will be less and less desire for that which you don't have, and more and more contentment with whatsoever you have. As meditation goes deeper, a very contented consciousness evolves. Ultimately there is no desire, only contentment.
An error can never become true however many times you repeat it. The truth can never be wrong, even if no one hears it.
Never open the door to a lesser evil, for other and greater ones invariably slink in after it.
Wherever you are is the perfect place to awaken. This moment is the exact place to practice compassion and loving awareness. You have all the ingredients to breathe and find freedom just where you are.
One can only pour out of a jug that which is in it.
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