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.
What else is there for me to conquer? Hopefully my ego. How will I know when I've succeeded? When I stop caring what anyone thinks.
Why ask for truth," Ser Barristan said softly, "if you close your ears to it?
It is a good divine that follows his own instructions.
Nothing is more responsible for the good old days than a bad memory.
Forgiving is not about forgetting, it's letting go of the hurt
Sometimes you learn more from losing than winning. Losing forces you to reexamine.
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