What’s more, they intended to move all of Wellington to Boston. But my adversaries had more votes on the company board than I did, and it was they who fired me from what I had considered my company. Not surprisingly, my partners and I had a falling out. I have worked there-one way or another, as you will soon see-ever since.Ī Door Slams a Window Opens – Getting Firedīy late 1974, as the bear market took its toll and large numbers of our shareholders took flight, the assets under our management had plunged from $3 billion to $1.3 billion.
Bogle to our Wellington organization.” I started right after my 1951 graduation (magna cum laude, thanks largely to my thesis) and never looked back. Largely as a result of this thesis, we have added Mr. He read my thesis and liked it sufficiently that he would soon write: “A pretty good piece of work for a fellow in college without any practical experience in business life. Morgan, mutual fund pioneer, the founder of the Philadelphia-based Wellington Fund and member of Princeton’s class of 1920. When the article described the industry as “tiny but contentious,” I knew that I had found my topic and, though I couldn’t know it at the time, another diamond as well.Īfter a year of intense study of the mutual fund industry, I completed my thesis and sent it to several industry leaders. What but fate can account for the fact that in December 1949, searching for my topic, I opened Fortune magazine to page 116 and read an article (“Big Money in Boston”) about a financial instrument that I had never heard of before: the mutual fund. Not John Maynard Keynes, not Adam Smith, not Karl Marx, but a subject fresh and new. “ The great game of life is not about money it is about doing your best to join the battle to build anew ourselves, our communities, our nation, and our world.”Īt Princeton, this callow, idealistic young kid with a crew cut had determined to write his economics department senior thesis on a subject on which no earlier thesis had been written. Heller responds,“Yes, but I have something he will never have. The book begins with a great story that summarizes the theme of the book:Īt a party given by a billionaire on Shelter Island, Kurt Vonnegut informs his pal, Joseph Heller, that their host, a hedge fund manager, had made more money in a single day than Heller had earned from his wildly popular novel Catch-22 over its whole history. The book is divided into three sections: Money, Business, and Life. Bogle, the late founder of the Vanguard Mutual Fund Group and creator of the first index mutual fund, in Enough: True Measures of Money, Business, and Life, examines what it truly means to have “enough” in a world increasingly focused on status and score-keeping. Happiness is the key to success.” – Albert Schweitzer
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