I read John c. Bogle's book "ENOUGH The Management of Money, Business, and Life " in Japan " The Diamonds of Life are Buried Under Your Feet".
I didn't know anything about the author until I read an article on Diamond Online by Mr. Moto Yamazaki, an economics critic, but when I read that he was the founder of Vanguard, I became very interested.
That's because the only mutual fund I buy is the Saison Vanguard Global Balanced Fund.
The author founded Vanguard in May 1975.
The origin of Vanguard was named after the flagship "Vanguard" that Admiral Nelson was aboard when the British won a great naval victory against the French. It was a sign of his determination to win the battle in the fund industry, and also a message to be a "pioneer of a new trend," as the meaning of Vanguard also means vanguard or leading edge.
As the company name itself suggests, it sold the world's first index fund and introduced a "no-load" system with no sales charges, and now has a huge amount of assets under management of 600 trillion yen (Japan's national budget is 300 trillion yen in both general and special accounts).
This book contains his management and life philosophies.
The investment industry has shifted its emphasis from "fiduciary responsibility" to "sales mentality" and has changed from "managing assets" entrusted by investors to "collecting assets" for itself. This is not only not responding to investors' trust at all, but on the contrary, it is criticizing itself for receiving profits that investors should receive.
The fund industry must change its ways and deal fairly with investors. To be useful to investors throughout their lives. To have a long-term investment perspective. To contribute to long-term investment. His dream is to put fund investors at the center.
The fund industry is in such bad shape today that the author has to speak of "dreams" when it is obvious.
Fortunately, Vanguard seems to be operating in a way that avoids this kind of rut, which is a bit of a relief for me as I have purchased a small amount of funds.
I learned a lot from this book, not only about the fund industry, but also about what it means to be a leader and how to relate to family and community.
I'm thinking of starting something new, and I can greatly benefit from the impressive words that were used in Vanguard's marketing strategy and also in my favorite movie, Field of Dreams.
If you build it, he will come.
Now, what should I make?
