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FoundersFebruary 4, 2019
#58 John Bogle: Enough: True Measures of Money, Business, and Life
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About This Episode
What I learned from reading Enough: True Measures of Money, Business, and Life by John Bogle ---- Gentlemen, cut your costs. [4:00] the benefits of being forced to work early on in life [7:00] I'll never forget the inspiration when I read this quote: The force of his mind overcame his every impediment. [9:30] the traits he needed to found Vanguard [12:00] what John thinks we should be doing better [13:30] create things that help other people/Charlie Munger [17:30] When a business fails people want to know their revenue. I want to know their costs [19:30] the past is not a prologue in the financial markets... please, please, please don't count on it. [23:00] Einstein well understood the limits of quantification / the way we act and the way we measure are in conflict [26:00] Show me the incentive and I will show you the outcome. –Charlie Munger / If you get the incentives right when you start the company you will grow. [35:00] A rule of life: Press On, Regardless [39:00] 10 reasons why I bother to battle [44:00] ---- Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work. Get access to Founders Notes here. ---- “I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth Be like Gareth. Buy a book: All the books featured on Founders Podcast
Book Mentions
11 book mentions in this episode.
Jump to booksTip: Click “Mentioned at …” to copy a timestamp.
Tip: Click a cover image to open a book link.
Books Mentioned
Catch-22
Joseph Heller
“The speaker recalls a conversation with Joseph Heller about the earnings of his novel, Catch-22, compared to a billionaire's wealth.”
Sentiment: Passing Reference
Trigger: Joseph Heller's legacy
For: Readers interested in literary anecdotes and reflections on success
Key quote: “And Joe said, I've got something he can never have.”
The host mentions Joseph Heller and his novel 'Catch-22' in a light-hearted anecdote about a conversation at a party. This reference serves to highlight Heller's perspective on contentment and success in contrast to material wealth.
ASIN: N/A
Buy on AmazonClick the book cover image to open the affiliate link.
“The speaker discusses John Bogle's book, Enough, which is acclaimed and focuses on his philosophy on life and business.”
Sentiment: Highly Recommended
Trigger: philosophy on life
For: Individuals interested in personal finance and life philosophy
Key quote: “This book is more about... his philosophy on life.”
The host mentions 'Enough' by John Bogle to highlight its philosophical insights on life and money. He emphasizes its acclaim and the notable figures who have endorsed it, suggesting its significance in understanding personal values.
ASIN: 0470524235
Buy on AmazonClick the book cover image to open the affiliate link.
Stay the Course
John Bogle
“The speaker contrasts the book Stay the Course with Enough, noting that Stay the Course covers the founding history of Vanguard.”
Sentiment: Highly Recommended
Trigger: philosophy on life
For: Readers interested in personal finance and life philosophy
Key quote: “If the book we covered last week, Stay the Course, was about the founding history of Vanguard, this book is more about... his philosophy on life.”
The host mentions 'Stay the Course' to highlight its focus on the founding history of Vanguard, contrasting it with John Bogle's later work that delves into his life philosophy. This connection emphasizes the depth of Bogle's insights beyond just financial matters.
ASIN: N/A
Buy on AmazonClick the book cover image to open the affiliate link.
“The speaker mentions a podcast about a book called From Little Acorns, written by the founder of Seagram's.”
Sentiment: Highly Recommended
Trigger: John Bogle's philosophy
For: Readers interested in business philosophy and personal development.
Key quote: “He wrote a book called From Little Acorns.”
The host mentions 'From Little Acorns' as part of a discussion about John Bogle's influential ideas and his book 'Enough'. This reference highlights the importance of understanding foundational principles in business and life, which Bogle emphasizes in his work.
ASIN: 140480658X
Buy on AmazonClick the book cover image to open the affiliate link.
“The speaker references a 1917 diatribe entitled A License to Steal, which critiques the life insurance industry.”
Sentiment: Deep Dive
Trigger: John Bogle's philosophy
For: Entrepreneurs and finance professionals
Key quote: “His spirited 1917 diatribe, which is 250 pages long, was entitled, A License to Steal, How the Life Insurance Industry Robs Our Own People of Billions.”
The host discusses John Bogle's book 'A License to Steal' to highlight Bogle's critical views on the finance industry and its practices. He draws parallels between Bogle and his great-grandfather, emphasizing their shared commitment to reforming the industry and advocating for value creation over value extraction.
ASIN: B0G3LWVZRB
Buy on AmazonClick the book cover image to open the affiliate link.
The Essays of Samuel Johnson
Samuel Johnson
“The speaker recalls a sentence from an essay on Samuel Johnson that inspired him during his junior year.”
Sentiment: Passing Reference
Trigger: inspiration from literature
For: students and literature enthusiasts
Key quote: “The speaker recalls a sentence from an essay on Samuel Johnson that inspired him during his junior year.”
The host reflects on how a particular essay by Samuel Johnson had a significant impact on him during his formative years. This mention serves to highlight the lasting influence of classic literature on personal growth.
ASIN: N/A
Buy on AmazonClick the book cover image to open the affiliate link.
The Essays of Thomas Babington Macaulay
Thomas Babington Macaulay
“The speaker references a description by Thomas Macaulay of Samuel Johnson, highlighting the force of his mind.”
Sentiment: Passing Reference
Trigger: description of Samuel Johnson
For: Readers interested in literary history
Key quote: “The speaker references a description by Thomas Macaulay of Samuel Johnson, highlighting the force of his mind.”
The host briefly mentions Thomas Macaulay's essays to illustrate the intellectual prowess of Samuel Johnson. This reference serves to underscore the significance of Johnson's contributions to literature.
ASIN: N/A
Buy on AmazonClick the book cover image to open the affiliate link.
The Little Book of Common Sense Investing
John C. Bogle
“John Bogle discusses the importance of long-term investing and the folly of short-term speculation, emphasizing the value of simplicity over complexity.”
Sentiment: Highly Recommended
Trigger: long-term investing
For: investors seeking straightforward investment strategies
Key quote: “John Bogle discusses the importance of long-term investing and the folly of short-term speculation, emphasizing the value of simplicity over complexity.”
The host highlights John Bogle's insights on the significance of long-term investing strategies. This book serves as a guide to understanding the benefits of simplicity in investment approaches.
ASIN: N/A
Buy on AmazonClick the book cover image to open the affiliate link.
“The speaker quotes Socrates on the importance of wisdom and truth over wealth, relating it to the themes of the book.”
Sentiment: Passing Reference
Trigger: importance of wisdom
For: Individuals interested in philosophy and ethics.
Key quote: “The speaker quotes Socrates on the importance of wisdom and truth over wealth.”
The host mentions 'The Essays of Socrates' to highlight Socrates' views on prioritizing wisdom and truth over material wealth. This reference serves to reinforce the discussion around the value of intellectual pursuits.
ASIN: N/A
Buy on AmazonClick the book cover image to open the affiliate link.
The Black Swan
Nassim Taleb
“Nassim Taleb captures this idea with great insight in his book, The Black Swan. Taleb confirms what we already know. In the financial markets, the improbable is, in fact, highly probable.”
Sentiment: Highly Recommended
Trigger: speculation in financial markets
For: investors and financial advisors
Key quote: “In the financial markets, the improbable is, in fact, highly probable.”
The host mentions 'The Black Swan' to emphasize the unpredictability of financial markets and the common misconceptions that past performance can reliably predict future outcomes. Nassim Taleb's insights challenge listeners to reconsider their assumptions about risk and probability in investing.
ASIN: 059324365X
Buy on AmazonClick the book cover image to open the affiliate link.
“If you want the full story, I'd recommend picking up the book. It's Enough: True Measures of Money, Business, and Life by John Bogle. I think it's one of those books that you just leave out in your living room and just pick it up, read a chapter, put it down.”
Sentiment: Highly Recommended
Trigger: book recommendation
For: general readers interested in personal finance
Key quote: “It's Enough: True Measures of Money, Business, and Life by John Bogle.”
The host suggests that 'Enough' is a valuable read that can be easily picked up and enjoyed in small doses. They believe it offers important insights into money and life that are worth sharing with others.
ASIN: 0470524235
Buy on AmazonClick the book cover image to open the affiliate link.