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FoundersJanuary 28, 2019
#57 John Bogle: Stay the Course: The Story of Vanguard and the Index Revolution
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About This Episode
What I learned from reading Stay the Course: The Story of Vanguard and the Index Revolution. ---- This is a story of a revolution [0:01] what Vanguard does and why? [7:00] the seed of the idea that eventually becomes Vanguard [10:00] switching from conservative investing to speculation / when humans are scared they copy the behavior of those around them [17:00] John gets fired. He decides to fight back. [31:00] if you know why you are doing what you are doing you are less likely to quit [41:00] staying the course gives you a massive advantage because most humans quit [53:00] We must never underrate the power of compounding investment returns, and always avoid the tyranny of compounding investment costs.– John Bogle [59:00] eliminating the 50-year tradition of sales commission [1:01:00] a failure caused by focusing on competition and not learning from the past [1:06:00] the Founders Mentality [1:07:30] personal reflections and a memoir of sorts [1:11:00] ---- 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
“The book discusses the author's career, the creation of the Index Mutual Fund, and the philosophy behind Vanguard's investment strategy.”
Sentiment: Highly Recommended
Trigger: John Bogle's impact
For: Investors and finance enthusiasts
Key quote: “I think he is the inventor and the founder of arguably one of the most important products and most important companies in history.”
The host emphasizes John Bogle's significant contributions to the financial industry, particularly through the creation of the Index Mutual Fund. He expresses a strong desire to explore Bogle's ideas and legacy, especially following his recent passing.
ASIN: N/A
Buy on AmazonClick the book cover image to open the affiliate link.
“The author references this book to illustrate the consistent behavior of humans in financial markets over centuries.”
Sentiment: Passing Reference
Trigger: human behavior in finance
For: Individuals interested in economic history
Key quote: “The author references this book to illustrate the consistent behavior of humans in financial markets over centuries.”
The host mentions this book to highlight how human behavior in financial markets has remained consistent throughout history. It serves as a reminder of the recurring patterns observed in economic crises.
ASIN: N/A
Buy on AmazonClick the book cover image to open the affiliate link.
The Big Short
Michael Lewis
“One of the life-changing books for me, as far as how I view the world now, was Michael Lewis's book The Big Short, because it goes into detail.”
Sentiment: Highly Recommended
Trigger: investment failures and lessons
For: investors and finance professionals
Key quote: “one of the life-changing books for me, as far as how I view the world now, was Michael Lewis's book The Big Short, because it goes into detail.”
The host mentions 'The Big Short' to illustrate the recurring patterns of failure in the investment world, drawing parallels between past and present market behaviors. The book's insights into the flaws of expert decision-making resonate with the host's experiences and reflections on the industry.
ASIN: B0FJTJ9KMC
Buy on AmazonClick the book cover image to open the affiliate link.
“If I've told you this before, we're in conversation, I really try to design within constraints... I think it would be the autobiography of James Dyson.”
Sentiment: Passing Reference
Trigger: design within constraints
For: Individuals interested in design and innovation.
Key quote: “I think it would be the autobiography of James Dyson.”
The host briefly mentions the autobiography of James Dyson while discussing the importance of designing within constraints. This reference serves to highlight Dyson's innovative approach to design.
ASIN: N/A
Buy on AmazonClick the book cover image to open the affiliate link.
“I'm reading another one of his books. He wrote like 11 or 14 books, something like that, something crazy. And he talks more, this book is more about like the beginning of Vanguard.”
Sentiment: Highly Recommended
Trigger: John Bogle and Vanguard
For: Investors and finance enthusiasts
Key quote: “He was a truly remarkable person with some very simple ideas that in retrospect are extremely obvious.”
The host emphasizes the significance of John Bogle and his contributions to the financial industry, particularly through the concept of the Index Mutual Fund. He believes that Bogle's simple yet profound ideas can lead to great results over time, making this book essential for understanding his impact.
ASIN: N/A
Buy on AmazonClick the book cover image to open the affiliate link.
“The mention of Jeff Bezos and an executive's argument about flying first class is found in the book 'The Everything Store'.”
Sentiment: Deep Dive
Trigger: decision-making mental models
For: entrepreneurs and business leaders
Key quote: “he slammed his hand on the table and he got all mad because he's like you're not thinking like an owner”
The host references 'The Everything Store' to illustrate Jeff Bezos's decision-making philosophy, emphasizing the importance of thinking like an owner. This example serves to highlight how successful entrepreneurs prioritize customer value over personal comfort or status.
ASIN: B00FJFJOLC
Buy on AmazonClick the book cover image to open the affiliate link.
“The speaker references 'The Founder's Mentality' as a book that describes the legacy of Vanguard's founder and discusses the traits of successful companies.”
Sentiment: Passing Reference
Trigger: traits of successful companies
For: Business leaders and entrepreneurs
Key quote: “The Founder's Mentality describes the legacy of Vanguard's founder and discusses the traits of successful companies.”
The host mentions 'The Founder's Mentality' to highlight the influence of Vanguard's founder on the company's legacy. It serves as a reference point for discussing the characteristics that contribute to the success of companies.
ASIN: N/A
Buy on AmazonClick the book cover image to open the affiliate link.
“The speaker mentions a memoir called 'What Really Matters' that reflects on the author's career and investment philosophy.”
Sentiment: Deep Dive
Trigger: founders mentality and memoirs
For: Entrepreneurs and business leaders
Key quote: “I want to honor some of the people have influenced my life.”
The host discusses the insights from the book 'What Really Matters' as it relates to the mentality of successful founders and their desire to pass on lessons learned. This memoir serves as a reflection on the author's life and the importance of sharing wisdom with future generations.
ASIN: N/A
Buy on AmazonClick the book cover image to open the affiliate link.
“He actually says one of the best advice you can give somebody comes from the book the little engine that could the little engine that could offers the best brief advice for a successful career than I can imagine.”
Sentiment: Highly Recommended
Trigger: importance of determination
For: Individuals seeking motivation and guidance in their professional lives.
Key quote: “I think the little engine that could offers the best brief advice for a successful career than I can imagine.”
The host mentions 'The Little Engine That Could' as a source of inspiration for determination and resilience in one's career. The book's message encapsulates the idea of believing in oneself and persevering despite challenges.
ASIN: N/A
Buy on AmazonClick the book cover image to open the affiliate link.
“So if you want the full story by the book it stay the course the story of Vanguard and the index Revolution.”
Sentiment: Highly Recommended
Trigger: investment success principles
For: Individuals interested in investment strategies and personal development.
Key quote: “If you want the full story by the book it stay the course the story of Vanguard and the index Revolution.”
The host emphasizes the importance of long-term investment strategies and personal resilience, drawing from the principles outlined in the book. He suggests that the book offers deeper insights into these themes that he couldn't fully explore in the podcast.
ASIN: N/A
Buy on AmazonClick the book cover image to open the affiliate link.
“I just created completed one based on the book creative selection, which I would recommend to anybody that's building something whether you're an individual working in a within a company or you're running a company.”
Sentiment: Highly Recommended
Trigger: building something
For: entrepreneurs and product developers
Key quote: “it's a look inside the way Apple design products when Steve Jobs was still at the helm and it's a very fast book full of really useful information on ways to think about getting to your objective.”
The host mentions 'Creative Selection' as a valuable resource for anyone involved in building products or companies. He emphasizes that the book provides insights into Apple's design philosophy under Steve Jobs, making it a must-read for those seeking to achieve their objectives.
ASIN: 039913896X
Buy on AmazonClick the book cover image to open the affiliate link.