Character Counts : The Creation and Building of the Vanguard Group

How John Bogle built Vanguard and transformed the investment world in his own words

Jack Bogle remains one of the titans of the investment world and a hero to the independent investor, as renowned for his influence as he is respected for his accomplishments. Character Counts is the story of how Vanguard was born, why it has flourished, and what leadership principles and management practices fostered its development.

Covering the period 1974 2001, the story is told through the dozens of potent and memorable speeches he has given to Vanguard crew members over the years, interspersed with a narrative that provides context and explanation. This "you are there" approach provides new insights into one of the world's most important financial institutions and into the mutual fund industry itself. Character Counts paints an indelible portrait of the man Fortune named one of the "four giants of finance" of the 20th century.

It's ironic that the cover of the book doesn't allude to it's content...copies of speaches. I guess "Character Counts" only when your dealing with other people's money...

Go Vanguard!


Too repetitive   September 13, 2002
2 out of 6 found this review helpful

I respect Mr. Bogle for what he has done for the mutual fund industry, however, I think he could have left his mark on this world without publishing this book. One can only read so many speeches where the same topic is discussed over and over again. Invest your money in Vanguard funds, but not this book.


An E for Effort, But not much More   July 29, 2002
Craig L. Howe (Darien, CT United States)
5 out of 10 found this review helpful

I guess this book summarizes the state of publishing. You throw a multiple book advance at a retired legend; he pockets the money and rehashes a couple of his speeches from the last 25 years and you package them with a trendy, relevant title. Voila, you have a profitable book.

At least the sports writer was honest when he entitled his dip in the publishing money pool, "I am back for more cash."

The sad fact is there is probably not a better person to address the character issues facing Wall Street today. Being a full blooded member of the Wall Street Establishment, Mr Bogle understands the concept of "ringing the register." So when he returns, in the words of the sports writer, "for more cash," I hope he "earns it" in the words of deceased Smith Barney spokesperson.

A lot has happened since Bogle founded the Vanguard Group in 1974. As head of the firm, he read proxy statement after proxy statement disclosing increasingly more offensive conflicts of interest and stood idly by or perhaps worse, ignored them. I would love to know his thoughts on the role of the fiduciary in shareholder democracy. Or, how about boards of directors who continue to throw good money after bad down the rat holes of stock buybacks? Why did Vanguard play such a passive role in allowing the accounting profession to price it auditing services as a loss- leader so it could sell more profitable consulting products?

Bogle's observations on these trends would more than fill a book on character. My suggestion to readers is to save your money for Character Counts, The Sequel. Unlike Hollywood, the remake will have to be better than this sorry book.