现代本·富兰克林.pdf

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FRIDAY, JANUARY 27, 2006

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E-mail [email protected] or phone 215-854-5981. Read his recent work at http://go.philly.com/andrewcassel. Pe eras

安德鲁·卡塞尔：经济

Andrew Cassel The Economy

我们近年的

Our latter-day

Ben Franklin

1996 年 1 月，如果你足够聪明、消息灵通，大概会押注杰克·博格尔活不过 10 年。当然，你会押错。这恰好印证了博格尔本人几十年来一直在讲的一个道理：聪明又消息灵通的人常常会看错，谨慎的投资者对待这类押注会持怀疑态度。前几天博格尔对大费城创业集团演讲时，我又想起了这一点。这位先锋集团创始人和往常一样口才出众、脾气火爆，正大力宣扬他新书的主题，书名很宏大，叫《资本主义灵魂之战》。10 年前，博格尔是在为自己的生命而战。当时他 66 岁，被限制在哈内曼大学医院的一间病房里，等待心脏移植。医生说，这是他战胜慢性心脏病的唯一机会——这种病已纠缠他 30 多年，眼看就要要了他的命。1996 年 2 月，博格尔换上了新心脏。如今，他开玩笑地称自己为“不到 10 岁的孩子”，写作和演讲的日程排得满满的，一点也看不出“退休”的样子。那天他气色很好——事实上，比我桌上那个晃头晃脑的博格尔雕像精神多了。那是出版商寄来的促销品，为了推销另一本新书《博格尔头投资指南》。

If you were smart and in-the-know in January 1996, you’d probably have bet against Jack Bogle still being among us 10 years out. You’d have been wrong, of course. Which illustrates a point that Bogle himself has been making for decades: Smart, in-the-know people are often wrong, and prudent investors treat their betting with skepticism. I was reminded of this the other day as Bogle spoke to the Greater Philad elphia Venture Group. As eloquent and irascible as always, the Vanguard Group founder was hammering on the theme s of his latest book, grandly titled The Battle for the Soul of Capitalism. Ten years ago, Bogle was battling for his own life. Then age 66, he was confined to a room in Hahnemann University Hospital, waiting for a heart transplant. Doctors said it was his only chance of beating the chronic cardiac ailmen t that had dogged him for more than 30 years and seemed about to do him in. Bogle received his new heart in February 1996. Today, he jokingly calls himse lf a “kid” of not-quite 10 — and keeps up a writing and speaking schedule that belies any description of him as “retired.” The other day he looked, good — better, in fact, than the bobblehead statue of him on my desk. It’s a promotional gimmick, sent by the publishers of another recent book, The Bogleheads’ Guide to Jack Bogle, Investing. founder of “Bogleheads” (get Vanguard: His it?) are how the augoal not met? thors style themselves — devotees of the investing philoso-

《费城问询报》

The Philadelphia Mrguirer

博格尔倡导并在 1974 年于先锋集团将其制度化的理念，如今已是耳熟能详的故事：博格尔在普林斯顿读大四时如何构想出低成本、不花哨的共同基金；他如何升任费城惠灵顿管理公司的首席执行官，随后又被波士顿的合伙人炒了鱿鱼；他如何化逆境为转机，为如今全球第二大共同基金集团打下基础。我们也知道（尽管这依然令人惊叹），32 年前以几十名员工和 14 亿美元资产起步的先锋集团，如今拥有超过 1.2 万名员工，管理资产超过 9000 亿美元。但真正引人入胜的是，这一切背后的这个人并不认为自己已达成目标：彻底变革共同基金行业。“我当初为新公司选择‘先锋’这个名字，部分原因就是希望表明我们的架构会开创一股新潮流，”他周三表示，“可惜，三十多年过去了，我们的互助化架构还没有吸引来第一个追随者。”先锋集团依然独一无二，因为它的基金经理是受雇者，并非公司股权所有者，无权自行决定薪酬和其他待遇。没有其他基金集团采纳这种架构——似乎也不打算采纳。他不再在先锋集团担任正式职务。尽管如此，他仍在努力，演讲、写作，并提醒人们注意美国资本主义的种种罪过，从离谱的高管薪酬到华尔街分析师的傲慢自大。这是一条职业生涯之后的道路，听起来可能有点耳熟，尤其是如果你这个月留意了本·富兰克林诞辰 300 周年的庆祝活动。事实上，把博格尔称为费城最接近当代富兰克林的人物，可能并不算太过分。这些相似之处有一些是博格尔自己指出的，他见到榜样时一眼就能认出来。他先引用自己书里的话，再引用富兰克林的话，前几天指出，自 18 世纪以来有多少重要思想未曾改变：博格尔：“最大的风险是长期不把钱投入运作的风险。”富兰克林：“想钓鱼，就得舍得下饵。”博格尔：“坚持到底。无论发生什么，都要守住你的计划。”富兰克林：“勤奋、坚持和节俭，能让命运低头。”嘿，富兰克林的革命最终在他七十多岁时实现了。博格尔的革命会不会也有这一天？

phy that Bogle promotes and that he institutionalized at Vanguard in 1974, It’s an oft-told tale by now: how Bogle conceived of a low-cost, no-frills mutua l fund while a senior at Princeton; how he rose to CKO of the Wellington Management Co. in Philadelphia, then got fired by his Boston-based partners how ; he made lemonade out of it all, laying the foundation for what now is the world ’s second-biggest mutual-fund group. And we know (though it remains impressive) that Vanguard, which started with a couple of dozen staffer s and $1.4 billion in assets 32 years ago, today employs more than 12,000 and manages more than $900 billion . But what's really fascinating is that the man behind all this doesn’t think he’s achieved his goal: to revolutionize the mutual-fund industry. “Part of the reason for my choice of the name Vanguard for our new firm was to suggest that our structure would establish a new trend,” he said Wedne sday. “Alas, despite the passage of more than three decades, our mutualized structure has yet to attract its first follower.” Vanguard remains unique in that its fund managers are hired hands, not equity owners of the firm with the power to set their own fees and other compe nsation. No other fund group has adopted such a structure — or seems about to. He no longer holds a formal job at Vanguard. Still, he presses on, speak ing, writing and calling attention to the sins of American capitalism, from outrageous executive compensation to the hubris of Wall Street analysts. It’s a post-career career path that might have a familiar ring to it, particularly if you’ve been paying attention to Ben Franklin’s 300th birthday party this month. It may not be going too far, in fact, to call Bogle the:closest thing Philadelphia has to a latter-day Franklin, Some of those parallels were pointed out by Bogle himself, who knows a role model when he sees one. Quoting from his own books, then from Frank . lin’s, he noted the other day how many important ideas haven't changed since the 18th century: Bogle: “The biggest risk is the long-te rm risk of not putting your money to work.” Franklin: “He that would catch Fish, must venture his Bait.” Bogle: “Stay the course. No matter what happens, stick to your program.” Franklin: “Industry, Perseverance, and Frugality make Fortune yield.” Hey, Franklin’s revolution finally happened when he was in his 70s. Could Bogle’s?