致先锋全体员工的信息——我们的三十周年纪念！

2004 · 演讲 · 原文约 603 词

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致先锋团队的一封信——我们的三十周年纪念！

A Message to the Vanguard Crew - Our Thirtieth Anniversary!

致先锋团队的一封信——我们的三十周年纪念！

A Message to the Vanguard Crew�Our Thirtieth Anniversary!

约翰·C·博格尔的讲话

Remarks by John C. Bogle

先锋集团创始人兼前董事长

Founder and Former Chairman, The Vanguard Group

致先锋团队的一封信

A Message to the Vanguard Crew

September 24, 2004

Malvern, PA

仿佛“就在昨天”，先锋集团诞生了。事实上，我们公司正是在整整三十年前，即 1974 年 9 月 24 日成立的。这是一段多么激动人心、多么精彩的岁月啊！

It seems like "only yesterday" when Vanguard was created. In fact, our firm was incorporated exactly three decades ago, on September 24, 1974. And what an exciting, wonderful era it's been!

在那些早期日子里，我们的存在更多是靠着信念和希望，而非理性。我们团队——那时只有 28 人——付出了全部的决心、活力和精神，才让这个机构得以运转。由于一开始被禁止从事投资管理和销售活动，我们唯一的角色和责任就是管理 11 只共同基金的运营，这些基金的资产仅为 14 亿美元。

In those early days we existed more on faith and hope than on reason. It took all the determination and vitality and spirit that our crew, then numbering just 28 souls, could muster to make the place run. Prohibited at the outset from engaging in investment management and distribution activities, our sole role and responsibility was to administer the operations of eleven mutual funds, with assets of just $1.4 billion.

然而，从我们开始工作算起，不到两年的时间里，那些严重限制我们活动的壁垒就倒塌了。到 1976 年年中，随着世界上第一只指数基金的成功发行，我们开始了投资管理业务。不久之后，在 1977 年初，我们放弃了长期依赖的券商销售渠道，转向了一种新的、由投资者驱动的无申购费购买渠道，并进入了销售领域。

In less than two years from the day we began our work, however, those walls that so severely proscribed our activities had come tumbling down. By mid-1976, with the underwriting of the world's first index fund, we had begun our investment management activities. Shortly thereafter, early in 1977, we abandoned our long-time broker-dealer-driven sales channel and moved into a new investor-driven-no-load purchase channel and entered the distribution arena.

在那一刻，我们完成了今天所熟知的先锋集团的结构和战略。尽管此后还有许多其他重要的变革和改进，但实质上，它们都只是“锦上添花”。剩下的就是历史了，在《品格至上》一书中已有相当详细的描述。要理解我们企业精髓的发展历程，你可能需要不时地翻阅那部“活历史”。

At that point, we had completed the structure and strategy for the Vanguard that we all know today. While many other important changes and enhancements followed, they were, in substance, "the icing on the cake." The rest is history, described, in some detail, in Character Counts . To understand the development of the heart and soul of our enterprise, you might want to glance periodically at that "living history."

正是先锋集团的创立，直接促成了我们的第一个战略决策：创立指数共同基金，这显然是我们历史上具有开创性意义的事件。因此，在下周四，即 9 月 30 日，我将在华盛顿特区举行的“指数化艺术”会议上发表主旨演讲，届时将回顾那些早期岁月的一些情况。先锋集团董事伯顿·马尔基尔、我们的债券基金指数负责人肯·沃尔伯特，以及我们的 ETF 高级经理诺埃尔·阿查德也将在此次研讨会上发言。

It was the creation of Vanguard that led directly to our first strategic decision: the creation of the index mutual fund, clearly the seminal event in our history. So I'll be recounting some of the events of those early years in my keynote address to "The Art of Indexing" Conference in Washington, D.C., next Thursday, September 30. Vanguard's director Burton Malkiel, our bond fund index leader Ken Volpert, and our ETF senior manager Noel Archard will also be speaking at the seminar.

个人寄语：虽然那些早年的欢乐永远铭刻在我的记忆中，但我也对你们所有人——我们杰出的团队——尤其是那些在先锋工作 15 年、20 年、25 年甚至 30 年（有几位！）的长期功勋员工——怀有无尽的感激之情。正如我对你们许多人说过的，“在早期，是仆人式领导者给身边的人带来力量；在后来，正是同样这些人，给了仆人式领导者以力量。”在我漫长的、现已超过 53 年的职业生涯的暮年，我的感受正是如此。

A Personal Note: While the joys of those early years are forever etched in my memory, my gratitude to all of you on our splendid crew—especially the long-time veterans of 15-20-25 and even 30 years (a few!)—also knows no bounds. As I've said to many of you, "in the early days, it is the servant-leader who gives strength to the human beings around him; in the later days, it is those same souls from whom the servant-leader draws his strength." And so it is for me, in the twilight of my long, now 53-plus-year, career.

也许，我们两周前在教堂里唱的那首赞美诗中的简短词句，不仅能捕捉到我对先锋集团历史上这个重要日子的感受，也能反映出我希望你们许多人的感受：

Perhaps these simple words of the hymn we sang in church two Sundays ago will capture not only the sense of how I feel on this red-letter day in Vanguard's history, but how I hope so many of you feel too:

来吧，劳动吧！

Come, labor on!

谁敢在丰收的原野上，站着无所事事，

Who dares stand idle, on the harvest plain

当四周都翻涌着金色的麦浪？

While all around him waves the golden grain?

而主人会对每个仆人说：

And to each servant does the Master say,

“今天去工作吧。”

"Go work today."

来吧，劳动吧！

Come, labor on!

没有时间休息，直到西方天空泛起霞光，

No time for rest, till glows the western sky,

直到长长的阴影铺满我们的前路，

Till the long shadows o'er our pathway lie,

当夕阳西下，传来一个欢快的声音：

And a glad sound comes with the setting sun,

“做得好，做得好！”

"Well done, well done!"

“做得好”送给你们所有人。愿上帝永远保佑你们。

"Well done" to you all. And may God bless you always.

注：本演讲中表达的观点

并不一定代表先锋集团

现任管理层的看法。

返回博格尔研究中心的演讲列表。

Note: The opinions expressed in this speech do not necessarily represent the views of Vanguard's present management. Return to Speeches in the Bogle Research Center.