My friend, Ben Bach, thoughtfully loaned me his copy of the book ‘Enough. True Measures of Money, Business, and Life’, written by John C. Bogle, the founder and former CEO of Vanguard Mutual Fund Group.
I recommend the book to anyone interested in understanding the current status of capitalism. Of more importance, John C. Bogle offers clear ideas on how we can help build a better future for our businesses and for our investments [and for generations to follow].
I will be picking up a copy of ‘Enough.’ for my library. [some personal comments at the footnote]
Here is a sample of John C. Bogle’s wisdom…
10 Rules For Building a Great Business
Rule 1: Make Caring the Soul of the Organization
Rule 2: Forget about Employees (the word hardly suggests teamwork and cooperation at Vanguard, Bogle uses 'crew member'…see footnote for an explanation)
Rule 3: Set High Standards and Values - and Stick to Them
Rule 4: Talk the Talk, Repeat the Values Endlessly
Rule 5: Walk the Walk, Actions Speak Louder than Words
Rule 6: Don't Overmanage
Rule 7: Recognize Individual Achievement
Rule 8: A Reminder - Loyalty Is a Two-Way Street
Rule 9: Lead and Manage for the Long Term
Rule 10: Press On, Regardless
Footnote: John C. Bogle is an avid admirer of Lord Horatio Nelson. We have that in common. Lord Nelson is very high on my list of historic heroes. Nelson inspired a nation to heights rarely accomplished and his legacy lives on in the hearts of many. In honour of his ‘patron saint’, Admiral Nelson, Bogle decided to remove the word employee from his company’s lexicon and instead call his people crew members. [PS: Bogle also named his company Vanguard out of respect for Lord Nelson.]
More about Standards and Values [Rules 3 and 4] in future blogs…