03-25-2000, 2:37 PM | Post #22888 |
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Heres a copy of the story that ran in last Sundays Miami Herald about the Diehards dinner with Jack Bogle in Miami on March 10. The article was accompanied by two photos taken at the dinner. There was some sort of problem, and only the headline The Bogleheads got posted to The Heralds web site, so Ive retyped the story in its entirety.
Regards - Mel
From the Sunday, March 19, 2000 edition of The
MAKING MONEY - FOCUS ON INVESTING
Fund pioneer finds diehard fans in Miami
By Beatrice E. Garcia
Jimmy Buffet has the Parrotheads. The Grateful Dead has the Deadheads. John Bogle has the Bogleheads.
No, Bogle, a modest, 70-year-old man with a quick wit and a twinkle in his blue eyes, is hardly in the same league as the singer of Margaritaville or Jerry Garcias rock band.
Yet, as founder of the Vanguard Group, the worlds second-largest mutual fund house, Bogle has earned a place in the investment world. He created the first index fund 25 years ago, an idea that was initially ridiculed rather than widely imitated as it is today. He also sought to squeeze out unnecessary costs from the funds Vanguard sold, knowing that high costs can be an investors biggest enemy.
Vanguards frugal ways and good performance have earned the company, and Bogle, a loyal following. The Bogleheads, as they call themselves, are diehards. Their gathering place had always been in cyberspace until a meeting in Miami nearly two weeks ago.
The Bogleheads post on Morningstars Vanguard Diehards message forum. Started two years ago on Morningstar.com, its the Web sites largest forum today.
Taylor Larimore, 76, was an early poster. Mel Lindauer of Wallingford, Pa., came on board a few months later. Today, theyre the senior statesmen of the diehards forum.
On a breezy evening on a 35th-floor balcony overlooking Biscayne Bay and the twinkling lights of Miamis downtown, Bogle greeted the Bogleheads face-to-face for the first time. The place was Taylor and Patricia Larimores home. Eight of the Bogleheads came from out of town, from as far away as upstate New York, Boston, Atlanta, Houston and Dallas.
The Larimores and Lindauer were co-hosts for the Miami dinner. The idea of a meeting stemmed from a Thanksgiving Day post on the forum by Larimore, giving thanks for his true riches, including wife, children, parents, work, and Vanguard funds, where he has invested since 1984.
He wrote, in part, I thank John Bogle and Vanguard, first for their unsurpassed education tools, second for providing an investment service that is unsurpassed.
Bogle, who monitors the forum -- How can I not pay attention to something called Bogleheads? he says -- saw Larimores post. He was touched by its sentiment and similar responses from other forum members. Bogle wrote directly to Larimore, and in the letter wondered if there would be any interest in a Boglehead conference for a day.
Larimore posted Bogles letter and the idea of a meeting grew legs. When Larimore realized that Bogle would be in Miami March 11 for The Heralds second annual Making Money conference to give a keynote speech, a location for a meeting suggested itself. Bogle agreed to meet with his band of followers.
Larimore and Lindauer issued an invite to all forum members, not really knowing how many folks would come. It turned out to be a manageable group. In all, 20 came to dinner including a few local Bogleheads.
Patricia and Taylor Larimore, who both grew up in Miami, treated them to an old-style Florida dinner with gazpacho, seafood stew and key lime pie. They set a place at the table for all the Bogleheads who couldnt join them.
The tenor of the evening was like the tone of the forum, well-mannered and learned. The Bogleheads wanted to drink in Bogles presence and knowledge. Many feel they have achieved a degree of financial independence because they invest in Vanguard funds and follow Bogles investment ideas, basically sticking to low-cost indexed funds.
As the Bogleheads settled in with dessert and coffee, they gathered in the living room, drew up chairs and took advantage of a rare opportunity to discuss investment trends, the current markets and the future.
Yet, they didnt shy away from asking some tough questions. One asked about the changes at Vanguard since Bogle stepped down and Jack Brennan has taken over as chairman and CEO.
Originally posted in thread: 5177