John Bogle Shares Thoughts on Professional and Business Values—Part 3

An essay by Vanguard founder John Bogle, published in a recent issue of the CFA Institute’s Financial Analysts Journal, offers insights and guidance concerning the need for balance between professional values and business values in the world of investing and finance. This is the third installment of a five-part series outlining highlights of the essay. Bogle uses the examples of Adam Smith and Benjamin Graham, trailblazers in professional investing, to illustrate the evolution of the industry: Smith, whose book Theory of Moral Sentiments in 1759, highlights the importance of prudence in business dealings: “The care of…the fortune…is considered as the […]