“Enough”安全责任重于泰山
delivered by J O H N C.B OG L E举报偷税漏税需要什么证据
安布龟Background
John C. Bogle is the founder of The Vanguard Group. He originally delivered this speech as the commencement address for MBA graduates of the McDonough School of Business at Georgetown University in May 2007.
Speech Transcript
Here’s how I recall the wonderful story that ts the theme for my remarks today: At a party given by a billionaire on Shelter Island, the late Kurt Vonnegut informs his pal, the author Joph Heller, that their host, a hedge fund manager, had made more money in a single day than Heller had earned from his wildly popular novel Catch 22 over its whole history. Heller responds, “Yes, but I hav e something he will never have . . . Enough.”
Enough. I was stunned by its simple eloquence, to say nothing of its relevance to some of the vital issues arising in American society today. Many of them revolve around money—yes, money—increasin
gly, in our “bottom line” society, the Great
God of prestige, the Great Measure of the Man (and Woman). So this morning I have the temerity to ask you soon-to-be-minted MBA graduates, most of whom will enter the world of commerce, to consider with me the role of “enough” in business and entrepreneurship in our society, “enough” in the dominant role of the financial system in our economy, and “enough” in the values you will bring to the fields you choo for your careers.
最昂贵的稿费Kurt Vonnegut loved to speak to college students. He believed, if I may paraphra here, that “we should catch young people before they become CEOs, investment bankers, consultants, and money managers (and especially hedge fund managers), and do our best to poison their minds with humanity.” And in my清远市人社局
rem arks this morning, I’ll try to poison your minds with a little bit of that humanity.
Over the past two centuries, our nation has moved from being an agricultural economy, to a manufacturing economy, to a rvice economy, and now to a predominantly financial economy. But our financial economy, by definition, subtracts from the value created by our productive business. Think about it: while the owners of business enjoy the dividend yields and earnings growth that our c
apitalistic system creates, tho who play in the
financial markets capture tho investment gains only after the costs of financial intermediation are deducted. Thus, while investing in American business is a winner’s game, beating the stock market before tho costs is a zero-sum game. But after intermediation costs are deducted, beating the market—for all of us as a group—becomes a lor’s game.
Yes, the more that our financial system takes, the less our investors make. Yet the financial field is where the money is made in modern-day America, the breeding ground for the wealthiest of our citizens. (If you made less than $140 million dollars last year, you didn’t make enough to rank among the 25 highest-paid hedge fund managers.) When we add up all tho hedge fund fees, all tho mutual fund management fees and operating expens; all tho commissions to brokerage firms and fees to financial advisors; investment banking and legal fees for all tho mergers and IPOs; and the enormous marketing and advertising expens entailed in the distribution of financial products, we’re talking about some $500 billion dollars per year. That sum, extracted from whatever returns the stock and bond markets are generous enough to deliver to investors, is surely enough, if you will, to riously undermine the odds in
favor of success for our citizens who are accumulating savings for retirement.
Yet the fact is that the finance ctor has become by far our nation’s largest generator of corporate profits, larger even than the combined profits of our huge energy and health care ctors, and almost three times as much as either manufacturing or information technology. Twenty–five years ago, financials accounted for only about 6 percent of the earnings of the 500 giant corporations that compo the Standard & Poor’s 500 Stock Index. Ten years ago, the financial ctor share had rin to 20 percent. And last year, the financial ctor profits had soared to an all-time high of 27 percent. If we add the earnings of the financial affiliates of our giant manufacturers (think General Electric Capital, for example, or the auto financing arms of General Motors and Ford) to this total, financial earnings now likely exceed 33 percent of the earnings of the
S&P 500. While that share may or may not be enough, it ems likely to continue to grow, at least for a while.
We’re moving, or so it ems, to a world where we’re no longer making anything in this country; we’re
merely trading pieces of paper, swapping stocks and bonds back
经期喝酒会有什么危害and forth with one another, and paying our financial croupiers a veritable fortune. We’re also adding
even more costs by creating ever more complex financial derivatives in which huge and unfathomable risks are being built into our financial system. “When enterpri becomes a mere bubble on a whirlpool of spec ulation,” as the great British economist John Maynard Keynes warned us 70 years ago, the conquences may be dire. “When the capital development of a country becomes a by-product of the activities of a casino, the job of capitalism is likely to be ill-done.”
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Once a profession in which business was subrvient, the field of money management and Wall Street has become a business in which the profession is subrvient. Harvard Business School Professor Rakesh Khurana was right when he defined the conduct of a true professional with the words: “I will create value for society, rather than extract it.” And yet money management, by definition, extracts value from the returns earned by our business enterpris. Warren Buffett’s wi partner Charlie Munger lays it on the line:
“Most money-making activity contains profoundly antisocial effects . . . As high cost modalities become ever more食品检测
