YouSaid · the spoken record

Jack Brennan

lines on the record: 67
first: 2021-04-26
most recent: 2021-04-26
sittings or episodes: 1
sources: podcast

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“And that might be an endowment at a great university. It may be a pension fund. And this is really targeted at people who are their own personal financial entrepreneurs with their own assets. And they can get help from an advisor. They can do it themselves, whatever. But if you look back over decades and decades, very, in some ways, simple approach to investing, as you just highlighted, around homework, good habits, avoiding fads is the proven strategy. And problem is it's always challenged, right, by the new thing. And so, you know, we found, we find that it's important to reaffirm these, test them, by the way. As you know, to look and test them. for any of us, whether an institutional investor”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I appreciate the term straight talk. I had one of my colleagues at Vanguard the other day ask me, do I enjoy being boring? And with this advice, but, you know, what motivates it is this is the time tested way serious money gets invested successfully.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Radical decline in cost of investing in 20 years, it's stunning. And some other stuff that is important. So it's a combination of new and reaffirmation of what was.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Combination, it's one of the great lessons in redoing another book is The Core of the book really hasn't changed, actually. And then there's lots of, you think about this first one's book published in 2002. So you've got the GFC, you've got the... Last year, you get 20 years almost to say how it's the aftermath of the dot-com bubble, GFC, and what we've been through. And you say, what we wrote then withstand the test of time, its verities are enhanced by that test of time. And then there's some other new stuff, and we can talk about it, but it's the advent of Ritholt's advisors and Vanguard's advisory services.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's that, and I'm really glad to see the company's doing it on both sides of that, by the way, delivering advice and then supporting advice providers. It's a core, very core part of Angar today. I wish we'd been much more advanced during my time leading the company.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think it is a compliment. I could give you a really long list, but I'll give you one thing that I look back and say we had it right and didn't do it right, if you will, and that is advice and support for the advice community. You know, Vanguard today has a burgeoning advice business delivering a great product at a great price. And we started in the advice business 25 years ago. I wasn't aggressive enough. saying we should really build this out in a form and fashion. And then as a compliment, be even more aggressive in supporting the advisor community. There was a legacy there. We used to be a load fund group. We became no load and so on. But it was clear to us that advice was going to be a crucial part of the investing future. And very importantly. And if I look back and say if there's one thing, I would have spent a lot more money, put a lot more energy behind.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“In some ways. I once had a relatively new person, an officer in Vanguard. I think she was trying to insult me, and I thought she was complimenting me. She said I live in a perpetual state of dissatisfaction.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Of incremental rewards you delivered to the shareholders because of our structure and because our funds perform well critically important part. And that's what you're there for. That's why you put your shoes on every day. And then probably the last thing that I always like to highlight is the culture which you would think we'd get diluted as it grew in by 100 and then a thousand times would get diluted. I think the culture got stronger progressively and continues to get stronger around, again, the singular focus on the client. And then even more important in many ways, always doing it the right way. So I look at that and say that's a template. If somebody said you'll be around a long time and you'll feel this good about those three things high on my list of things. As for the mulligan, I might need a roving mulligans, right?”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I get asked what are you most proud of question all the time, Barry? And I think of three things that matter first and foremost is the team that you help put together over time. And you're in a rapidly grown company where the team almost can't grow quickly enough to keep up with the challenges in the company. But from top to bottom, we were able to attract and help build great careers for people who had to sign on to this quirky mission in a quirky place where you're not a public company, you're not private, you're owned by your mutual fund shareholders, but maintaining and enhancing the commitment to our mission and the intense competitive edge and zeal in the face of what in many ways is remarkable success. That's a thing that I look back and I look today at Vanguard and see it there and really proud of that. Tangibly the billions and billions and billions”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“and company responsibilities, you really do have to change and adapt, then it's a growth opportunity for anybody who falls into that role. I think particularly challenging for someone like me whose anonymity is something that I highly prize, which may seem like an odd comment as I do this interview with you, but it's very much real. That was, I would say, hands down the hardest change for me as I took over as the CEO of the company.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Was the RX part of it because it's just not me. I love having tons of responsibility at Vanguard and having nobody know my name. I think I was a gym teacher when I was coaching, right? And you take the job, you have to make that change. And I'm a big believer that being the leader is notoriety enough and that any credit for stuff that happens positively in an organization should go to the team, any blame that something that goes awry should accept that as the leader. And so it was a challenge and an interesting one, particularly because you'll recall the fund industry was kind of on the sidelines in finance, if you will, when I started out there. And we were progressively, but by 95-96, we were a very prominent part of the business. And so with all of the...”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And in a sense, you have to prove yourself to people who knew Jack as the face of the company. And we're very different ideas around that role. But you feel the weight of it. And I don't know any CEO who, irrespective of his or her tenure at a company who the day they become the CEO, they don't feel the weight of it. It's a different on day one than it was on day minus one when you become a CEO. And that was a surprise to me in some ways, I have to say. I didn't expect it and I felt it and I chunk sole new CEOs continually as they're moving into jobs that they will feel it. And 100% of the people say, you're right.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“In some ways, not so much, and in some ways, certainly you feel the weight of it, in a sense, the not so much was, you know, we'd just been hand in glove together for 13 years. I've been on the board for nine or something like that, the president for seven or eight. And, you know, most of the team that led the company I'd either hired or promoted and mentored along the way. And in that sense, and so it was incredibly smooth. And frankly, when I made the president in 1989, the board, he had announced that I would take his place, which was a little weird. But I think probably helpful in some ways internally in that regard. But the other part of it is Jack had been the CEO from 75 to 95 when this was announced. And I'm the new guy to some slice of the constituency.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And Jack would always come back and say, you know, we do one thing pretty well. We manage packaged products in the form of mutual funds. Let's just go find people to buy them.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“When Jack launched it in 1975, but four things were consistent and hopefully are very much still part of the company. And one was just as dedication to the mission of Vanguard, those who've followed Jack. He was continually on point about client-client client. Second passion for competitive success. Nobody liked to fight more than Jackie, pick one now. And then to try to get publicity for us and things, but that focus on wanting to win hugely valuable third thing that was remarkable really to watch and learn from is the power of communication. Just consistency and continually promoting, in a sense, what the message for the company was. Powerful force. And the last thing focus, you know, we'd have people come to us very continually saying, issue credit cards, do mortgages, do this.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Many of which were challenges of success. How do you keep a place together as you grow at 100% some years and at 20, 30, 40% compounded for all those years? We also went through on the personal side. Jack had a lot of health challenges that I tried to be helpful with and obviously lived with him through those. I had some on my family side and those kinds of things Banja's Well Ferry in a way that's different than a conventional just a business relationship and was really another shared experience. So you get lucky sometimes and joining Vanguard and working with Jack and for Jack was tremendous. I was thinking about that the other day actually just a couple of years ago, you know, Jack had passed, Jack passed away and we had a celebration of life for him at Vanguard and I was privileged to kick it off. You think about what Vanguard is today, it was not that.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, listen, it was a gift to be hired by Jack Vogel and to join Vanguard when I did. Vanguard was a quite small place four point four billion dollars in assets under management. The industry is, you might recall back in eighty two was driven mostly by money market funds. XOX hadn't done much for a long time. Bonds had been terrible because we were in the stagflation era coming out of it. But the chance to work side by side with someone like Jack, who'd been in the business since the day he graduated from Princeton in 1951 was extraordinary. We had lunch together nearly every day when I was in town, over 13 plus years. I learned a ton of stuff from him in so many ways as did the whole team of us that were part of the early days of the growth phase of Vanguard from 82 as the markets turned around and it turned into be a pretty good business.”
2021-04-26 · Masters in Business · Jack Brennan on Succeeding the Legendary John Bogle (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source