JOHN C. BOGLE is the founder and former CEO of The Vanguard Group and the world’s first index mutual fund. A graduate of Blair Academy and Princeton University, he has spent his entire career in the mutual fund industry—67 years (and counting). Stay the Course is Mr. Bogle’s twelfth book, a string that began with Bogle on Mutual Funds (1993). Subsequent books include: Common Sense on Mutual Funds (1999, updated 2010), The Battle for the Soul of Capitalism (2005), Enough. (2008), and The Little Book of Common Sense Investing (2007) and its 10th Anniversary Edition (2017). A prolific writer for the investment profession, Mr. Bogle has had 28 of his papers published in the The Financial Analysts Journal and The Journal of Portfolio Management. In 1998, CFA (Chartered Financial Analysts) Institute presented Bogle with its highest homage, the Award for Professional Excellence. For his extraordinary lifetime achievements in serving investors, Bogle has received honorary doctorate degrees from 13 universities, including Princeton, Georgetown, Delaware, Villanova, and Trinity. In 2004, TIME magazine named him as one of “the world’s 100 most influential people.” Despite a devastating setback in his career in 1974, and frequent serious health challenges (he received a heart transplant in 1996), John Bogle remains fully active in his career and with his family—wife Eve, six children, twelve grandchildren, and (so far) six great-grandchildren. His advice to his family is the same as his advice to investors, entrepreneurs, and readers of this book: “In good times and bad times alike, Stay the Course.”

• About Stay the Course xiiiForeword by Burton G. Malkiel xviiPart I. The Story of Vanguard 1Chapter 1 1974:The Prophecy 3Chapter 2 1945–1965: The Background –Blair, Princeton, Fortune, and Wellington 9Chapter 3 1965–1974:The “Go-Go” Era, the Aftermath, and the Formation of Vanguard 17Chapter 4 The Index Fund Revolution: From Birth to Dominance 37Chapter 5 1974–1981: A New Beginning 53Chapter 6 1981–1991: Setting the Stage for Future Growth 75Chapter 7 1991–1996: Preparing for a New Mutual Fund Industry 89Chapter 8 1996–2006: The ETF Revolutionizes Indexing 107Chapter 9 2006–2018: The Momentum Continues – Strategy Follows Structure 121Chapter 10 Caring: The Founder’s Legacy 149Part II. The Vanguard Funds 163Chapter 11 Wellington Fund: Vanguard’s Alpha and Omega 165Chapter 12 The Index Funds 177Chapter 13 The Windsor Funds 187Chapter 14 The PRIMECAP Funds 195Chapter 15 The Bond Funds 205Chapter 16 Problems and Perspectives 217Part III. The Future of Investment Management 227Chapter 17 The Fund Industry Becomes Mutual 229Chapter 18 The Challenge to the S&P 500 Index Fund 241Chapter 19 “The Financial Institutions Act of 2030” 249Part IV. Personal Refl ections 255Chapter 20 What Really Matters: A Memoir 257Index 281Books by John C. Bogle 293

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JOHN C. BOGLE is the founder and former CEO of The Vanguard Group and the world’s first index mutual fund. A graduate of Blair Academy and Princeton University, he has spent his entire career in the mutual fund industry—67 years (and counting). Stay the Course is Mr. Bogle’s twelfth book, a string that began with Bogle on Mutual Funds (1993). Subsequent books include: Common Sense on Mutual Funds (1999, updated 2010), The Battle for the Soul of Capitalism (2005), Enough. (2008), and The Little Book of Common Sense Investing (2007) and its 10th Anniversary Edition (2017). A prolific writer for the investment profession, Mr. Bogle has had 28 of his papers published in the The Financial Analysts Journal and The Journal of Portfolio Management. In 1998, CFA (Chartered Financial Analysts) Institute presented Bogle with its highest homage, the Award for Professional Excellence. For his extraordinary lifetime achievements in serving investors, Bogle has received honorary doctorate degrees from 13 universities, including Princeton, Georgetown, Delaware, Villanova, and Trinity. In 2004, TIME magazine named him as one of “the world’s 100 most influential people.” Despite a devastating setback in his career in 1974, and frequent serious health challenges (he received a heart transplant in 1996), John Bogle remains fully active in his career and with his family—wife Eve, six children, twelve grandchildren, and (so far) six great-grandchildren. His advice to his family is the same as his advice to investors, entrepreneurs, and readers of this book: “In good times and bad times alike, Stay the Course.”

• About Stay the Course xiiiForeword by Burton G. Malkiel xviiPart I. The Story of Vanguard 1Chapter 1 1974:The Prophecy 3Chapter 2 1945–1965: The Background –Blair, Princeton, Fortune, and Wellington 9Chapter 3 1965–1974:The “Go-Go” Era, the Aftermath, and the Formation of Vanguard 17Chapter 4 The Index Fund Revolution: From Birth to Dominance 37Chapter 5 1974–1981: A New Beginning 53Chapter 6 1981–1991: Setting the Stage for Future Growth 75Chapter 7 1991–1996: Preparing for a New Mutual Fund Industry 89Chapter 8 1996–2006: The ETF Revolutionizes Indexing 107Chapter 9 2006–2018: The Momentum Continues – Strategy Follows Structure 121Chapter 10 Caring: The Founder’s Legacy 149Part II. The Vanguard Funds 163Chapter 11 Wellington Fund: Vanguard’s Alpha and Omega 165Chapter 12 The Index Funds 177Chapter 13 The Windsor Funds 187Chapter 14 The PRIMECAP Funds 195Chapter 15 The Bond Funds 205Chapter 16 Problems and Perspectives 217Part III. The Future of Investment Management 227Chapter 17 The Fund Industry Becomes Mutual 229Chapter 18 The Challenge to the S&P 500 Index Fund 241Chapter 19 “The Financial Institutions Act of 2030” 249Part IV. Personal Refl ections 255Chapter 20 What Really Matters: A Memoir 257Index 281Books by John C. Bogle 293

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JOHN C. BOGLE is the founder and former CEO of The Vanguard Group and the world’s first index mutual fund. A graduate of Blair Academy and Princeton University, he has spent his entire career in the mutual fund industry—67 years (and counting). Stay the Course is Mr. Bogle’s twelfth book, a string that began with Bogle on Mutual Funds (1993). Subsequent books include: Common Sense on Mutual Funds (1999, updated 2010), The Battle for the Soul of Capitalism (2005), Enough. (2008), and The Little Book of Common Sense Investing (2007) and its 10th Anniversary Edition (2017). A prolific writer for the investment profession, Mr. Bogle has had 28 of his papers published in the The Financial Analysts Journal and The Journal of Portfolio Management. In 1998, CFA (Chartered Financial Analysts) Institute presented Bogle with its highest homage, the Award for Professional Excellence. For his extraordinary lifetime achievements in serving investors, Bogle has received honorary doctorate degrees from 13 universities, including Princeton, Georgetown, Delaware, Villanova, and Trinity. In 2004, TIME magazine named him as one of “the world’s 100 most influential people.” Despite a devastating setback in his career in 1974, and frequent serious health challenges (he received a heart transplant in 1996), John Bogle remains fully active in his career and with his family—wife Eve, six children, twelve grandchildren, and (so far) six great-grandchildren. His advice to his family is the same as his advice to investors, entrepreneurs, and readers of this book: “In good times and bad times alike, Stay the Course.”

• About Stay the Course xiiiForeword by Burton G. Malkiel xviiPart I. The Story of Vanguard 1Chapter 1 1974:The Prophecy 3Chapter 2 1945–1965: The Background –Blair, Princeton, Fortune, and Wellington 9Chapter 3 1965–1974:The “Go-Go” Era, the Aftermath, and the Formation of Vanguard 17Chapter 4 The Index Fund Revolution: From Birth to Dominance 37Chapter 5 1974–1981: A New Beginning 53Chapter 6 1981–1991: Setting the Stage for Future Growth 75Chapter 7 1991–1996: Preparing for a New Mutual Fund Industry 89Chapter 8 1996–2006: The ETF Revolutionizes Indexing 107Chapter 9 2006–2018: The Momentum Continues – Strategy Follows Structure 121Chapter 10 Caring: The Founder’s Legacy 149Part II. The Vanguard Funds 163Chapter 11 Wellington Fund: Vanguard’s Alpha and Omega 165Chapter 12 The Index Funds 177Chapter 13 The Windsor Funds 187Chapter 14 The PRIMECAP Funds 195Chapter 15 The Bond Funds 205Chapter 16 Problems and Perspectives 217Part III. The Future of Investment Management 227Chapter 17 The Fund Industry Becomes Mutual 229Chapter 18 The Challenge to the S&P 500 Index Fund 241Chapter 19 “The Financial Institutions Act of 2030” 249Part IV. Personal Refl ections 255Chapter 20 What Really Matters: A Memoir 257Index 281Books by John C. Bogle 293

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