06 April 2009

Quote for the Ages ...

This little nugget of wisdom is from John Bogle's (highly recommended!) appropriately titled book, Enough. If you want to read what a professional thinks about the Wall St. fiasco, why not sit down by the fire with a glass of port (or cocoa), and prepare to be disgusted. Really tragic to see so many smart, nihilistic ne'er-do-wells chasing after derivatives and sub-prime instruments in the name of greed and larceny (you'll see what I mean). Btw, John Bogle is the genius behind the Vanguard Funds. Here's the quote, though, for the ages. It's tucked away neatly, hidden like an avuncular pearl discovered aboard a weathered lobster boat:

"Press on, regardless.

It is a rule of life that has been a motto of my family for as long as I can remember, and has sustained me through times thick and times thin alike. The motto's provenance was an old lobster boat named Press On owned by my uncle, investment banker Clifton Armstrong Hipkins. On a little bridge was a framed copy of these words from President Calvin Coolidge:

Nothing in the world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan "Press on" has solved, and always will solve, the problems of the human race."

Kind of says it all, no?

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