The Most Dangerous Financial Landscape in Decades
It’s impossible to find optimism in these economic indicators
By Richard Young
Oct 6, 2012
Today my job of guiding you is much harder because we are forced to operate in the most dangerous financial landscape I’ve experienced in my nearly five decades in business. Jack Bogle recently called the current period the worst time for investors in his more than 60 years in business.
Before Jack founded Vanguard, he was a senior member of Boston-based Wellington Management. Back then, Wellington was an institutional client of mine and, in fact, all through the years, my favorite client. When Jack started Vanguard, I moved most of my personal accounts to Vanguard. I have been a powerful Vanguard supporter (with my own money and in print) for four decades.
When I started Richard C. Young, Ltd., our family investment management company, Vanguard became our first custodian. Had Vanguard not exited the custody business for advisors, we would be there to this day.