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Bogle The Mind
Last week's episode of Bill Moyer's Journal had an engrossing interview with John Bogle, who has been named by Fortune magazine as one of the four "investment giants" of the twentieth century. In 1974 John Bogle founded Vanguard Group and was the inventor of the index mutual fund. The discussion focuses on corporate goverance and corporate democracy. Is the current private equity binge sowing the seeds of future business neglect and corruption? In seems that Mr. Bogle is not alone, The Economist is also in praise for corporate democracy. Private equity, credit spreads and all the various acronymed financial structures (CDOs, CLOs, ABCP, CPDOs to name just a few) and derivatives are some of the main forces driving the current economic climate. It would seem to be appropriate to keep a close eye on all these factors, given the truely global nature of the world's economy, even if they at first don't seem to be directly related to the currency markets. Taking another choice tidbit from this week's Economist: "But if the gloomsters are to be proven right, we must surely see some turmoil in the currency markets first." The currency markets are right at the front line of the unfolding drama in the business and investing world. |
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