 What can mean our special guest of on jack? What's to be said I Guess the biggest treat of all it's always wonderful to see all it but there's Nothing gives me quite a thrill Much of this really seems like your friend Taylor Levermore He represents the best in this country the best is investing highest character He represents Well, let's put it this way Everything I want to be when I grow up I don't have too much time to get there But it's great to see all and I'm gonna this is pretty much everybody here tonight So I don't you repeat myself in the morning Okay, well, I'm looking forward to being with you tomorrow. I think Bill Bernstein is not going to be here Well, I reminds me of me There's these two questions everybody has to what happened how did it happen the answer is very very easy a fractured scapula and stupidity but Three days after it happened before I was asked to give the keynote speech the 70th anniversary of the Angelina was filled out that the Constitution Center was made very difficult for me to resist that something I've been involved in all my adult years, I guess and So my wife said you're not doing it. Are you? And I said well, I am and she said Why I said because when I make a commitment, I'm used to keeping it not all is true. This is the possible part She said well, what if you were dead? I said honestly, I think I'd do it anyway It's certainly not gonna keep me from being with you tomorrow morning I'm gonna be a little more heavy lifting. I would want to do Bill Bernstein's absence and once he gets here and which we can't be sure of as So when I'll be talking to you then Having a good time. I think trying to answer your questions. I have a Always start by saying let's have a lot fewer slides in last year. I think we have eight more So let's just do the best we can it's all very important as you know I look forward to doing it give me a chance to put some things down a lot of fun quite that in black and white but they'll be slides there and I have a lot of ideas and I think I'd like to talk to you about things that are going on now This year Things we ought to be thinking about in the future. So it's fun to do all that I'm fun to share the group of people who care so deeply About helping one another and And I'm sure what's going on my god, you're unbelievable I was going over the some of the background for tomorrow And I happen to get to the thing about the front line report on retired plans And I look and I'm thanking you for writing 262 posts 262 posts not even dare look at all up before I came over here But we do have a bunch of questions from you in advance which bill thank you very much bill Has succeeded in getting together and then I think we'll also try and do we believe we did last year And that is it's fine to get these questions from afar But we also have some we'll take some questions from a near so we'll do we'll do like you and I too and I will be What's the phrase tactfully outspoken Stricted to which I aspire and Alas, I don't always achieve But there's a lot of interesting things going on in the world In the government said at least at Vanguard and for investors in a kind of minute time where The answers are not easy and the answers are not forthcoming the answers are not written but in a way I kind of uncertainty is permeated investing forever just different levels and degrees So we put up with it. We do that we can And it works and I get letters from the likes of you all Every single day from shareholders without and nothing is a complaint Purchased $500,000 for the index 500 at the high in the 2007 and thank me for all we've done for him since then God knows where he was coming from But he didn't stay with us Somebody can tell me the number 20% Kevin can come 25% hired me wasn't well very countering to it I could tell the whole story. I'm one of the great heroes of Vanguard. That's a lot. I Ran around February 10th 2009 The market had gone down 55% and I don't see nearly as much of Gus I used to be happy money into each other in the hall and he was heading for somewhere and I was headed for somewhere in our past for us and we got talking about the market in the 55% decline and I said he said to me, you know, I had Make a guess. I'd say this is going to be the best time for sure money to work in the stock market in our life And I said, I would you say that publicly and he said are you kidding I only forget the ones where I look bad But we just kind of a world with me, you know, it's kind of doesn't seem to pay to go out in a limb I guess this turns out anybody in the business I go out as far as one would dare But I'm always, you know, not look at today or tomorrow the next day or the next decade Even longer than that. So let me stop at that point. Thank you again for coming It's great to be with you and I'm looking forward to seeing you in the morning. I will be with you at 8 30 Thank you. I've got a story that you you may really get a kick out of You know the recent story that Anna did in Wall Street Journal She also did a podcast where somebody interviewed or somebody from the general interviewer and they had it posted on the internet and a lot of the Bogeys went and saw the podcast and at the end of the podcast the interviewer asked Anna If there was any special requirement to join the Bogeys and she said no Anybody can join. They don't have a secret handshake Oh Somebody said well, maybe we ought to get a secret That's it I said, oh, let's have a contest to see who can come up with a best-secret handshake And we got one entry immediately after and I close the contest I thought it was the most brilliant Thought that I it is an index finger shake Victoria Victoria, where's Victoria? Victoria No, here's the deal I go down there that people are gonna wonder how Non bubble heads will That will now know our secret handshake and I said that anybody who is a true bogey head will Remember and anybody who is not a true bogey head will have instant memory loss Our secret is our secrets. All right in honor of that. She is now Lady Victoria I had to explain it to Taylor at least you got it Okay No, I got that far