17 Burst results for "John Neff"
Bloomberg Radio New York
"john neff" Discussed on Bloomberg Radio New York
"And for people who pay attention in that direction, but take him out of the controls position on Vanguard, so it could basically grow in its natural way as a major phenomenon. So let's talk a little bit about John Neff, another name that made a huge difference early on doesn't really get talked about all that much. Tell us what he did and why he was so pivotal to Vanguard's success. People don't talk about John F today, but in the 60s, and the 70s, and the 80s, people talked about John Neff because he had the best record of any mutual fund manager in the country. And you could argue that one of the great managers at capital group hadn't even better record, but capital broke up the funds into different portfolio managers, so it was not public. But among the public recorded, John Duff had the best performance over the long term. Wow, does that make a difference when you're looking at year after year after year after year? With some exceptions, sometimes for two or three years, but over any long-term investment at the best record of anybody in the investment business. What about Gus solder? He was the first chief investment officer at Vanguard group, highly regarded. Tell us a little bit about his contributions. A terrific quant with a great deal of modesty and a wonderful ability to think things through. In gust souter was critical to development of the ETF business and critical to the development of the indexing business and the capacity to manage with the quantitative group substantial fractions of the actively managed portfolios because he could replicate what an active manager might do. And one of these quiet soft spoken, it's not about me. It's about the interesting work that my team is doing. The team builder and terrific technology understander who was able to put things together in a way that was really wonderful. Quite interesting. Coming up, we continue our conversation with Charlie Ellis, author of a new book inside Vanguard, discussing the state of modern Vanguard today. I'm Barry Ritz, you're listening to masters in business on Bloomberg radio. A city is parks. It is streets at its schools above all. It is the people that live there and the people that work there. Bogotá had a real issue with their parks. They were dark. They were unsafe. So we worked with the mayor to install LED lighting in almost every single park. When you have good parts, your city is vibrant and everybody is to enjoy it. Bloomberg dedicates almost all of its profits to transforming lives around the world. See how at Bloomberg dot com slash face the data. For the
Bloomberg Radio New York
"john neff" Discussed on Bloomberg Radio New York
"Books on investing, including the classic winning the losers game, now in its 8th edition, Charlie Ellis, welcome back to Bloomberg. Nice to be with you, Barry. So nice to have you. The last time we spoke, we really were talking about the retirement crisis and we spent a little bit of time discussing Vanguard, but this new book is so interesting and so filled with details that only an insider can have, let's delve into it a little bit. Tell us what first led you to Vanguard. How did you get involved with them? Well, it started. 1966. I was working with the securities firm in New York, and Wellington was a client in Philadelphia. And I would go down to Philadelphia, meet with John Neff, Jack bogle, and the others. And I got convinced that these were very bright and interesting people. Doing interesting things, but old Wellington was not really a great and interesting place. It was balanced portfolio, the assets were going down year by year by year as people said, you know, it's just out of date. I'm going to get a performance fund I'm going to beat the market. These guys will never get down to the slow that they're in. But still there was something special about Jack and John. The irony of that is in 1966, hey, we were about to start, you know, a long period of equity under performance, you would have guessed had you known that a balanced fund, a stock and bond portfolio was going to do a lot better than just the pure stock funds over the next 16 years. That's the way the world works just when you least expect it something goes in a different direction. I'm really like the guys. And when Jackson, he was going to be leaving after the merger made in heaven with the Boston group, it really are stretching it. This is a very unlikely proposition. You've got less than 30 people working with you. You're in charge of the back office activities. That's an activity you never, ever personally enjoyed at all. You always assigned that to somebody else. And he would say to me, don't worry about a Jim rip he's going to take responsibility for that. I don't have to do it. You're not allowed to do anything in investment management, and allow it to do anything in sales. The mutual fund business is all about sales and investing. What are you going to do? And the answer was, I'm going to hang in there and find a way to make this thing work. And the fastening story is the argument that he concocted around indexing first, it's not investment management because, hey, we're not making any decisions, we're just buying all the stocks in the index. And second, there's no sales. People are going to come to us. So therefore, this is outside of the deal he cut with the folks at Wellington. Right. And it was just barely enough over a period of several months to convince his board of directors. It's okay to do that. And he just kind of skated through. They barely approved it. Very close run. But Jack was a very argumentative persuasive, always had the facts supporting whatever cases like a really good litigating lawyer. He was always able to make his own case very, very, very well. So let's talk about that initial funds. The plan was to do an IPO to raise $200 million in new client assets for the funds. How much did they end up actually? This is the first index fund. The first index fund. It's a very interesting story. Going to raise a pretty serious amount of money. It was very hard to get Wall Street to agree to do the underwriting. And then it was really hard to get salespeople in the various cities to say, yeah, I'm going to pitch this to my clients. For a very good reason, everybody knew in those days the purpose of investment management is to beat the market. Everybody understood that was the game. So you're looking for a minister is going to beat the market. Everybody talked that way. And here's a guy coming along and saying, hey, I got a really good idea for you. I'm not going to beat the market. Jack would have argued, well, wait a minute. 75% of the active funds are underperforming what they said they were going to do. If I meet the market, match it, I'm going to beat most of them up in the top quartile. As a consequence, but Jack, you're going to charge a sales load of 8% on this index fund, so people's first day or 8% behind the market. How are they ever going to catch up with the market? Don't let that bother you. We're going to find a way to make it work out. But that was a killer. And people would look at it and say, straight faced, I'm not going to go to my clients and say, go into this investment opportunity. You're guaranteed to be behind the market for the rest of the time that you hold on to it. Now, some of the data that Jack had showed that the active managers, all of whom were high fee, not even counting the fees after a period of time, the vast majority of some 95% lagged the market and then once you worked the fees in after ten or 15 years, their way behind the market, why did it take so long for that concept to be recognized by investors? We're all governed by our beliefs. And the beliefs are much more powerful than data. And as we've seen in politics, as we'll see in all kinds of other subject areas, what people believe is what drives them to their behavior and decisions. Don't bother me with the facts, is a reality of human beings. So if your fact based, you've got to be prepared for people to say, you're crazy. That doesn't make any sense. I know, that's right. And when you look back to the 1970s and 80s, you know, we take it for granted how much data is available today, how easy it is for us to access historical returns for various indices versus inflation versus dividends versus everything, that technology and that information wasn't all that relatively available 40 50 years ago. What do you mean it wasn't readily available? It wasn't available period. We go back a little bit of personal history. I was privileged to have the responsibility for representing Greenwich associates consulting with Wall Street firms. The smartest people on Wall Street in terms of picking up and understanding. This is really good information. I can really put it to work. John Whitehead at Goldman Sachs, who was unbelievably demanding and rigorous into a client, but I loved working for him because he always took everything very, very seriously. There was one other person Mike Bloomberg at Solomon brothers. And my took the information and converted into decisions on a regular basis, and it put him in a very strong position, competitively, but it also proved to him the value of having good heart information. And you can't deny anybody can have good heart information and not use it. He was really good at using it. And that's characteristic of why he's been so extraordinary in his successful years and years and years later. So all of this is really fascinating. What made you 19 books in decide to say, hey, you know, it's time to tell the inside story of Vanguard. What led you to saying now is the time. I was a director of Vanguard, I had worked with Vanguard as a strategy consultant before being a director. And I was deeply convinced that this was for almost any American investor. The right way to do your investing. And that it was low cost. Yep. High value. Yep. Reliably delivered the systematic way. And looking at as a director, it seemed to me very, very clear that Vanguard was way underestimated by almost everybody. The clients of Vanguard underestimated how good a deal they were really getting. People who weren't class of Vanguard were crazy not to know what the facts were. They could make their own decision, but they should know at least what the facts are. Here's a better way of being able to get good investment in guidance and information. And as a director, I said, you know, I think we really are making a big mistake not to make it clear to our own people. How good a deal where they're getting. Everything about Vanguard is an organization is modesty. And particularly with Jack Brennan, who was very much mister modesty. And it just didn't take off. And then after I left the board, Jack and I were both advisers to a very, very large investment fund, and so it gave me an opportunity to make the pitch to him one more time. And
Bloomberg Radio New York
"john neff" Discussed on Bloomberg Radio New York
"On investing, including the classic winning the losers game, now in its 8th edition, Charlie Ellis, welcome back to Bloomberg. Nice to be with you, Barry. So nice to have you. The last time we spoke, we really were talking about the retirement crisis and we spent a little bit of time discussing Vanguard, but this new book is so interesting and so filled with details that only an insider can have, let's delve into it a little bit. Tell us what first led you to Vanguard. How did you get involved with them? Well, it started. 1966. I was working with the securities firm in New York, and Wellington was a client in Philadelphia. And I would go down to Philadelphia and meet with John Neff, Jack bogle, and the others. And that got convinced that these were very bright and interesting people. Doing interesting things, but old Wellington was not really a great and interesting place. It was balanced portfolio, the assets were going down year by year by year as people said, you know, it's just out of date. I'm going to get a performance fund. I'm going to beat the market. These guys will never get down to the slow that they're in, but still there was something special about Jack and John. The irony of that is in 1966, hey, we were about to start, you know, a long period of equity under performance, you would have guessed had you known that a balanced fund, a stock and bond portfolio was going to do a lot better than just the pure stock funds over the next 16 years. That's the way the world works just when you least expect it to something goes in a different direction. I'd really like the guys. And then when Jackson, he was going to be leaving after the merger made in heaven with the Boston group, it really are stretching it. This is a very unlikely proposition. You've got less than 30 people working with you. You're in charge of the back office activities. That's an activity you never, ever personally enjoyed at all. You always assigned that to somebody else, and he would say to me, don't worry about a Jim reap he's going to take responsibility for that. I don't have to do it. You're not allowed to do anything in investment management, and you're not allowed to do anything in sales. The mutual fund business is all about sales and investing. What are you going to do? And the answer was, I'm going to hang in there and find a way to make this thing work. And the fastening story is the argument that he concocted around indexing first, it's not investment management because, hey, we're not making any decisions. We're just buying all the stocks in the index. And second, there's no sales. People are going to come to us. So therefore, this is outside of the deal he cut with the folks at Wellington. Right. And it was just barely enough over a period of several months to convince his board of directors. It's okay to do that. And he just kind of skated through. They barely approved it. Very close run. But Jack was a very argumentative persuasive, always had the facts supporting whatever cases, like the really good litigating lawyer. He was always able to make his own case very, very, very well. So let's talk about that initial fund. The plan was to do an IPO to raise $200 million in new client assets for the funds. How much did they end up actually? This is the first index fund. The first index fund. It's a very interesting story. Going to raise a pretty serious amount of money. It was very hard to get Wall Street to agree to do the underwriting. And then it was really hard to get salespeople in the various cities to say, yeah, I'm going to pitch this to my clients. For a very good reason, everybody knew in those days the purpose of investment management is to beat the market. Everybody understood that was the game. So you're looking for a manager who's going to beat the market. Everybody talked that way. And here's a guy coming along and saying, hey, I got a really good idea for you. I'm not going to beat the market. Jack would have argued, well, wait a minute. 75% of the active funds are underperforming what they said they were going to do. If I meet the market, match it, I'm going to beat most of them up in the top quartile. As a consequence, but Jack, you're going to charge a sales load of 8% on this index fund, so people's first day or 8% behind the market. How are they ever going to catch up with the market? Don't let that buy the end. We're going to find a way to make it work. But that was a killer. And people would look at it and say, straight faced, I'm not going to go to my clients and say, go into this investment opportunity. You're guaranteed to be behind the market for the rest of the time that you hold on to it. Now, some of the data that Jack had showed that the active managers, all of whom were high fee, not even counting the fees after a period of time, the vast majority of some 95% lag the market and then once you worked the fees in after ten or 15 years, there way behind the market, why did it take so long for that concept to be recognized by investors? We're all governed by our beliefs. And the beliefs are much more powerful than data. And as we've seen in politics, as we'll see in all kinds of other subject areas, what people believe is what drives them to their behavior and decisions. Don't bother me with the facts, is a reality of human beings. So if your fact based, you've got to be prepared for people to say, you're crazy. That doesn't make any sense. I know what's right. And when you look back to the 1970s and 80s, you know, we take it for granted how much data is available today, how easy it is for us to access historical returns for various indices versus inflation versus dividends versus everything, that technology and that information wasn't all that relatively available 40 50 years ago. What do you mean it wasn't readily available? It wasn't available period. I mean, we go back a little bit of personal history. I was privileged to have the responsibility for representing Greenwich associates consulting with Wall Street firms. The smartest people on Wall Street in terms of picking up and understanding. This is really good information I can really put it to work. John Whitehead at Goldman Sachs, who was unbelievably demanding and rigorous his client, but I loved working for him because he always took everything very, very seriously. There was one other person Mike Bloomberg at Solomon brothers. And Mike took the information and converted into decisions on a regular basis, and it put him in a very strong position, competitively, but it also proved to him the value of having good heart information. And he can't deny anybody can have good heart information and not use it. He was really good at using it. And that's characteristic of why he's been so extraordinary in his successful years and years and years later. So all of this is really fascinating. What made you 19 books in decide to say, hey, you know, it's time to tell the inside story of Vanguard. What led you to saying now is the time. I was a director of Vanguard, I had worked with Vanguard as a strategy consultant before being a director. And I was deeply convinced that this was for almost any American investor. The right way to do your investing. And that it was low cost, yep. High value, yep. Reliably delivered the systematic way. And that looking at as a director, it seemed to me very, very clear that Vanguard was way underestimated by almost everybody. The clients of Vanguard underestimated how good a deal they really getting. People who weren't clients of Vanguard were crazy not to know what the facts were. They could make their own decision, but they should know at least what the facts are. Here's a better way of being able to get good investment guidance and information. And as a director, I said, you know, I think we really are making a big mistake not to make it clear to our own people. How good a deal where they're getting.
Bloomberg Radio New York
"john neff" Discussed on Bloomberg Radio New York
"Bogle. And for people who are paying attention in that direction, but take him out of the controls position on Vanguard, so it could basically grow in its natural way as a major phenomenon. So let's talk a little bit about John Neff, another name that made a huge difference early on doesn't really get talked about all that much. Tell us what he did and why he was so pivotal to Vanguard's success. People don't talk about John F today, but in the 60s, and the 70s, and the 80s, people talked about John Neff because he had the best record of any mutual fund manager in the country. Now you could argue that one of the great managers at capital group had an even better record, but capital broke up the funds into different portfolio managers so it was not public, but among the public recorded. John Duff had the best performance over the long term. Wow, does that make a difference when you're looking at year after year after year after year? With some exceptions, sometimes for two or three years, but over an long-term investment at the best record of anybody in the investment business. What about Gus solder? He was the first chief investment officer at Vanguard group, highly regarded. Tell us a little bit about his contributions. A terrific quant with a great deal of modesty and a wonderful ability to think things through. In Gus Sauter, was critical to development of the ETF business and critical to the development of the indexing business and the capacity to manage with the quantitative group substantial fractions of the actively managed portfolios because he could replicate what an active manager might do. And one of these quiet soft spoken, it's not about me. It's about the interesting work that my team is doing. The team builder and terrific technology understander who was able to put things together in a way that was really wonderful. Quite interesting. Coming up, we continue our conversation with Charlie Ellis, author of a new book inside Vanguard, discussing the state of modern
Bloomberg Radio New York
"john neff" Discussed on Bloomberg Radio New York
"That the longest anybody ought to work at Vanguard would be maybe to 70. So let's have 70 be our retirement age. They got closer and closer, closer to it. So, yeah, but doesn't apply to the chairman, doesn't include to me. Can't be the really right thing in the board of directors said, no, it really is the right thing. In fact, the company has already gone past your skill set, and Jack Brennan has got the skill set and he's proving it over and over and over again. We want to make that change in a very clear way. I don't want to make that change. And Jack bogle really, really resisted it. Finally, it turned out he was deeply upset about not having made a fortune the way Ned Johnson admitted fortunate fidelity. So they gave him a substantial settlement to leave with good behavior and a great opportunity for him to start bogle research, which turned out to be a marvelous success for Jack bogle. And for people who pay attention in that direction, but take him out of the controls position on Vanguard, so it could basically grow in its natural way as a major phenomenon. So let's talk a little bit about John Neff, another name that made a huge difference early on doesn't really get talked about all that much. Tell us what he did and why he was so pivotal to Vanguard's success. People don't talk about John F today, but in the 60s, and the 70s, and the 80s, people talked about John Neff because he had the best record of any mutual fund manager in the country. Wow. And you could argue that one of the great managers at capital group hadn't even better record, but capital broke up the funds into different portfolio managers, so it was not public. But among the public recorded, John Duff had the best performance over the long term. Wow, does that make a difference when you're looking at year after year after year after year? With some exceptions, sometimes for two or three years, but over any long-term investment at the best record of anybody in the investment business. What about Gus solder? He was the first chief investment officer at Vanguard group, highly regarded. Tell us a little bit about his contributions. A terrific quant with a great deal of modesty and a wonderful ability to think things through. In gust solder was critical to development of the ETF business and critical to the development of the indexing business and the capacity to manage with the quantitative group substantial fractions of the actively managed portfolios because he could replicate what an active manager might do. And one of these soft spoken, it's not about me. It's about the interesting work that my team is doing. The team builder and terrific technology understander who was able to put things together in a way that was really wonderful. Quite interesting. Coming up, we continue our conversation with Charlie Ellis, author of a new book inside Vanguard, discussing the state of
Bloomberg Radio New York
"john neff" Discussed on Bloomberg Radio New York
"20 books on investing, including the classic winning the losers game, now in its 8th edition, Charlie Ellis, welcome back to Bloomberg. Nice to be with you, Barry. So nice to have you. The last time we spoke, we really were talking about the retirement crisis and we spent a little bit of time discussing Vanguard, but this new book is so interesting and so filled with details that only an insider can have, let's delve into it a little bit. Tell us what first led you to Vanguard. How did you get involved with them? Well, it started. 1966. I was working with the securities firm in New York, and Wellington was a client in Philadelphia. And I would go down to Philadelphia, meet with John Neff, Jack bogle, and the others. And I got convinced that these were very bright and interesting people. Doing interesting things, but old Wellington was not really a great and interesting place. It was balanced portfolio, the assets were going down year by year by year as people said, you know, it's just out of date. I want to get a performance fund I'm going to beat the market. These guys will never get down to the slow that they're in. But still there was something special about Jack and John. The irony of that is in 1966, hey, we were about to start, you know, a long period of equity under performance, you would have guessed how do you know that a balanced fund, a stock and bond portfolio was going to do a lot better than just the pure stock funds over the next 16 years. That's the way the world works just when you least expect it something goes in a different direction. I'm really like the guys. And when Jackson, he was going to be leaving after the merger made in heaven with the Boston group, it really are stretching it. This is a very unlikely proposition. You got less than 30 people working with you. You're in charge of the back office activities. That's an activity you never, ever personally enjoyed at all. You always assigned that to somebody else. And he would say to me, don't worry about a Jim rippy is going to take responsibility for that. I don't have to do it. You're not allowed to do anything in investment management, and you're not allowed to do anything in sales. The mutual fund business is all about sales. And investing. What are you going to do? And the answer was, I'm going to hang in there and find a way to make this thing work. And the fastening story is the argument that he concocted around indexing first, it's not investment management because, hey, we're not making any decisions. We're just buying all the stocks in the index. And second, there's no sales. People are going to come to us. So therefore, this is outside of the deal he cut with the folks at Wellington. Right. And it was just barely enough over a period of several months to convince his board of directors. It's okay to do that. And he just kind of skated through. They barely approved it. Very close run. But Jack was a very argumentative persuasive, always had the facts supporting whatever cases like the really good litigating lawyer. He was always able to make his own case very, very, very well. So let's talk about that initial funds. The plan was to do an IPO to raise $200 million in new client assets for the funds. How much did they end up actually? This is the first index fund. The first index fund. It's a very interesting story. Going to raise a pretty serious amount of money. It was very hard to get Wall Street to agree to do the underwriting. And then it was really hard to get salespeople in the various cities to say, yeah, I'm going to pitch this to my clients. For a very good reason, everybody knew in those days the purpose of investment management is to beat the market. Everybody understood that was the game. So you're looking for a minister is going to beat the market. Everybody talked that way. And here's a guy coming along and saying, hey, I've got a really good idea for you. I'm not going to beat the market. Jack would have argued, well, wait a minute. 75% of the active funds are underperforming what they said they were going to do. If I meet the market, match it, I'm going to beat most of them up in the top quartile. As a consequence, but Jack, you're going to charge a sales load of 8% on this index fund, so people's first day or 8% behind the market. How are they ever going to catch up with the market? Don't let that bother you. We're going to find a way to make it work out. But that was a killer. And people would look at it and say, straight faced, I'm not going to go to my clients and say, go into this investment opportunity. You're guaranteed to be behind the market for the rest of the time that you hold on to it. Now, some of the data that Jack had showed that the active managers, all of whom were high fee, not even counting the fees after a period of time, the vast majority of some 95% lagged the market and then once you worked the fees in after ten or 15 years, their way behind the market, why did it take so long for that concept to be recognized by investors? We're all governed by our beliefs. And the beliefs are much more powerful than data. And as we've seen in politics, as we'll see in all kinds of other subject areas, what people believe is what drives them to their behavior and decisions. Don't bother me with the facts. It's a reality of human beings. So if your fact based, you've got to be prepared for people to say, you're crazy. That doesn't make any sense. I know what's right. And when you look back to the 1970s and 80s, you know, we take it for granted how much data is available today, how easy it is for us to access historical returns for various indices versus inflation versus dividends versus everything, that technology and that information wasn't all that relatively available 40 50 years ago. What do you mean it wasn't readily available? It wasn't available period. I mean, we go back a little bit of personal history. I was privileged to have the responsibility for representing Greenwich associates consulting with Wall Street firms. The smartest people on Wall Street in terms of picking up and understanding this is really good information I can really put it to work. John Whitehead at Goldman Sachs, who was unbelievably demanding and rigorous in his client, but I loved working for him because he always took everything very, very seriously.
Bloomberg Radio New York
"john neff" Discussed on Bloomberg Radio New York
"When, that the longest that anybody ought to work at Vanguard would be maybe to 70. So let's have 70 be our retirement age. They got closer and closer, closer to it. Bogo said, well, yeah, but doesn't apply to the chairman, doesn't include to me. Can't be the right thing in the board of directors said, no, it really is the right thing. In fact, the company has already gone past your skill set, and Jack Brennan has got the skill set and he's proving it over and over and over again. We want to make that change in a very clear way. I don't want to make that change. And Jack bogle really, really resisted it. Finally, it turned out he was deeply upset about not having made a fortune the way Ned Johnson admitted the fortunate fidelity. So they gave him a substantial settlement to leave with good behavior and a great opportunity for him to start bogle research, which turned out to be a marvelous success for Jack bogle. And for people who pay attention in that direction, but take him out of the controls position on Vanguard, so it could basically grow in its natural way as a major phenomenon. So let's talk a little bit about John Neff, another name that made a huge difference early on doesn't really get talked about all that much. Tell us what he did and why he was so pivotal to Vanguard's success. People don't talk about John F today, but in the 60s, and the 70s, and the 80s, people talked about John F because he had the best record of any mutual fund manager in the country. Wow. And you could argue that one of the great managers at capital group had an even better record, but capital broke up the funds into different portfolio managers, so it was not public. But among the public recorded, John Duff had the best performance over the long term. Wow, does that make a difference when you're looking at year after year after year after year? With some exceptions, sometimes for two or three years. But over any long-term investment at the best record of anybody in the investment business. What about Gus solder? He was the first chief investment officer at Vanguard group, highly regarded. Tell us a little bit about his contributions. A terrific quant with a great deal of modesty and a wonderful ability to think things through. In gust sauder was critical to development of the ETF business and critical to the development of the indexing business and the capacity to manage with the quantitative group substantial fractions of the actively managed portfolios because he could replicate what an active manager might do. And one of these quiet soft spoken, it's not about me, it's about the interesting work that my team is doing. The team builder and terrific technology understander who was able to put things together in a way that was really wonderful. Quite interesting. Coming up, we continue our conversation with Charlie Ellis, author of a new book inside Vanguard, discussing the state of modern Vanguard
Bloomberg Radio New York
"john neff" Discussed on Bloomberg Radio New York
"To Bloomberg. Thanks Barry. It's great to be here. Yeah, it's good to have you. So I've worked my way through just about the whole C suite. At Vanguard and I'm glad we finally got to you. Tell us a little about your plans coming out of college. How did you end up at Vanguard? Yeah, believe it or not, Barry, I wanted to go to Wall Street coming out of school and came up to New York and Wall Street didn't work out for a variety of reasons, but I ended up working sort of an adjacent industry in the portfolio management software business. And really wasn't where my passion was. So I decided to make the move from New York to Philadelphia and I had a friend that worked at Vanguard. I honestly knew nothing about Vanguard. In fact, I was at a Philadelphia career fair when I first graduated and there was a Vanguard table there and somebody said you want to go interview with Vanguard and I looked and I was like, huh, now I don't think so. And they said, what do they do? I think that's a supermarket or something like that. That's how clueless I was, but it was really lucky. I had this friend started Vanguard in March of 1988. Quickly realized it was a pretty special place. It's a place where it's really incredibly mission driven. It's got such a sense of purpose, we're owned by our clients. All these things that actually took me a while to realize working there. But yeah, it was a little bit of a by chance. It wasn't really looking for Vanguard, but somehow I found it and got really, really lucky. So going back to Philadelphia is not a big change to you. You went to I went to bloomsburg university, which is midsize school in central Pennsylvania. And drexel, which is right in the middle of Philly. Went to drexel, part time while I was at Vanguard, did that commute down to Philadelphia from the suburbs. You know, three times a week for a number of years. Which isn't too bad if you go in the opposite direction of traffic, right? I don't know about that. Not a lot of great mass transit from malvern to Phil. Not from malvern to Phil. Actually, you could take the train, but at that time it was a long time ago. I think I graduated 93, it was more convenient to drive. So you mentioned Vanguard was a special place when you joined it. It's clearly a different place today than it was in the 80s and 90s. Yeah. Tell us a little bit about what it was like working there. You know, pretty much before Vanguard became the behemoth we know it as today. Yeah. It was a startup. It felt like a startup. I mean, it wasn't quite a startup, probably we probably had 700 employees at the time, but only about 30 billion in assets under management. And we were trying to figure things out and grow. Nobody really cared about indexing. And if they did care about it, it was usually a pretty negative thoughts about indexing. We were called un American and you a communist. Yeah, that's right. We were communists why settle for average all those things. But, you know, Jack bogle was at the helm when I started I was fortunate enough to work with him for about 8 years. And he was so passionate about our mission. You know, he would we have partnership picnic every summer and he would get up and speak and it would fire you up for the rest of the year. The guy was incredibly inspirational. And you really felt like you were taking on the establishment and doing something special. So it was really, really fun startup, very collaborative. It felt like a family, and it took a while to start growing, to be honest with you. We really didn't start growing probably the mid 90s. It started to get a little bit of attention then. Now, in the 90s, everybody was growing. Stocks were going higher. You're the middle of a 18 year or so giant 1000% bull market. What was Vanguard doing in the mid 90s that finally began to gain traction? Was it was it the underlying philosophy started to find some adherence or was it just the rising tide lifted all? But I think a couple things Barry, first of all, we had some real zealots. You know, the bogleheads of today, which you probably familiar with. Sure. They stumbled onto Vanguard. We didn't do advertising. We didn't sell. We weren't actually Jack bogle wouldn't let us say the word seller product or advertising. You actually had to put a dollar in a jar near his office if you did. But you know, we had something special and I think people realize that. People may not even really understood that they own the company. By investing in the funds and the company, but you got this core base of people that really identified with Vanguard, felt like they're part of the club and great word of mouth. So that was helpful. We had some great performance from some of our active funds early days, Windsor fund, John Neff, superstar, fund manager, that helped really talking about indexing Jack taking that on, taking the industry on, people started to get disappointed in performance. You had star managers in the early 90s that sort of the shine came off the star a little bit. So indexing had a little bit more of a peel cost. When you really hammer home what you can control as an investor, a cost it finally started to catch on with people. Like, hey, I can get low cost through indexing and get the market return. Which, by the way, over time, is pretty darn good returns. Absolutely. And around the same time you started to see the rise of some academics saying a, the market's efficient, very few if anybody can beat it. And those who can, you don't know it's persistent. If it was luck, if it was whatever, and there was a lot of academic defense of the idea of the advantages passive. That's right. Yeah, I mean, Burt macula, sure. That's right. Random walk down while she was a Vanguard board member for many years. Charlie Ellis? Charlie Ellis, another one, you know, the losers game, his book there. So there was a lot of academic research around it. And it started to become practical. People started to really see it and feel it. And
Bloomberg Radio New York
"john neff" Discussed on Bloomberg Radio New York
"So you mentioned Vanguard was a special place when you joined it. It's clearly a different place today than it was in the 80s and 90s. Yeah. Tell us a little bit about what it was like working there. You know, pretty much before Vanguard became the behemoth we know it as today. Yeah. It was a startup. It felt like a startup. I mean, it wasn't quite a startup, probably we probably had 700 employees at the time, but only about 30 billion in assets under management. And we were trying to figure things out and grow. Nobody really cared about indexing. And if they did care about it, it was usually a pretty negative thoughts about indexing. We were called un American. Do you a communist? Yeah, that's right. We were communists why settle for average all those things. But, you know, Jack bogle was at the helm when I started I was fortunate enough to work with him for about 8 years. And he was so passionate about our mission You know, he would we have partnership picnic every summer and he would get up and speak and it would fire you up for the rest of the year. The guy was incredibly inspirational. And you really felt like you were taking on the establishment and doing something special. So it was really, really fun startup, very collaborative. It felt like a family, and it took a while to start growing, to be honest with you. I mean, we really didn't start growing probably a mid 90s. It started to get a little bit of attention then. Now in the 90s, everybody was growing. Stocks were going higher. You're the middle of a 18 year or so giant 1000% bull market. What was Vanguard doing in the mid 90s that finally began to gain traction? Was it was it the underlying philosophy started to find some adherence? Or was it just the rising tide lifted all books? I think a couple things Barry, first of all, we had some real zealots. You know, the bogleheads of today, which you probably familiar with. Sure. They stumbled onto Vanguard. We didn't do advertising. We didn't sell. We won't actually Jack bogle wouldn't let us say the word seller product or advertising. You actually had to put a dollar in a jar here as office if you did. But you know, we had something special and I think people realize that. People may not even really understood that they own the company. By investing in the funds they own the company, but you got this core base of people that really identified with Vanguard, felt like they're part of the club and great word of mouth. So that was helpful. We had some great performance from some of our active funds early days, Windsor fund, John Neff, superstar, fund manager, that helped really talking about indexing Jack taking that on, taking the industry on, people started to get disappointed in performance. You had star managers in the early 90s that sort of the shine came off the star a little bit. So indexing had a little bit more of a peel cost. When you really hammer home what you can control as an investor, it costs it finally started to catch on with people. Like, hey, I can get low cost through indexing and get the market return. Which, by the way, over time is pretty darn good returns. Absolutely. And around the same time, you started to see the rise of some academics saying a, the market sufficient, very few if anybody can beat it. And those who can, you don't know, it's persistent. If it was luck, if it was whatever, and there was a lot of academic defense of the idea of the advantages passive. That's right. Yeah, I mean, Burt macula, sure. That's right, random walk down while she was a Vanguard board member for many years. Charlie Ellis? Charlie Ellis, another one, you know, the losers game, his book there. So there was a lot of academic research around it. And it started to become practical. People started to really see it and feel it. And
Bloomberg Radio New York
"john neff" Discussed on Bloomberg Radio New York
"To Bloomberg. Thanks, Barry. It's great to be here. Yeah, it's good to have you. So I've worked my way through just about the whole C suite. At Vanguard and I'm glad we finally got to you. Tell us a little about your plans coming out of college. How did you end up at Vanguard? Yeah, believe it or not, Barry, I wanted to go to Wall Street coming out of school, and came up to New York. And Wall Street didn't work out for a variety of reasons, but I ended up working sort of an adjacent industry in the portfolio management software business. And really wasn't where my passion was. So I decided to make the move from New York to Philadelphia and I had a friend that worked at Vanguard. I honestly knew nothing about Vanguard. In fact, I was at a Philadelphia career fair when I first graduated and there was a Vanguard table there and somebody said you want to go interview with Vanguard and I looked and I was like, huh, now I don't think so. And they said, what do they do? I think this is a supermarket or something like that. So that's how clueless I was, but it was really lucky. I had this friend started Vanguard in March of 1988. Quickly realized it was a pretty special place. It's a place where it's really incredibly mission driven. It's got such a sense of purpose. We're owned by our clients. All these things that actually took me a while to realize working there. But yeah, it was a little bit of a by chance. It wasn't really looking for Vanguard, but somehow I found it and got really, really lucky. So going back to Philadelphia is not a big change to you. I went to bloomsburg university, which is midsize school in central Pennsylvania. And then drexel, which is right in the middle of Philly, went to drexel, part time while I was at Vanguard. Did that commute down to Philadelphia from the suburbs, you know, three times a week for a number of years. Which isn't too bad if you go in the opposite direction of traffic, right? And I don't know about that. Not a lot of great mass transit from malvern to Phil. Now from Melbourne to Phil. Actually, you could take the train, but at that time it was a long time ago. I think I graduated 93, it was more convenient to drive. So you mentioned Vanguard was a special place when you joined it. It's clearly a different place today than it was in the 80s and 90s. Yeah. Tell us a little bit about what it was like working there. You know, pretty much before Vanguard became the behemoth we know it as today. Yeah. It was a startup. It felt like a startup. I mean, it wasn't quite a startup, probably we probably had 700 employees at the time, but only about 30 billion in assets under management. And we were trying to figure things out and grow. Nobody really cared about indexing. And if they did care about it, it was usually a pretty negative thoughts about indexing. We were called un American and white. You were communist. Yeah, that's right. We were communists why settle for average all those things. But, you know, Jack bogle was at the helm when I started I was fortunate enough to work with him for about 8 years. And he was so passionate about our mission. You know, he would we have partnership picnic every summer and he would get up and speak, and it would fire you up for the rest of the year, the guy was incredibly inspirational. And you really felt like you were taking on the establishment and doing something special. So it was really, really fun startup, very collaborative, felt like a family, and it took a while to start growing, to be honest with you. I mean, we really didn't start growing probably a mid 90s. It started to get a little bit of attention then. Now, in the 90s, everybody was growing. Stocks were going higher. You're the middle of a 18 year or so giant 1000% bull market. What was Vanguard doing in the mid 90s that finally began to gain traction? Was it was it the underlying philosophy started to find some adherence? Or was it just the rising tide lifted all? But I think a couple things Barry, first of all, we had some real zealots. You know, the bogleheads of today, which you probably familiar with. Sure. They stumbled onto Vanguard. We didn't do advertising. We didn't sell. We won't actually Jack bogle wouldn't let us say the word seller product or advertising. He actually had to put a dollar in a jar here his office if he did. But you know, we had something special and I think people realize that. People may not even really understood that they own the company. By investing in the funds and the company, but you got this core base of people that really identified with Vanguard, felt like they're part of the club and great word of mouth. So that was helpful. We had some great performance from some of our active funds early days, Windsor fund, John Neff, superstar, fund manager, that helped really talking about indexing Jack taking that on, taking the industry on, people started to get disappointed in performance. You had star managers in the early 90s that sort of the shine came off the star a little bit. So indexing had a little bit more of a peel cost. When you really hammer home what you can control as an investor, it costs it finally started to catch on with people. Like, hey, I can get low cost through indexing and get the market return. Which, by the way, over time, is pretty darn good returns. Absolutely. And around the same time, you started to see the rise of some academics saying a, the market sufficient, very few, if anybody can beat it. And those who can, you don't know it's persistent. If it was luck, if it was whatever, and there was a lot of academic defense of the idea of the advantages of passive. That's right. Yeah, I mean, Burt macula. Sure. That's right, random walk down while she was a Vanguard board member for many years. Charlie Ellis? Charlie Ellis, another one, you know, the losers game, his book there. So there was a lot of academic research around it. And it started to become practical. People started to really see it and feel it. And that started to give us a little bit of wind in our sales. So back in the forget late 80s, even in the early 90s, when you start to attract more capital, did you ever imagine, hey, in 20 years, 25 years will be, you know, 6, 7, $8 trillion. No, not at all. It was a tough go early early on. And Jack was adamant about, hey, cash flow and market shares and outcome. We have to just do what's focused on doing what's right for investors. Don't worry about growth. You know, he really hammered that home to us. So we didn't really think big like that. We were just trying to do the right thing. So yeah, I'd say absolutely not. I had no idea how big we'd be. Coming up, we continue our conversation with Tom rem pula. He is Vanguard's head of financial adviser services, discussing how Vanguard became the behemoth it is today. I'm Barry rittch, you're listening to masters in business, on Bloomberg radio. Burden LLP accountants and advisers presents
Bloomberg Radio New York
"john neff" Discussed on Bloomberg Radio New York
"Jack bogle wouldn't let us say the word seller product or advertising. He actually had to put a dollar in a jar here his office if he did. But you know, we had something special and I think people realize that. People may not even really understood that they own the company, you know, by investing in the funds and the company, but you got this core base of people that really identified with Vanguard. Felt like they're part of the club and great word of mouth. So that was helpful. We had some great performance from some of our active funds early days, Windsor fund, John Neff, superstar, fund manager, that helped really talking about indexing Jack taking that on, taking the industry on, people started to get disappointed in performance. You had star managers in the early 90s that sort of the shine came off the star a little bit. So indexing had a little bit more of appeal cost. When you really hammer home what you can control as an investor, a cost it finally started to catch on with people. Like, hey, I can get low cost through indexing and get the market return. Which by the way, over time, it's pretty darn good returns. Absolutely. And around the same time, you started to see the rise of some academics saying a, the market's efficient, very few, if anybody can beat it. And those who can, you don't know it's persistent. If it was luck, if it was whatever, and there was a lot of academic defense of the idea of the advantages of passive. That's right. Yeah, I mean, Burt macula, sure. That's right, random walk down while she was a Vanguard board member for many years. Charlie Ellis. Charlie Ellis, another one, you know, the losers game, his book there. So there was a lot of academic research around it. And it started to become practical. People started to really see it and feel it. And that started to give us a little bit of wind in our sale. So back in the, forget late 80s, even in the early 90s when you start to attract more capital. Did you ever imagine, hey, in 20 years, 25 years will be, you know, 6, 7, $8 trillion. No, not at all. It was a tough go early early on. And Jack was adamant about, hey, cash flow and market share is an outcome. We have to just do what's focused on doing what's right for investors. Don't worry about growth. You know, he really hammered that home to us. So we didn't really think big like that. We were just trying to do the right thing. So yeah, I'd say absolutely not. I had no idea how big we'd be. Coming up, we continue our conversation with Tom Rand pula. He is Vanguard's head of financial adviser services, discussing how Vanguard became the behemoth it is today. I'm Barry rittch, you're listening to masters in business, on Bloomberg radio.
Dr. Drew Podcast
"john neff" Discussed on Dr. Drew Podcast
"I don't know about because it's not clinically relevant pathology that may be relevant to preventing things and a living atr and it's not even just much living longer anymore because i don't know how many of you hang out with ninety year olds but i don't want to spend too long as ninety year old particularly unless i have an extraordinarily lucky Sort of constitution by time to get that age. Give my family history and stuff. I'm betting not so live. Well every moment. Till i get to that point gary once afford with old people caring for you decide you wanna spend thirty years like that. The oldest okay. You can do that just to make a point just won't but it will not be fun. Twenty years trust me living twenty years as at vance age. Go hang out with a very very old elevation for a while and see if you wanna spend a darn like that but you know one thing about covert we've talked about. This is that it gave. It should have given people talk about their end of life plans with their family. Ever want to be on nursing home. If i am so far debilitated that i've been nursing home. No i don't know they've got good happy. Hour puzzled is a ailing independent living environment. I'm cool with that. But but if you find institutional support twenty four hours a day no because that means somebody needs to move me in bed to people need to move me in bed. Somebody's activities of daily living. You're willing to lose two of the five. I don't just don't need institutional support. I don't mind being impaired won't like it. But if i have some ability move about and take care of myself find. I don't wanna be. I wouldn't need institute. I qualifies for different kinds of different things with baby of his position. So seriously talk about you know with your family. What your wishes are and make explicit. Write them down because these are inevitabilities life and it should be as gracious. And what's the word. I'm looking for gary. This has been my day. Where it's gonna get bad. Crueler gets in here already. John neff djing graceful but with dignity. Dignity is the word. i'm looking for. Thank you very this should be as dignified as any other part of your life and should we plan for. It's reality but part of that is living well as long as possible. Not just living long but living well. Yes i will tell you this. Most of our our our patients will say something like you know when they start ma methylated vitamins or they take their hormones balanced. Though they'll contact the office with my god it feel amazing. And i remind them that they actually don't feel amazing That they actually feel normal but most of us have had a such an erosion in our baseline sense of normalcy that we have accepted a physiological older older. Such a cop out. I should wake up soar nike. I'm fifty five years old. Should be stiff and sore. When i go to the restroom in the morning. I should be foggy in the mornings for half the day. The soles of my feet should hurt. When i get out of bed and none of that is true. We are meant to thrive into older ages. And we have the capacity to do it right at our fingertips. It's just that most people don't have a road map for how to do it. So who if streamline medical group dot rate go if you have any questions or interested in this who should be showing up Who do you went to anyone. That just wants to be optimal right. we Knowing walks through our doors to be average so people that are actually looking to have an optimal level of existence in health. Better brain function improves short term memory deeper delta wave sleep more restful sleep improve waking energy knows if.
The Indicator from Planet Money
"john neff" Discussed on The Indicator from Planet Money
"Right now is. Is that a fever pitch. John neff runs higher dynamics. He says this huge tilt in the labor market has forced us company to operate differently than it used to. He says they spent a lot of time now. Advising employers on things like what wages or working conditions. They should offer to be competitive and more than ever. He says they're trying to suss out. What workers really want. Yeah meet them in person. Get to know them personally. What motivates them and also are they truly committed. I mean it's almost like you've always been in the business of being a matchmaker but now you're also a relationship therapist. I liked that adrian. Yeah i a relationship therapist and empathizing right but quickly followed with. Here's some things that we together need to be thinking about and this is why we're starting to see some things out there in the job market. That were once unthinkable. Like the recent news that amazon will pay for college tuition for its warehouse. Employees just to keep them around and adrian from the atlanta fed. She says she heard a one restaurant group. That's considering offering down payment assistance on homes for workers who stick around a while and don't ghost which Robert just remind me to look up where that restaurant is two times in a row for the atlanta fed. We asked adrian whether she was worried about her colleagues at the other regional feds if maybe they would be. I don't know a little little intimidated next time. There's always ram for a little healthy competition within the fed. And so what. I really liked to take the opportunity to do is just throw the gauntlet down to the other. Eleven districts to stop a three peat. Oh look at. This dynasty is about to happen people we need. We need great anecdotes out there for the next beige book. They all have them. I have faith that music means we are out of time. I'm robert smith. Never ghosting and i dream. Mont never coasting. Thank you for joining us for this edition of the beige awards. They were produced by britney cronin in fact check by caitlyn nicholas the indicators headed by kincannon and his production of npr..
Motor1.com Podcast
"john neff" Discussed on Motor1.com Podcast
"A man knew what he was getting himself into a bigger story around you know how many miles on on that but but yeah and this was another one where we just. I don't know. I think i found it on facebook originally And and you did all the legwork anthony co tracking down the dealer and calling them but Yeah million mile cars are are so cool and anybody who who owns wanted has gotten one that far kudos to you well and and like you said we've seen some other cars we've seen it on a fair amount of pickup trucks. I think this is really awesome. Because it's a crx for i mean for anybody that hasn't really seen a sierra that era i mean it's a small car but it's like a really small car it's a two seater. How do you do a million miles in a to cedar thought even like a practical daily driver for people as they go through their life and you know have a family and stuff like that and you're right. Most most of the vehicles we see go a million miles or trucks. Because they're kind of brute simple machines that are there to maintain their vehicles driven every day. I mean to to get a million miles on vehicle. You're gonna get up that high. To a lotta volvos Hit that high. I mean. That's sierra. i mean that's what that's like a thirty year old car. But you're still doing a lot of driving to get a million miles. And i've i've driven that era. Crx their whole areas funded drive. I just without full of equipment that we have now. They're so light. And so analog and fun you just feel like you could pick it up and carry it around with you. It just feels like. I hate to use the metaphor if feels like an extension right. But i'm i'm just blown away that somebody spent a million miles in that car and i think that's awesome I think it's awesome. I think is a testament to to honda. I think it's a testament to taking care of your vehicles maintenance and you take care vehicle it'll last care you think it's your term that's a that's a terrible way to segue ugo my god take care of the car and it'll take care of. You must ugo because joke. Is you go nowhere. No so this was another piece that john found under iraq because ladies and gentlemen john neff is a confessed ugo fan and you know what i am too if i if i ever find a really neat ex and i say this almost every podcast. I'm going to have a million cars by the time. I'm i'm fifty right If i find a g. vx. I'm there because these are unloved cars and somebody has to love him right and The story that we got the john founded. It was in a facebook group. And this gentleman. His name is his dan le. Let me let me bring the article up here. So people can look at. The article has talking about this. Let's see here. i've got here. Just porn up where to go there. We go so. We're looking at this article here. That's actually malcolm brooklyn sitting any ugo. Fresh off the assembly line from the plant in yugoslavia back in nineteen eighty five smith for any of our readers like clint simoni who Who malcolm brickland is. Because he's too young. You tell us malcolm brickland. If you've ever heard of the brooklyn as v the sports car with the goal wings a big player in the auto business you like the early six routine. Yep he was he was he wanted to bring everything over here to the united states and then he that he built his brooklyn which i mean it was met with so so response but he was also involved with getting you go over to the united states and these images come from a gentleman named dan halpern his father. Jonas was actually hired by malcolm brooklyn to be the head of pr for what was then brand new yugo. America that that brooklyn was doing. The whole plan obviously was to take these these cars from yugoslavia. Bring him over to. The united states and his father was in charge of the pr campaign and has such. Dan and his father went with brickland. And a bunch of yugo. America top exacts over to yugoslavia When dan was fifteen and dan took his camera with him and he just happened to post these photos on facebook group that john was a part of and john. Obviously being john was like. Yeah we need to know more about this. And i'm glad he shot me the story because i love stuff like this. I was able to talk with him on the phone for quite a while. his experience was just. It was typical fifteen year old. Where he up in new york and and he's kind of like you know i've i've i've got the world in the problem my hand and so he goes to yugoslavia with his camera while his dad's doing work and he goes around and he snapping all kinds of pictures. I mean we got malcolm brooklyn sitting in the yugo there on the line. We've got these images inside the yugo factory. And i want to recommend to anyone who finds us interesting. A book that i think is just called hugo and it was written fairly recently about the history of the yugo an and it's coming to america and that's why these pictures caught my eye. Because i read that book and the the yugo factory in the former yugoslavia is so interesting. Because it's like just this. It's not like a us factory. It's a it's like a concrete bunker giant facility that could basically build anything and build other things that bill. Ak47's at bill and built it built a lot of things that Bed nato later on eventually was bombed by nato. I think in one thousand nine hundred ninety nine. The i apologize if i get the pronunciation wrong. Everybody knows terrible. On pronunciations find our ignorance charm. Crag you avec craig you i think which was yugoslavia serbia. Now i believe that's pretty close to the pronunciation. That's where the plant was. We're looking at photos now here on youtube. I one of the questions that i had to ask dan. Because as we're looking at this vote. I mean it looks like a very i mean. You're used to seem modern plants. You know like general motors. Ford or god forbid if you happen to see.
Motor1.com Podcast
"john neff" Discussed on Motor1.com Podcast
"Focused site. Right motor one jalopy nick auto blog we try to cater to enthusiasts and sometimes report on rumors and stuff but news is very much a business focused site dealers suppliers industry people. They don't care about easiest they're not trying to stir up rumors to get clicks. That's not what they do. So when you hear something from them you perk-up your ears a little bit more. And so they have this very long story about the future of general motors as they transition away from combustion engines and towards electric power plants and there is two mentions of camaro in this entire story which we thought was interesting enough to build a story out of so. I'm going to read you the bits about the camaro from the story. Because they're so short that i can so it says some existing vehicles such as the chevy malibu and camaro won't stick to the standard cadence of facelifts and redesigns instead they will ride out the current generation before before making way for e vs and that by itself. Okay not dealer. They're going to stick it out for a while and then when they're gone they're going to be replaced with a new ev. But here's the thing at the end of. The story are kind of three quarters of the way through this story. They have a little table and they show a bunch of existing chevy buick and cadillac models. But they specifically say chevy camaro it will end in two thousand twenty four and it will be replaced by a performance. Ev sedan and in addition to that it has stuff that we kind of know the cadillac. The current sixty four x five sixty six will be replaced by a electric crossovers called the lyric optique and symbolic and they mention those names specifically yes but they don't mention a different name for this performance. Abc then and now. Maybe it's because that name hasn't been confirmed yet. Or maybe they're gonna use the camaro name camaro name. Yeah but the thing is the reason that we reported on this is that this is not just a fly by night source like sometimes i'll be honest. We pick up stuff from like japan especially where there are some sources in japan that. Hey they've got an inside line sometimes but then sometimes they just rate stuff and i had example but automotive news is legit and when automotive news reports on something like this you kind of believe on. Because i've been doing this long enough. That they're they're not out to just like pick up a rumor and do a big report on it and when you look at this story. It's quite an extensive report there to mentions of camaro. There's one mention of ed sedan. So they're not trying to like. Make a big story about this. It's just one mention. And that timmy lends a little credence to it that they're not trying to stir up cliques that they had a bunch of information they presented it. And that's the information that they have at least right now and like you said i wrote up the story and i wrote it. We don't know whether this is true. There is I try to find it. There's an interesting point in the story where they talk about. Current product planning Basically talked here. It is Neither plant Let me go back there. Talking specifically about the bull. Ev and the e. u. v. Which are obviously to current shipping indies. And they say neither plant has products assigned beyond twenty twenty five one cat. One forecaster said their fate likely will be determined by the next day contract labor contract set to be negotiated in two thousand twenty three even automotive news as saying that. None of this kind of firm set in concrete plans that you know. The united auto workers in their union contract is kind of going to determine some of this but as of right now it sounds like the camaro could become a sedan which well. Let's let's talk about this year for a little bit. Because i mean it's not like it's a surprise that general motors will have some sort of performance electric vehicle now in the works. It's not necessarily a surprise that it will be a sedan. I mean we have the mustang mach e which is a four door. Crossover right but what's significant. There is the mark e is sold alongside the standard mustang correct and this report presumes. That's the camaro is going to die and traditional camaro as you're gone right. That is both a sedan and electric and presumably some sort performance vehicle. Now now. I mean considering what's going on right now with the machi. I haven't looked machi cells recently from what i gather. I mean it's it's it's i mean it's doing pretty well. I don't that it's mind as far as it's not maybe gangbusters but it's not a failure either is what i understand so i mean i wonder d think general motors with chevrolet in their performance sedan could be trying to targets a market. That's not being served by ford. I mean if they're specifically calling it a sedan. Instead of going into the crossover rome. I mean you could argue this. That a sedan is still going to be more sporty in nature than across over sure. Absolutely i mean. I wonder if that makes sense for general motors to create a camaro electric sedan. Yeah and i think something that's worth pointing out. Is that for years. For what since twenty and eighteen. Now we've been hearing that. The camera was going to die after the current generation that gm did not intend on replacing it with another vehicle. So is it better to die or to become a sedan to paraphrase. Like should the camaro just die and not be around anymore or would you rather have a camaro that still still has the camaro but is now something completely different than what it has. Been for the past sixty years you know. I had that very conversation with our global editor in chief. John neff a long time ago when when the machi actually just after the machi came out. And we were on the previous incarnation of the official. Motor one podcast. Talking about it. Where he and. I just had a knockdown drag outs. Not a fight. But i think at one point. I said i can call my house a baked potato. It doesn't mean. I live in a baked potato. This four door crossover. You can call it a mustang and it doesn't mean it's a must i was obviously on the side of machi is not a mustang and he asked pointblank he said why would you rather than mustang..
Talkhouse Podcast
"john neff" Discussed on Talkhouse Podcast
"And it was. It was wonderful. That's great well. If figured shanahan knows what he's doing ease only the business for about fifty years. You know if anybody's going to get right. I think he would be joe. And that's really great that he did at the most important thing. Is that the person who bought the ticket feel safe right and they did and they. They did a great job with that. So here's two more those. I'm playing a an indoor private show. Tomorrow is some of the clubs in chicago. I've been doing this thing where they let people rent the room and then by the act So this is i mean. They contacted me months ago. And i didn't know what this year is gonna look like so i the l. Let's do it. And i'm thrilled that we are but it's funny. How now things are starting to open up. And i think some of the clubs like you know we could have done this. We couldn't have known musicians need to work and people need to hear live music and know and the more people the more we understood about the disease itself and how it was transmitted. Sure we'd known all these things you of six months ago we could have made it much earlier. Start on maybe getting some live music but there was no vaccine really six months ago so it happens as it must have happened and sherry when you look back you grow old. Could've done it. Quicker could've done better. But when you're in the midst of the great unknown like that was you just do the best you can. Yeah and this just feels like that gray area in between transitions. You know. But i know that you know the bob mould band. Had this fall tour booked for a long time. Basically we wanted to see the vaccines get distributed. And then wait and see what the data would be because it's one thing for people to get vaccinated. It's a whole other thing to see what the results are. So we we finally announced. It's gonna feel so good luck with those guys again. I can't wait any altering. We're out in september and october with the full band with john. And bob and then in later october bob and i are gonna do some solo shows in the midwest where i mean i'm gonna let him gone second. Damn good of you jason. After i sold the shows out. I thought it'd be nice if bob could play for the full house. Well you could use a career boost adults doing some songwriting with a bunch of different people. I come out to be interesting. I haven't done that much. Co writing with people outside of rem. So that'll be interesting to see how that goes. I do have some stuff coming up in spring of next year. Good friend of mine. His name robert mcduffie. He's a classical violinist. Very famous world class tours around the world plays with symphonies. all around the world. He came to me about six years ago and asked me to write a concerto for rock violin. Rock band is string orchestra. So i did. And i mean it's a concerto in the sensitive it fills the definition of a classical concerto but our point is that we're trying to break down the walls between those genres to show people that you can enjoy classical elements in a rock and roll setting or vice versa. So we've combined as many classical elements as we can with the rock and roll. Have a band you know with john. Neff and william talks and patrick ferguson. From athens and so. That's a lot of fun and we do that. So we're doing a couple of iterations of that one is should we. We're gonna tour. The first part of the show will be some arrangements of ram songs done by really cool the rangers. And then the second part of the show will be the concerto with rock band and string orchestra maybe full orchestra just strange women. We're gonna go to full orchestra for this and then another thing we're doing is something i've done bobby and chuck lavelle and i do what i call it a night of georgia music and it's all songs either about. Oh yeah you guys did. This didn't yeah. We did it a few times. It's it's amazing but it's either songs about georgia or by georgia artists and that superfine man. I gotta catch one of those. I'd love to see that. Are you got you well. We're gonna try to that next year. It's it's a weird thing because nobody really knows it's hard to market because there's seeing it's all instrumental but such instrumentalists chuck lavalle piano and robert. Mcduffie violates it's brilliant and it's a lot more fun than it may even sound but We get a bunch of that coming up next year. That's great. that's awesome. Well i hope we get to do some more split single too when the world gets safer and let me know excellent. This has been fun mike. Thanks so much for taking time jason. My pleasure thanks so much listening to the tacos. Podcast and thanks to mike mills and jason do sleep for channel. This week's episode was produced by melissa kaplan and as always they talk team is composed and performed by the range. If you like what you heard checkout talk out on all your favorite social channel and wherever you find your podcasts. Next time thanks..
Motor1.com Podcast
"john neff" Discussed on Motor1.com Podcast
"To fly into a military operations area flying my my my nice flying car and all of a sudden. F16 showed up out of nowhere. What's going on. So yeah the rules. The regulations the safety the complexity. Forget it folks until we link argument well enough that the flying car is. I'm not gonna say never going to happen because never as a long time but going to happen in my lifetime. These no aid no he. Won't these grand. These grant automaker plans of autonomous flying vehicles little shuttle people around the city. There's no way in hell. I'm getting in one of those. Yeah the last. I mean the last thing i want is just an automated machine where nobody's checking it regularly. I mean seriously after before and after every single flight in the smallest aircraft you do your preflight. Check you do your post-flight check so you mean to tell me. That's an automated. Taxi service run by a company. That's obviously first and foremost out to make money. They're going to be having somebody constantly checking those aircraft before and after each specific flight. No no and i wouldn't touch it. I think we've made this argument. This is i have had with our boss. John neff before because he is of the opinion that these flying cars that they can happen at some point and you and i and our teams chat have basically been like nope. It's not know. The technology is so far advanced so much further down the line then. Even it's available today that we know about that am i. Don't i don't think it's. I don't think it's an issue of technology. I mean we have helicopters right now you can make a small quad copter. That can carry a person and land in their backyard. Sure okay yeah. It's it's the safety issue. People don't understand the inherent risks that you just don't even think twice about one year in a car. I mean okay. You're in your car. The check engine light comes on the engine starting to cut out. Oh darn it. Yeah get on the phone and call somebody. That happens in an aircraft. If you're in a fixed wing aircraft pray that you are because at least then you can try to look around. Find a place wide enough open enough. You can glide in for a landing if you're in a helicopter hopefully you can auto rotate down. But that's still. That's that's a far more difficult maneuver gliding in fixing aircraft. If you're gonna quad copter hopefully you pull the emergency parachute that hopefully onboard because otherwise you just gonna plummet and die and yeah. That's i mean that's the hangup the safety the safety and the security. It's just it's never going to be there. What do you think folks. Podcast motor dot com. Yeah i yeah. I would like to get some emails on this. Podcast motor dot com. We'd love your comments on youtube. Feel free to go ahead and more but keep going comment on the articles and emails but flying cars. That's that's going to be the discussion. We send us some information because we'll bring this up next week. i'm curious. I'm curious. If bruce and i are just just weird nuts. I know that. But i'm curious if our opinions on this are kind of in line with most of you out there and i think they are but i wanna hear about it. I send us the old david letterman. Kevin smith video the flying car. Which every time. I say i think of that too. It's funny. I don't have to send it to me because i've already know it so we're good there. Yeah okay i'll back you up on that. So let us know. Flying cars man. Come on unless something radically changes is gonna be seriously but yeah but as always good afternoon or good evening. Good night whenever you happen to be listening to us. We appreciate you and we appreciate you listening. Lake smith was just saying podcast at motor one dot com. Is the email address motor one. Podcast is the Youtube address now where you can find all of our episodes also on spotify by apple podcast. All that stuff podcast. Odyssey i think is another one that we're trying to. It's i've never even heard of but if you have a platform where you listen to podcasts. Were probably there for not. I us because i would be shocked but yeah but yeah. We love reading your comments. We've been doing pretty good these past this past month or month or so that either smith or i or both of us respond to every comment that we get so. Yeah we love getting. But i you from you exactly so thanks. Everybody and good night bye bye..