John Bogle, Vangaurd founder and indexing maven, recently gave a short interview to Morningstar. John has a new book coming out, entitled "Enough". As John says, it's his philosophical critique of American society today.

The title comes from an exchange between famous authors Kurt Vonnegut and Joseph Heller. While attending an "upper crust" party on Long Island, Kurt says to Joseph,

"Do you know our Billionaire host made more money today than you made off of every copy of "Catch-22″ ever sold?" To which Joseph replies, "You know, that's ok, because I have something he'll never have. Enough."

Very timely I would say. If Wall Street would ever realize they have enough, we would not be in this situation. I suspect that John's book delves into this in detail. It also fits well with Charlie Munger's admonition that envy is the dumbest of the seven deadly sins because unlike lust or gluttony for example, there is no upside - it just makes you miserable. Munger:

"Well envy/jealousy made, what, two out of the ten commandments? Those of you who have raised siblings you know about envy, or tried to run a law firm or investment bank or even a faculty? I've heard Warren say a half a dozen times, "It's not greed that drives the world, but envy"."

"The idea of caring that someone is making money faster [than you are] is one of the deadly sins. Envy is a really stupid sin because it's the only one you could never possibly have any fun at. There's a lot of pain and no fun. Why would you want to get on that trolley?"