By Manekji Bejanji Pithawalla
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Extra resources for An Introduction to Karachi: Its Environs and Hinterland
That’s when your boat must need be staunch and true, well braced and put together, and lithe like a living thing. And that is when the sailor too is on his mettle, no less in command for all his reverences in the presence of a power mightier than his own. 45 T H E C O M P A N Y T A K E S O F F, 1 9 8 0 – 1 9 8 5 These evocative words were part of a sermon given by the Very Reverend Francis B. , dean of Washington Cathedral, to mark the occasion on July 4, 1976, when a parade of tall ships arrived in Newport in honor of the holiday.
Our change from a broker-dealer load system to a direct no-load system took place just a bit over five years ago. Abandoning in 1977 the broker-dealer network that had been our modus operandi for nearly fifty years—turning our back, as it were, on our past history—was a high-risk and irreversible decision, and it was one of the most crucial decisions Vanguard has had to make. But, as this celebration testifies, our strategy is working remarkably well, and, in 38 The Future Is Now just five years, our direct marketing system has become part of the fabric of this enterprise.
This occasion is a time to dance, and, I hope, an appropriate time to speak about what we have together accomplished. On September 17, 1980, the total assets of The Vanguard Group of Investment Companies crossed the $3 billion mark. This truly awesome sum, of course, simply represents in dollar terms the huge responsibility that has been entrusted to our stewardship by nearly four hundred thousand individual and institutional investors. The achievement of this milestone can stand some historical perspective.
An Introduction to Karachi: Its Environs and Hinterland by Manekji Bejanji Pithawalla