Wellington Fund

As things sit right now, there's three hundred million dollars of borrowing demand on the table 'cause the programs I've just covered are approvals but not live volume yet, and there's more in this to review.

There's a Wellington Fund through Midas, Coinbase tokenized stocks on Base, and a Euro stablecoin they call Societe Generale.

These are major catalysts on the horizon, and every one of those is a potential new source of loans.

Those loans drive that revenue metric.

Even the most deeply conservative financial institutions were seduced and bullied into participating in the mania.

Take the tragic story of John Bogle and the Wellington Fund.

Wellington was royalty back then.

It was.

Jerry Tsai's famous Manhattan Fund, the absolute poster child of the go-go era, lost over 70 percent of its value.

The aggressive funds Bogle brought in plummeted by over 50 percent.

And even the flagship, once conservative Wellington Fund suffered terrible, reputational damaging losses.

Bogle's pivot destroyed massive amounts of wealth, and he was actually fired from the very company he helped build because of this disastrous merger.

But I just check them out a little bit every five years or so.

So let's talk about the Wellington Fund, which you actually mention in your book, The Clash of Cultures.

And the Wellington Fund, you just told us you started in 1951.

And when you started, it was a small fund, and it had fiduciary standards that it employed.

And as you tell us in the book, it too went astray at one point.

I was there when it did, yes.

And so

tell us about how you can, what happened with the Wellington Fund.