When I was but a lad in school
I studied hard and followed the rules.
But often my efforts came up short
When it came time for my report.
Until one day I got the nerve
To ask my teacher to grade on a curve.
From then on it wasn't too hard
To get a relatively good report card.
All I had to do was do as well
As Troy and Butch and Mary Bell.
It wasn't a very high standard, it's true,
To say, "I'm not good, but I'm no worse than you."
But that's what it came down to.
Over the years, not much has changed; and that's a
pity
Speaking now as a member of the Investment Performance Committee.
There are no absolute standards in force.
What matters is what is par for the course.
And when the course gets really rough
One over par may be good enough.
Value or growth, large cap or small
Or throw in some bonds to balance it all.
Whatever our game, whatever our style
Each has its bogie somewhere on the dial.
We don't have to win; we just have to choose
Not to lose.
We want a slow rabbit to chase around the track.
We don't have to catch it if we stay in the pack.
We'll only be in a bind
If the rabbit catches us from behind.
In investments as in life, we seek a standard of comparison
That won't be too embarrassin'.
We don't beat ourselves over the head
We just try to beat our bogie instead.
Hank Williams Jr. was born to boogie.
The rest of us were born to bogie.
