To: Veterans and Principals
Date: January 28, 2014
RE: FORBES Article
I’m attaching a rather remarkable 5-page essay published by FORBES, written by its former editor, William Baldwin. While it is titled “Is Vanguard Too Successful?”, I’m not sure that headline captures what it is really about.
In fact, Bill’s story is about the creation of Vanguard, our astonishing rise to industry dominance, and the powerful role played by index funds in our growth. The author wonders if index fund have become too dominant, and are riding for a fall. I’ll be debating this issue with Jim Grant (GRANT’S Interest Rate Observer) at his Spring 2015 Conference in New York City on April 7.
I found the article especially well written, and I commend it to you. Enjoy!
John C. Bogle