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#57 John Bogle: Stay the Course: The Story of Vanguard and the Index Revolution
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The Impact of Vanguard's Index Fund on the Fixed Income Market
The stock market environment that Vanguard index fund entered was in a word terrible. The mutual fund industry, including Vanguard's pre history under Wellington, had jumped into the go go error as if it would last forever. So instead of paying them less, we're just going to get rid of them completely. We would not rely on sellers to sell fun shares, but rather on buyers to buy them.
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