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Index Funds, ETFs, & the Passive Investing Revolution | Robin Wigglesworth
Hidden Forces
Indexing - The First Index Fund in Vanguard
In his defence, he had always been a fan of low costs. But indexing never entered his mind until he was sacked by wellington. His argument to the board was that an index fund was not managed, it was unmanaged. So they could do it, and he wouldn't even eed tribute it. He'd just basically get a group of banks to underwrite it, and they'd do the initial distribution. After that would be sold through the existing wellington distribution. And amazingly, the board bought this argument, and they did the first index fund. It was purely a corporate power grab,. essential a way to stick two fingers up at his former partners at wellington,
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