Vanguard Investors Are the Best Investors on the Planet

The S&P 500 is now trading at 17 times, trailing 12 months. Over the past few weeks, months we've spoken about outflows out of fixed income mutual funds. We believe there's been a trend to taxiles harvest money away from more expensive bond mutual funds as losses have persisted. I think Vanguard investors as a whole are the best investors on the planet.