This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Vanguard. Vanguard and its founder, Jack Bogle, have ushered in an era of low-cost investment, which has left its mark on the entire industry. Today, the business commands $7.5 trillion of assets under management and owns approximately 8.5% of any given public company in the US. To break down Vanguard, I’m joined by Eric Balchunas, a senior ETF analyst at Bloomberg and author of The Bogle Effect. We explore the firm’s unique ownership structure, which in large part enabled its success, look at the potential for regulation to slow Vanguard down, and assess the unique figure that founded the business, Jack Bogle. Please enjoy this breakdown of Vanguard. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt Show Notes[00:02:24] - [First question] - The size and scale of Vanguard as it exists today [00:05:45] - Some of the secular forces that has allowed Vanguard to capture so much of the market[00:09:04] - How Vanguard generates revenue and thoughts on its ownership structure[00:12:36] - What the fee structure would look like as an investor buying an ETF versus a fund[00:15:10] - The key differences of investing in a Vanguard ETF compared to a mutual fund [00:18:20] - Market share of the key players and the industry landscape[00:21:24] - How big of a player ARK is in relation to how much media coverage they get[00:22:33] - Jack Bogle’s history, his thesis on mutual funds, and starting Vanguard [00:28:07] - What it was like transitioning to new leadership given Jack’s fans and supporters [00:32:10] - The thing that allows Vanguard to attract more funds despite their competitors [00:35:58] - Complimentary services their competitors are offering that Vanguard is considering to capture more market share[00:42:59] - Potential regulatory risk that could pose a threat to Vanguard’s growth [00:47:27] - How Vanguard has managed to avoid headlines unlike Blackrock[00:48:56] - The lessons for investors and builders when studying Vanguard’s story  

Eric Balchunas, a senior ETF analyst and co-host of the Trillions podcast, dives into the fascinating world of exchange-traded funds. He shares the iconic story of the first ETF's creation, sparked by a desperate situation at an exchange. The conversation explores the staggering growth of ETFs—what makes them tax-efficient, user-friendly, and increasingly popular among investors. From niche markets like cryptocurrencies to the quirky idea of a podcast-themed ETF, Balchunas highlights the innovative ways ETFs are reshaping investment strategies.

Eric Balchunas and Matt Hougan discuss the sudden likelihood of approval for spot Ether ETFs, attributing it to political factors. They explore reasons behind Michael Sonnenshein's resignation from Grayscale, reveal the identities of spot Bitcoin ETF buyers, and speculate on the impact of Vanguard's new CEO on crypto at the firm. Topics include approval odds, political shifts in Washington, behind-the-scenes players, and comparisons to Bitcoin ETFs.

Debate on Bitcoin ETF impact, who buys ETFs, passive flows vs hot money. Risks in digital asset trading, cybersecurity with Aura, compliance with Mantra. Algo trading dynamics, wealth manager flows. Role of bonds, rise of crypto among youth, unfairness in financial systems. Ruffer hedge fund's Bitcoin investment.

Eric Balchunas, an ETF analyst at Bloomberg Intelligence, dives into the critical impact of investment fees on long-term returns. He highlights the trend towards fee reductions and the emergence of zero-fee ETFs, making them appealing to investors. The conversation reveals how even marginal fee differences can lead to significant growth over time. Balchunas also discusses the evolution from mutual funds to ETFs, emphasizing their lower costs and greater tax efficiency, ultimately suggesting that savvy investors should prioritize fee management for optimal performance.

Eric Balchunas, a Senior ETF Analyst at Bloomberg Intelligence, joins Jennifer Sanasie to explore the significant impact of spot Bitcoin ETFs on cryptocurrency pricing. They discuss how institutional firms like BlackRock are transforming market dynamics, comparing Bitcoin's resilience to traditional stocks. Balchunas adds a humorous twist by connecting ETFs to emo culture, lightening the financial discussion. The conversation concludes with insights on future Bitcoin ETF prospects and the regulatory landscape, emphasizing the importance of informed investing.

Financial analyst Eric Balchunas discusses the launch of the $ETH ETF, comparing it to Bitcoin ETFs and exploring the narratives of Ethereum as a tech platform. The impact of BlackRock's involvement in Ethereum ETFs is also discussed, along with reflections on the market impact of the $ETH ETF launch.

Discussing US soft landing, Fed expectations, equity outlook, ETF research, and market headwinds with guests Bob Michele, Liz Young, and Eric Balchunas on the latest episode.

Discover why spot Bitcoin ETFs are outpacing expectations with asset managers and retail interest. Predictions on BlackRock's success and doubts about spot Ether ETFs. Explore the impact of ETF approval on the crypto market and the synergy between crypto and AI investments. Uncover strategies for enhancing security in cryptocurrency and institutional money's role in Bitcoin and DeFi growth.

Eric Balchunas, Bloomberg ETF analyst, and James Seyffart, Bloomberg Intelligence research analyst, discuss the approval of Spot Bitcoin ETFs by the SEC, the competition in the market, and the creation/redemption process. They explore the differences between owning Bitcoin and owning a Spot Bitcoin ETF. The podcast also covers the progress of spot Bitcoin ETF applications, the government's role in custodian selection, the involvement of JP Morgan in Bitcoin ETFs, and the impact of BlackRock and Fidelity on the space.