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The Journal of Portfolio Management

The Journal of Portfolio Management

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Article

The Road Not Taken

John C. Bogle
The Journal of Portfolio Management Fall 2017, 44 (1) 83-90; DOI: https://doi.org/10.3905/jpm.2017.44.1.083
John C. Bogle
is the founder of the Vanguard Group in Malvern, PA, and the Vanguard 500 Index Fund. john.c.bogle@vanguard.com
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Abstract

The index fund revolution has changed the rules of the game for active mutual fund managers. This article offers a range of optimal business strategies for active managers—including management companies owned by financial conglomerates—who are competing in this new environment. The author then contrasts these business strategies for mutual fund managers with optimal fiduciary strategies for mutual fund directors, who are responsible for placing the interests of fund shareholders first.

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The Journal of Portfolio Management: 44 (1)
The Journal of Portfolio Management
Vol. 44, Issue 1
Fall 2017
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The Road Not Taken
John C. Bogle
The Journal of Portfolio Management Oct 2017, 44 (1) 83-90; DOI: 10.3905/jpm.2017.44.1.083

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The Road Not Taken
John C. Bogle
The Journal of Portfolio Management Oct 2017, 44 (1) 83-90; DOI: 10.3905/jpm.2017.44.1.083
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  • Article
    • Abstract
    • THE UPSTART AND THE REVOLUTION
    • “THE CHIEF CORNERSTONE”
    • WHENCE VANGUARD?
    • THE CREATION OF THE FIRST INDEX FUND
    • TWO STRATEGIES WILL EMERGE
    • TIFS AND ETFS
    • THE OPTIMAL FIDUCIARY STRATEGY FOR MUTUAL FUNDS
    • THE ECONOMIES OF SCALE
    • CAN A FIDUCIARY SERVE TWO MASTERS?
    • WHAT WOULD A FIDUCIARY STRATEGY MEAN?
    • WRAPPING UP
    • ENDNOTE
    • REFERENCES
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