TY - JOUR T1 - The Road Not Taken JF - The Journal of Portfolio Management SP - 83 LP - 90 DO - 10.3905/jpm.2017.44.1.083 VL - 44 IS - 1 AU - John C. Bogle Y1 - 2017/10/31 UR - https://pm-research.com/content/44/1/83.abstract N2 - 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.TOPICS: Mutual fund performance, manager selection ER -