Index Fund Popularizer: Founder, Vanguard, World's Largest Mutual Fund Company
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From the article:
"I had to find a way for Vanguard to take on the investment management and distribution of our funds. I had done some work on index funds in my senior thesis at Princeton in 1951. I had experienced the failure of active management firsthand. And I had just read an article by Nobel Laureate Paul Samuelson, saying, in essence, "Somebody, somewhere, please start an index fund." I took the idea to the board and they said "You can't get into investment management," and I said, "This fund has no investment management." They bought it, and there's where the index revolution began. Then I decided we couldn't allow Wellington and its sales force to continue to distribute the funds'so we eliminated all sales commissions and went no-load overnight. The directors said "You're not allowed to take over distribution," and I said "We're not taking it over; we're eliminating it." They bought it, again.
When a door closes, if you look long enough and hard enough, if you're strong enough, you'll find a window that opens. "
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