No one person has had a bigger impact on the fund industry than Vanguard founder Jack Bogle, the legendary investor who invented indexing and popularized low-fee mutual funds. One of Vanguard's biggest advantages: Its mutual fund ownership structure, which is an original Bogle breakthrough.

Bogle now thinks other firms will have to follow suit to survive in the future -- one of a few topics he plans to explore in his next book, Stay the Course: The Story of Vanguard and the Index Revolution (Wiley, October 2018). If he's right, the financial ecosystem is in for major changes.

During their visit to Vanguard, Joel and Eric also picked Bogle's brain on ETFs, financial advisors, active share, behavior, and Bitcoin for this special episode of Trillions.

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