Our good friend Eric Balchunas (Senior ETF Analyst at Bloomberg Intelligence) joined us once again, this time to discuss his new book “The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions”.

We covered topics that included:

• Bogle’s early life as a university student and his 1949 thesis
• Becoming the young CEO of Wellington Fund at age 35
• Bogle’s initial enthusiasm with active management before building his “passive juggernaut”
• The beginnings of Vanguard – starting off as a “back-office company”
• His rough yet friendly attitude to competitors
• Vanguard as the “Amazon of asset managers”
• Giving people what they wanted before they even knew it
• Mutual ownership structure as a key feature of the ETF revolution
• Growing and taking market share from “closet beta” funds
• Vanguard took 30 years to get to USD 1 trillion in AUM, and another 15 years to get to USD 8T
• Crypto ETFs as a possible next step for Vanguard
• Thematic ETFs as the “hot sauce” on top of vanilla portfolios
• And much more

This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.

 

*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.