It's the company itself, but most of these mutual fund companies, the guy who runs the company is just a fact totem and the guy who runs the money is the power. But we really don't know who they are.
The mutual fund industry provided the money for Intel and Motorola and Hewlett-Packard to crush the competitors.
I think you'll do as well as most professionals. Most professionals don't beat the market. Let's not over-rate my industry. But if you have time, you can be in good mutual funds that have good records.
There's accountability in the mutual fund industry. And they've been tremendous engines of wealth for people and they're going to continue to be so.
The corporate killer downsizing is directly responsive to what the mutual funds have wanted.
The Vanguard Experiment was designed to prove that mutual funds could operate independently, and do so in a manner that would directly benefit their shareholders.
Well, I like regulation as little as anybody else. It can be intrusive. It can be detailed. It can be bureaucratic. It can be unevenly administered. It can be unfair. But most regulations that we have for mutual funds and for banks are regulations that we earned. We did something wrong and we're paying a price for it.
The culture of the mutual fund industry, when I came into it in 1951, was pretty much a culture of fiduciary duty and investment, with funds run by investment professionals. The firm I worked with, Wellington Management Co., they had one fund. That was very typical in the industry... investment professionals focused on long-term investing.
I've been studying mutual funds since 1949, when I began researching my senior thesis at Princeton University.
My favourite holdings are Vanguard's Wellington Fund, a balanced mutual fund which is a legacy investment from my first career at Wellington Management Co., and the Vanguard 500 Index Fund.
