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Vanguard

Explore episode May 18, 2026
Business
Why the Vanguard Model Is Almost Impossible to Replicate

Vanguard · May 18, 2026 Business

Vanguard's mutually owned structure required someone willing to build a business they'd never profit from, in a sector scalable enough to survive on zero margins, at exactly the moment technology could enable index tracking. It required a Jack Bogle — someone with the ideology, the desperation, and the stubbornness. There has been exactly one.

Where this was said

Fidelity & BlackRock's Resurgence (Post-2008)

At 2:44:10 · chapter starts 2:41:28

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