Where this was said
Fidelity & BlackRock's Resurgence (Post-2008)
At 2:45:52 · chapter starts 2:41:28
Why the Vanguard Model Is Almost Impossible to Replicate
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.
Ownership of equities rose from 4% (1949) to 60% (today)
US stock market ownership by individuals rose from just 4.2% in 1949 to about 60% today, driven by the bull markets, the 401(k), and the rise of index funds.
