Tim Buckley: There’s No One Even Close to Us

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“It’s the core of Vanguard”: What stewardship and investor-centricity has meant to the firm (1:58)
Defining “client”: How Vanguard balances off the objectives of its different lines of business (2:51)
Incredible scale can’t be taken for granted: Is it enough to just be a fund company? (4:22)
Gazing into our crystal ball: What Vanguard looks like in 10 years and how that compares to today (5:46)
Goal-setting: How Vanguard defines success and how that informs the way they run the business (7:01)
The future of advice: “I can’t imagine anything but the price (for advice) coming down” (8:11)
Embrace technology and personalize: Tim’s counsel to advisors who are trying to adapt to falling advice fees (8:55)
“There’s no one even close to us”: What matters in a “freemium” world is the cost of the whole portfolio (10:15)
Pathways to growth: The future of ESG funds and factor investing and how Vanguard tries to position these strategies to advisors and other markets (11:45)
“All the money flowing to index funds--it’s not because active doesn’t work. It’s because high-cost active doesn’t work” (14:11)
“You can have your cake and eat it, too, in the active ESG approach”: How to succeed with ESG investing (16:02)
Best practices: How Vanguard settled on its approach to ESG investing (17:53)
“We’ve looked”: Vanguard’s approach to capital investment and answering the build-vs.-buy question (18:33)
“Vanguard is defined by its structure, and we’re going to keep it”: Tim on why Vanguard will never de-mutualize (19:57)
Outro

Links/References
Tim Buckley, Chairman and CEO, The Vanguard Group
https://advisors.vanguard.com/VGApp/iip/site/advisor/support/article/TimBuckleyBio
2019 Morningstar Awards for Investing Excellence: Nominees for Exemplary Stewardship https://www.morningstar.com/articles/923989/morningstar-awards-for-investing-excellenceexempla.html
Winners of the 2019 Morningstar Awards for Investing Excellence
https://www.morningstar.com/articles/927155/winners-of-the-2019-morningstar-awards-for-investi.html
Vanguard founder John “Jack” Bogle
https://about.vanguard.com/who-we-are/a-remarkable-history/founder-Jack-Bogle-tribute/
Vanguard’s mutual ownership structure, explained
https://about.vanguard.com/what-sets-vanguard-apart/why-ownership-matters/
Vanguard funds snapshot page
http://quicktake.morningstar.com/fundfamily/vanguard/0C00001YUF/snapshot.aspx
Analyst-rated Vanguard Funds
http://www.morningstar.com/analyst-research/fund-reports/fund-family/0C00001YUF/vanguard.aspx
Analyst-rated Vanguard ETFs
http://www.morningstar.com/analyst-research/etf-reports/fund-family/0C00001YUF/vanguard.aspx
“Investing Crosses the Rubicon: Free Index Funds”
https://www.morningstar.com/articles/876891/investing-crosses-the-rubicon-free-index-funds.html
“Vanguard: Competitors’ Pricing Behavior is Inconsistent”
https://www.morningstar.com/videos/888788/vanguard-competitors-pricing-behavior-is-inconsist.html
“2018 Morningstar Fee Study Finds that Prices Continue to Decline”
https://www.morningstar.com/articles/925303/2018-morningstar-fee-study-finds-that-fund-prices.html
“Vanguard: Cost of Advice Could Fall Further”
https://www.morningstar.com/videos/888808/vanguard-cost-of-advice-could-fall-further.html

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