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How the Vanguard Board Steered Passive Investing
When John Bogle founded Vanguard in 1975, he built a board unlike any on Wall Street: no outside directors, no conflicts, and a mandate to keep costs at rock bottom. In this episode, Lucas and Luna examine how Vanguard's unique ownership structure—where the fund shareholders own the company—shaped board decisions from the first index fund to today's $9 trillion asset base. They walk through a pivotal 1990s clash: Bogle wanted to keep funds closed to new investors to protect returns; the board pushed for scale, arguing that lower costs would win over time. The board's choice set…
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