Читать книгу The Taxable Investor's Manifesto - Stuart E. Lucas - Страница 11

1 1 One of my favorite quotes from John “Jack” Bogle, the founder of Vanguard Group, comes from his April 13, 2004, “Gary M. Brinson Distinguished Lecture,” where he speaks about why it was taking so long for indexing to catch on: “The problem faced by low cost no-load index funds is that … almost all the darn money goes to the investor.” For decades, index funds struggled to gain attention, in part because their “rents” were so low that the fund managers had few dollars to spend on marketing. Fourteen years later, in 2018, according to Morningstar, Inc., $301 billion flowed into index funds and $458 billion flowed out of active management. Investors are (finally) catching on and roughly $2 billion in annual “rent” charged by active managers evaporated.