What is the fundamental thesis? This website is really hard to read on mobile.
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Active management destroys investor value.
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Do you think we'll get to a point where Vanguard's size becomes a problem? That's a vague question... hmm. I'm asking as a happy customer of Vanguard, if that helps with context?
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Passive investing, as a whole, makes information that bucks the trend more valuable. As passive investing grows in dollars invested, the returns to active investing will increase. So the two should eventually reach an equilibrium in their separate niches.
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Still waiting for
$VSBTCThanks. Twitter will use this to make your timeline better. UndoUndo
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This Tweet is unavailable.
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At what point does it begin to matter that they can’t ship software internally?
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What Vanguard project is that? As a project manager, I enjoy reading about failed software projects. OTOH, as a Vanguard customer, I don't.

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While I agree with the sentiment, it's a bit hyperbolic (maybe last 3 years, not just 2018). For example 2017 inflows were $368B for Vanguard and $367B for BlackRock (which holds more assets).
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