David Rosenthal: belief

Transcript context

…Right. The other thing, Vanguard was in a unique place to rely on Wellington's active stuff enough to provide profits during the dark wandering years. I mean, usually the way you end up with shareholders is you need to raise money, and Vanguard figured out a way to bootstrap off the old business. Yep. Yep. All that said, I totally agree. I think you need to be operating in a space such that you can access capital. Everything I just said is an argument for founder ownership, not customer ownership. If you didn't need to raise capital, then the founders would just own the business forever. But this is very unique where the customers are actually the owners of the business.…

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