Ben Gilbert: belief

Transcript context

…The most important new thing in the industry. I am a Vanguard customer and I think 100% of the way that I am a customer is through their ETFs, not through their mutual fund products. And the mutual funds are everything we've talked about up until this point. Yep. Yep. So Jack had a real point of view on ETFs, and in fact, he had the opportunity to launch ETFs. So back in 1992, a man named Nathan Most, had come to see Jack at Vanguard. Nathan was the VP of New Products at the American Stock Exchange, and he had the idea to create exchange-traded funds as a new product, a new trading vehicle that would allow effectively shares, quote-unquote, of mutual funds to trade on stock markets in the same way as individual stocks. A stock exchange-traded, liquid mutual fund—an ETF. And he thinks, of course, naturally, the very best fund partner to launch this idea with would be the newly, you know, kinda crowned jewel of the mutual fund industry, the Vanguard 500 Index Fund.…

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