David Rosenthal: belief

Transcript context

…Thanks for joining us. So as I said, the compromise that they reach is Jack will still be the founder of Vanguard. Jack will still be the face and the spirit of Vanguard to all of the millions of fans and diehards around America and around the world. But he will no longer be on the board. He will no longer be involved in active management of the company. They set up the Bogle Financial Markets Research Center on campus, which Jack leads, with a staff helping him for the 20 years of researching, speaking, writing books, papers, and generally just evangelizing the index investing philosophy. All of which, of course, is like the very, very best marketing that, I would say buy, you can't even possibly buy marketing like this. For all of the conflict and strife around this second firing, it really works out about as good as it possibly could for the company and for Jack. His legacy is preserved, his value to the company is preserved, and Vanguard gets to move on and launch ETFs, which they do in 2001, finally. Which he did soften on over time.…

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