Ben Gilbert: observation

Transcript context

…And it is widely reported in the press in Jack's obituaries at the time of his death that his estate is worth roughly $80 million. 8-0. For reference, the Johnson family, as we said from Fidelity, is worth about $40 or $50 billion through the, you know, estimated 40% that they still own of Vanguard. Or Larry Fink over at BlackRock, co-founder and CEO of BlackRock, is worth about $1.5 billion. Much smaller because he owns a much smaller percent of the company. But yeah, Ben, to your point, whether it's savory or unsavory, it's just truly incredible. Like that, call it, you know, $40, $50 billion. I mean, Vanguard's bigger than Fidelity at this point, so maybe $100 billion delta that Jack leaves on the table just goes right back to the American investing public. Did he leave it on the table? I mean, the only way that Vanguard would exist is by not taking profits. Good point. Good point. That is a real chicken and the egg problem here.…

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