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Fidessa's Steve Grob has written a response to Marcus Ferber writing to ESMA condemning periodic auctions. The blog strongly criticizes Ferber's approach, and looks at the problems behind the "lit is good and dark is bad" attitude.

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July 31, 2003

Vanguard's Bogle on a Crusade

By Kathryn M. Welling

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  • Vanguard's Bogle on a Crusade
  • Page 2

That John C. Bogle, the founder and former CEO of

the Vanguard Group speaks his mind - and is a fervent believer in index funds - comes as a surprise to no one on Wall Street. But that Jack, who now sports the title of President of Vanguard's Bogle Financial Research Center, has chosen to spend his "golden years" hopping from speaking platform to speaking platform, Congressional Hearing Rooms

most definitely included, to excoriate his industry, corporate managements and the Street for enriching and entrenching themselves while treating investors shabbily in the extreme, is-face it-a mite unsettling. Rocking the boat just isn't good form. Yet there's Jack, forcefully advocating things like making mutual funds prominently disclose not only performance stats and proxy votes, but expense ratios, sales charges, portfolio transaction costs and other expenses - in terms their investors can understand and on a regular basis. Not to mention a federal statute spelling out a fund management's fiduciary duty to its shareholders. I drove down to the outskirts of Philly last week, to hear firsthand, what's on Jack's mind. Hint: Plenty.

-KMW