Please read: https://www.inc.com/magazine/201210/eric-schurenberg/how-i-did-it-john-bogle-the-vanguard-group.html
"Academic research supported the wisdom of indexing, but at the time,
everyone in the industry thought it was the stupidest idea. I hired four
Wall Street brokerages to manage the underwriting. They hoped to raise
$150 million; they delivered $11.4. I thought, Oh, my God, that's not
enough even to buy the stocks in the index. The underwriters suggested
we cancel the fund and give the money back. I said, "Wait a minute. This
is the world's first index mutual fund." So we managed to approximate
the index with the money we had and kept it going. The fund is now the
largest in the world."
" The one thing I wouldn't tolerate on the Vanguard crew is arrogance.
That's one of the reasons I decided that everyone who was remotely
qualified had to be trained to answer phone calls from investors. We had
a lot of executive types who thought they were too important to do that
kind of thing. They had no idea what it's like to be a shareholder."
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