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Show Notes

[00:02:24] - The size and scale of Vanguard as it exists today

[00:05:45] - Some of the secular forces that has allowed Vanguard to capture so much of the market

[00:09:04] - How Vanguard generates revenue and thoughts on its ownership structure

[00:12:36] - What the fee structure would look like as an investor buying an ETF versus their index

[00:15:10] - The key differences of investing in a Vanguard ETF compared to a mutual fund

[00:18:20] - Market share of the ETF market across the key players and the industry landscape

[00:21:24] - How big of a player ARK is in relation to how much media coverage they get

[00:22:33] - Jack Vogel’s history, his thesis on mutual funds, and starting Vanguard

[00:28:07] - What it was like transitioning to new leadership given Jack’s fans and supporters

[00:32:10] - The thing that allows Vanguard to attract more funds despite their competitors

[00:35:58] - Complimentary services their competitors are offering that Vanguard is considering to capture more market share

[00:42:59] - Potential regulatory risk that could pose a threat to Vanguard’s growth

[00:47:27] - How Vanguard has managed to avoid headlines unlike Blackrock

[00:48:56] - The lessons for investors and builders when studying Vanguard’s story