![This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Vanguard. As of 2022, Vanguard commands $7.5 trillion of assets under management and owns approximately 8.5% of any given public company in the US. We explore the firm’s unique ownership structure, which in large part enabled its success, look at the potential for regulation to slow Vanguard down, and assess the unique figure that founded the business, Jack Bogle. <br /><br />Our guest is Eric Balchunas, a senior ETF analyst at Bloomberg and author of The Bogle Effect. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here: https://www.joincolossus.com/episodes/71014279/balchunas-vanguard-the-alpha-disrupter<br /><br /> -----<br /> <br /> This episode is brought to you by Tegus. Tegus is the new digital hub for market intelligence. The Tegus platform empowers Investors and Corporate Development teams to invest smarter by pairing best-in-class technology with the highest quality user-generated content and data. Find out why a majority of the top firms are using Tegus on a daily basis. If you're ready to go deeper on any company and you appreciate the value of primary research, head to tegus.co/breakdowns for a free trial.<br /> <br /> -----<br /> <br /> Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.<br /> <br /> Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.<br /> <br /> Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt<br /> <br /> Show Notes<br /> [00:02:24] - [First question] - The size and scale of Vanguard as it exists today <br /> [00:05:45] - Some of the secular forces that has allowed Vanguard to capture so much of the market<br /> [00:09:04] - How Vanguard generates revenue and thoughts on its ownership structure<br /> [00:12:36] - What the fee structure would look like as an investor buying an ETF versus a fund<br /> [00:15:10] - The key differences of investing in a Vanguard ETF compared to a mutual fund <br /> [00:18:20] - Market share of the key players and the industry landscape<br /> [00:21:24] - How big of a player ARK is in relation to how much media coverage they get<br /> [00:22:33] - Jack Bogle’s history, his thesis on mutual funds, and starting Vanguard <br /> [00:28:07] - What it was like transitioning to new leadership given Jack’s fans and supporters <br /> [00:32:10] - The thing that allows Vanguard to attract more funds despite their competitors <br /> [00:35:58] - Complimentary services their competitors are offering that Vanguard is considering to capture more market share<br /> [00:42:59] - Potential regulatory risk that could pose a threat to Vanguard’s growth <br /> [00:47:27] - How Vanguard has managed to avoid headlines unlike Blackrock<br /> [00:48:56] - The lessons for investors and builders when studying Vanguard’s story<br /><br />Powered by Adori. https://adorilabs.com, #AdoriLabs <br /><br />#podcast](https://media.thebusinessprofessor.com/wp-content/plugins/youtube-feed-pro/img/placeholder.png)
This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Vanguard. As of 2022, Vanguard commands $7.5 trillion of assets under management and owns approximately 8.5% of any given public company in the US. We explore the firm’s unique ownership structure, which in large part enabled its success, look at the potential for regulation to slow Vanguard down, and assess the unique figure that founded the business, Jack Bogle.
Our guest is Eric Balchunas, a senior ETF analyst at Bloomberg and author of The Bogle Effect.
Show Notes
[00:02:24] – [First question] – 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 a fund
[00:15:10] – The key differences of investing in a Vanguard ETF compared to a mutual fund
[00:18:20] – Market share of 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 Bogle’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
Powered by Adori. https://adorilabs.com, #AdoriLabs
#podcast