Best Of The Web
“John Bogle, the founder of The Vanguard Group who died earlier this month at age 89, got rich by giving his mutual fund customers a better deal.
The obituaries seem to have missed that point, dwelling instead on the theory that if only Bogle had chosen to rip off his customers, he could have been even richer. That claim is highly speculative, and based on a fundamental misperception: a view of capitalism as a racket rather than as a system in which the incentives of entrepreneurs and customers sometimes align with results that are spectacularly rewarding for both.
The tone was set with a New York Times obituary. “Vanguard managed its indexed mutual funds at cost, charging investors fees that were far lower than those of virtually all of its rivals,” the Times wrote. “Vanguard’s consistent growth produced riches for Mr. Bogle, but not to the extent that another ownership structure might have done. For example, Edward C. Johnson III, the chairman of Fidelity Investments, has a net worth of $7.4 billion, according to Forbes. Mr. Bogle’s net worth was generally estimated at $80 million last year.””
JJ Editor's Daily Picks
"President Trump’s Iran policy over the weekend was both erratic and masterful. Doves and isolationists, panicked by what they see as the administration’s inexorable drift toward war, rejoiced when Mr. Trump announced that a military strike had..."
"This is the photo that encapsulates the cruelty of the Trump era: a father and daughter lying dead on the banks of the Rio Grande river, her tiny arm draped around his neck, drowned after an attempt to cross onto American soil and seek asylum..."
"Several months ago, a Palestine Liberation Organization body published an official document on the conflict. In its 37 pages, the organization put forth its views, with some readers seeing this as a clear endorsement of the two-state solution..."
"The first season of Big Little Lies was a clever trap. The show took what would have otherwise been an easily satirized narrative about affluent women and complicated it with their trauma; The Week's Lili Loofbourow succinctly called it "a kind..."
"There’s a story we like to tell about American capitalism. Ours is a country that prizes merit, rewards risk and stands apart in its commitment to the collective success of open markets and the free flow of capital. We are a nation of strivers..."
""IN THESE DAYS of anti-tech ire, it’s a popular cocktail hour topic: How much is Facebook making off my data? Last year, I spent a month trying to find out, hawking my personal data on blockchain-based marketplaces. I came away with $0.003. On..."
""At the end of May, TIAA, the financial services and investing giant, rolled out new gender-identity awareness guidelines for its client-facing consultants. The guidance included: “Never assume someone’s gender identity” and “Be aware that a..."
"An old saying goes that people become more conservative as they age. George Will’s new book, “The Conservative Sensibility,” shows that the opposite can be true. This book is not so much a brief for conservatism as it is a learned and lengthy..."
"Imagine if the dishes stopped getting done. Imagine if no one did the laundry, and it piled up, stained and mildewing in hampers and in piles on the floor. Imagine if no one fed the baby, or changed her, and imagine if no one made dinner..."
"In Japanese culture, kintsugi is the labor-intensive method of repairing broken pottery by reattaching pieces using a lacquer mixed with gold. The reconstructed item, glistening with golden “seams,” is in many ways more beautiful than it was..."
"The U.S. is currently experiencing the largest outbreak of measles since 1992. According to the Centers for Disease Control and Prevention, there have been more than 1,000 confirmed cases since January. Scientific research overwhelmingly support..."
"Among those participating was Jason Greenblatt, Washington’s Mideast mediator and one of the architects of the “Peace to Prosperity” workshop taking place here. Aryeh Lightsone, a top aid to US Ambassador to Israel David Friedman, gave a brief..."