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Resolve's Gestalt University

Mar 23, 2022

Our good friend Eric Balchunas (Senior ETF Analyst at Bloomberg Intelligence) joined us once again, this time to discuss his new book “The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions”.

We covered topics that included:

  • Bogle’s early life as a university student and his 1949 thesis
  • Becoming the young CEO of Wellington Fund at age 35
  • Bogle’s initial enthusiasm with active management before building his “passive juggernaut”
  • The beginnings of Vanguard – starting off as a “back-office company”
  • His rough yet friendly attitude to competitors
  • Vanguard as the “Amazon of asset managers”
  • Giving people what they wanted before they even knew it
  • Mutual ownership structure as a key feature of the ETF revolution
  • Growing and taking market share from “closet beta” funds
  • Vanguard took 30 years to get to USD 1 trillion in AUM, and another 15 years to get to USD 8T
  • Crypto ETFs as a possible next step for Vanguard
  • Thematic ETFs as the “hot sauce” on top of vanilla portfolios
  • And much more

This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.


*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.