FYI: I’m pretty sure this article, from 1995, is the first I ever wrote about Vanguard, although I’d met Jack Bogle at least two years earlier. I’d write it differently today, of course, but I think it still gives a decent feel for what made Vanguard, once the “odd duck of the fund industry,” into a juggernaut. Like all companies that go on to overturn traditional ways of doing business, Vanguard felt then like a cross-pollination between a guerrilla army and a religious cult.
Regards,
Ted
http://jasonzweig.com/vanguard-the-penny-pincher/
