FYI: Back in June, Larry noted that Wall Street has ridiculed passive investing for decades. The attacks began almost from the moment John Bogle started the First Index Investment Trust (later renamed the Vanguard 500 Index Fund) on Dec. 31, 1975.
At the time, competitors heavily derided it, even calling it “un-American” and “Bogle’s folly.” Now-retired Fidelity Investments Chairman Edward Johnson was quoted as saying he couldn’t “believe that the great mass of investors are going to be satisfied with receiving just average returns.”
One of the many ironies is that Fidelity is now one of the leading providers of index funds. It also was the first fund family to offer a zero-expense-ratio index-based ETF.
Regards,
Ted
https://www.etf.com/sections/index-investor-corner/swedroe-myth-busting-index-investing?nopaging=1
