FYI: (If link doesn't work, Google article title.) (This is a follow-up article.)
Talking to The Boston Globe three years after Vanguard rolled out the first index mutual fund in 1976, Fidelity’s then chief executive Ned Johnson said: “I can’t believe that the great mass of investors are going to be satisfied with the ultimate goal of just achieving average returns . . . I can’t conceive of investment managers not even trying to do better than average.”
Fidelity’s recent launches of zero-fee index funds in the US shows how times have changed.
Regards,
Ted
https://www.ft.com/content/505a471f-7a16-32bc-a3af-7be035599af0
