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https://pionline.com/money-management/tim-buckley-led-meteoric-growth-vanguard-knew-when-say-no-and-focus-strengths#:~:text=The%20announcement%20of%20Tim%20Buckley%27s,largest%20pool%20of%20institutional%20assetsAnother "no" was Vanguard's announcement in January it would not add spot bitcoin ETFs to its brokerage platforms.
Numerous spot bitcoin ETFs, including products from giant competitors BlackRock and Fidelity Investments among others, began trading Jan. 11, the day after the Securities and Exchange Commission approved the product.
"Our perspective is that these products do not align with our offer focused on asset classes such as equities, bonds and cash, which Vanguard views as the building blocks of a well-balanced, long-term investment portfolio," a Vanguard spokesperson said in a Jan. 11 email.
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Comments
Both were incredible artists with their haunting prose.
“Last Goodbye” is so tragic.
Separate point -- they use sampling in their indexing, which I'm sure could set us up for a index bubble (but I should think through that statement a bit more before....the explosion of index funds does seem worrying, however).
At least at Schwab you know what you get. Even Fidelity is more transparent
Previously, they refused to offer internet funds or 130/30 funds.
I believe these were sensible decisions that were in the best interests of Vanguard "owners".
Vanguard does not disclose much information regarding executive compensation.
They are not legally obligated to do so.
This tendency for ambiguity about compensation is certainly not in the best interests of Vanguard "owners".
Tim Buckley was Vanguard's Chief Information Officer from 2001 to 2006.
Mr. Buckley should therefore be well-versed in technology.
In 2019, he stated the company was spending more than a billion dollars on technology.
Was this technology funding well spent?
At 55 and only 6 years at the top, did Tim Buckley quit or was pushed out? He may have perfected the race to the bottom ER at the expense of everything else and possibly damaging the Vanguard brand. If Vanguard wants to move forward in advisory business again (it ditched its old advisory business for the robo-advisors/PAS), it had to change the horse. We may have to wait for juicy details of the drama.
MY IRAs remain at Vanguard, but other accounts are elsewhere.
yearly fee to get written mailed statements. Vanguard also every time I logged in ,wanted me to change to electronic only access which would not work for us. This is not a recommendation ,but we have an assigned E- Trade advisor who manages any issues in our self directed "Platinum" account and all mutual fund trades are NTF. No fees at all. I have Admiral funds at Firstrade that I do not trade. What is not to like?
Do you have access to MRFOX and other funds that have TF at Schwab or Fidelity?
@fundly,
I am presuming the availability of MRFOX in your response is in First Trade and not Etrade. Pl confirm. I should check if it is also available at Merrill.
Have you run across a fund where the test trade showed something different than the info provided on the trade page? Or are you just being extra careful by doing test trades?
https://invest.firstrade.com/cgi-bin/main#/cgi-bin/mf_order
As soon as I enter a ticker I see info for the particular fund (min, subsequent, and open/closed). I could enter $1, though the fund info is already there and doesn't change when a dollar amount is entered. I thought you might be pressing the "preview" button to test the trade. That's the one step I can't do because You do not have permission to trade in this account
It sounds like we're doing the same thing (or close enough).
“Vanguard is an insular place and a tightly run organization,” said Charles Elson, a corporate-governance scholar who teaches a mergers course at University of Pennsylvania’s law school.
Vanguard’s board, led by CEO Buckley, seems designed to nurture consensus rather than chart bold new courses, Elson says. It includes academics and retired senior managers from a range of companies, but no current or former public company CEOs. (By contrast, Vanguard’s competitor BlackRock’s board includes Verizon CEO Hans Vestberg, Cisco chief executive Chuck Robbins, and Estee Lauder CEO Fabrizio Freda, among other top corporate bosses.)
”Their board is self-perpetuating and insulated from challenges. Up until now at least, they haven’t thought they needed a change,” Elson said. “If you are happy with the way things are going, you won’t change. Only if they have a radical cultural problem do you go outside for change agents.”
https://www.msn.com/en-us/money/companies/vanguard-raises-eyebrows-in-search-for-new-ceo/ar-BB1k8hrp?ocid=hpmsn&cvid=06a051a95df546938c3e039d23746503&ei=31
It's interesting that Vanguard is considering external candidates for the CEO position.
Perhaps they're seeking transformational change in order to maintain or improve
their standing in the ultracompetitive asset management industry?
"Vanguard’s next leader should be 'someone who can fix their technology,'said Dan Wiener,
a New York asset manager and cofounder of the Independent Adviser for Vanguard Investors newsletter."
“'They need to fix their tech and service,' concurs the newsletter’s publisher and Wiener’s longtime chief of research, Jeff DeMaso, citing investor complaints."
Messrs. Wiener and DeMaso have disclosed Vanguard's tech and customer service deficiences for years. Maybe, just maybe, Vanguard will ameliorate these issues someday!