Just How Useless Is the Asset-Management Industry?
Harvard Business Review
MAY 16, 2013
Yet while passively managed, much-lower-cost index funds have been available since 1976, when Bogle — who had a change of heart and, perhaps more to the point, had been ousted from his job running Wellington Management — launched the Vanguard 500 Index Fund , most investors still put most of their money in the hands of active managers.
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