Vanguard Multi-Manager Approach Redux

In the Dec. 1, 2008 issue, I wrote about Scottish manager Baillie Gifford, which runs pieces of four Vanguard portfolios, and the way in which Vanguard uses a multi-manager approach to increase return and reduce risk. Dan Wiener, editor of The Independent Adviser for Vanguard Investors, wrote in to question that multi-manager approach.

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