Justin Fox, Columnist

Vanguard's Low Blow

The industry was born with a customer-owned non-profit. The low-fee approach is hardly subversive.

February 10, 2016 at 8:09 PM UTC

Justin Fox is a Bloomberg Opinion columnist covering business, economics and other topics involving charts. A former editorial director of the Harvard Business Review, he is author of “The Myth of the Rational Market.”

Vanguard patriarch Jack Bogle.
Photographer: Peter Foley/Bloomberg

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Near the end of last month, mutual-fund giant Vanguard announced that it had lowered the expense ratios on 35 of its mutual funds. That’s after a December announcement that it had lowered expense ratios on 53 funds. All in all, Vanguard estimated, the changes resulted in an $87.4 million reduction in the fees paid by its customers.

Isn’t that outrageous!?!?! I mean, seriously, how shameless can these guys get?