Vanguard
also referred to as: vanguard group
includes Vanguard Wellington Fund, Vanguard PRIMECAP Fund
62 statements across 17 episodes · 25 bullish · 10 bearish · 16 people on the record · first statement Apr 13, 2017 by Steve Galbraith · said 291 times in 49 episodes since 2017 · across every show →
Mentions by year, the whole family
brought up most by Ted Seides (191), Rodney Comegys (13), Fran Kinniry (13), Charlie Ellis (10), Ryan Lovell (8), Josh Brown (6), Patrick O'Shaughnessy (5), Scott Malpass (4)
tap a year for its mentions
2026 57 mentions in 3 episodes 19 per episode
2025 6 mentions in 4 episodes 2 per episode
2024 8 mentions in 5 episodes 2 per episode
- Brett Barakett - Digging for the Puck at Tremblant Capital (EP.386)
- Training Grounds: Wellington Management – Jean Hynes (EP.423)
- Kristof Gleich – Boutique Managers and Active ETFs at Harbor Capital (EP.411)
- Jeff Assaf - Protecting Clients and Assets at ICG (EP.398)
- Morgan Housel – Same as Ever (EP.359)
- every mention in 2024, scene by scene →
2023 7 mentions in 2 episodes 4 per episode
2022 49 mentions in 6 episodes 8 per episode
- Charley Ellis - Figuring Out Investing and Vanguard (Capital Allocators, EP.286)
- Ashvin Chhabra – The Aspirational Investor (Capital Allocators, EP.260)
- Paul Enright – Inside Long-Short Equity Investing (Capital Allocators, EP.266)
- Sachin Khajuria – Two and Twenty, An Insider's Take on Private Equity (Capital Allocators, EP.285)
- Ben Forman – Opportunities in DeFi (EP.256, Crypto for Institutions 2, EP.03)
- Greg Dowling – Mid-Market Institutional Consulting at FEG (Capital Allocators, EP.248)
- every mention in 2022, scene by scene →
2021 92 mentions in 4 episodes 23 per episode
- Fran Kinniry – The Comfort of Paradox at Vanguard Group (Capital Allocators, EP.173)
- Private Equity Masters 1: John Toomey – HarbourVest Partners (Capital Allocators, EP.200)
- Crypto for Institutions 1: Eric Peters – The Macro Case for Bitcoin (Capital Allocators, EP.180)
- Crypto for Institutions 2 – Michael Sonnenshein – A Path to Entry (Capital Allocators, EP.181)
- every mention in 2021, scene by scene →
2020 6 mentions in 5 episodes 1 per episode
- James Aitken – Tour Around the World from a Small Island (Capital Allocators, EP.122)
- Sustainable Investing 8: Lauren Taylor Wolfe – Activist Perspective (Capital Allocators, EP.146)
- Sustainable Investing 6: Richard Lawrence - ESG Integration at Overlook (Capital Allocators, EP.144)
- Ted Seides – A Rational Reminder (Capital Allocators, EP.121)
- Gregory Zuckerman – Decoding Renaissance Medallion (Capital Allocators, EP.119)
- every mention in 2020, scene by scene →
2019 9 mentions in 5 episodes 2 per episode
- David Druley – Structure into Action at Cambridge Associates (Capital Allocators, EP. 106)
- Matt Levine – Money Stuff (Capital Allocators, EP.97)
- Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82)
- Jen Prosek – Branding an Asset Management Firm (Capital Allocators, EP.81)
- Eric Ries – Lean Start-Ups and the Long-Term Stock Exchange (Capital Allocators, EP.107)
- every mention in 2019, scene by scene →
2018 9 mentions in 6 episodes 2 per episode
- Michael Batnick - The Best Investors and Their Biggest Mistakes (Capital Allocators, EP.71)
- Sarah Williamson – Focusing Capital on the Long-Term (Capital Allocators, EP.67)
- Tom Lydon – ETF Trends (Capital Allocators, EP.56)
- Andrew Tsai – Catching a Theme on the Chalkstream (EP.73)
- Charley Ellis - Indexing and Its Alternatives (EP.62)
- Michael Mauboussin – Active Challenges, Rational Decisions and Team Dynamics (Capital Allocators, EP.36)
- every mention in 2018, scene by scene →
2017 48 mentions in 9 episodes 5 per episode
- Charley Ellis – Multiple Ways to Win (Capital Allocators, EP.08)
- André Perold – Academic Practitioner (Capital Allocators, EP.02)
- Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06)
- Scott Malpass – The Fighting Irish's Twelfth Man (Capital Allocators, EP.25)
- The Bet with Buffett (Capital Allocators, EP.05)
- Deep Dive into Hedge Funds (Capital Allocators, EP.34)
- David Barrett – Searching for Leaders (Capital Allocators, EP.26)
- Dan Egan – Better Investment Outcomes (Capital Allocators, EP.23)
- 1 more episode that year, every mention in 2017 →
Everything said about Vanguard, oldest first
Apr 13, 2017 bearish
Apr 13, 2017 neutral
May 22, 2017 positive
May 22, 2017 neutral
Ellis: Selecting Active Managers for Vanguard Is the Hardest Job in Asset Management
“And I personally think the hardest job that I know of in investment management Is to be the new guy who's taken on the responsibility on behalf of Vanguard to select active managers that you will now deploy funds with. That is going to be a terribly difficult …”
May 22, 2017 neutral
Oct 8, 2018 negative
Jan 14, 2019 neutral
Hynes: Vanguard's philosophy is low cost across active and passive, not just indexing
“If you listen to Vanguard and what their philosophy is, they're not a passive company. Their philosophy is to be a low cost, both on the active side and the passive side, and there's a place for both passive and a place for active.”
Apr 29, 2019 neutral
Levine: Index managers cannot analyze company-specific performance across thousands of holdings
“If you're a Vanguard, you can't process that question for thousands of companies. You don't have Industry analysts for a lot of those, you know, classic index fund. And so you're thinking about much more general questions, like what is the structure of good co…”
Jul 2, 2020 bearish
Passive investor ESG proposals are mostly value-neutral or value-destructive
“And they might have 10 or 15 ideas for ESG change. And, you know, of those, call it 10 ideas. Five might be value neutral. Three might be value destructive, a waste of time or a waste of capital without return. And two might be value accretive.”
Jan 18, 2021 positive
Vanguard observes return persistence at the individual manager level in PE
“Most of the studies say, In LBO or in VC, what type of quartile regime switching do you have from first, second, third, fourth quartile, as opposed to just at the manager level? And at the individual manager level, we do see persistence.”
Jan 18, 2021 neutral
Jan 18, 2021 neutral
Jan 18, 2021 positive
Jan 18, 2021 bullish
Jan 18, 2021 neutral
Jan 18, 2021 positive
Jan 18, 2021 positive
Jan 18, 2021 bullish
Jan 18, 2021 positive
Jan 18, 2021 bullish
Scale and elite managers give Vanguard an advantage in zero-sum markets
“And to think that Wellington and Bailey Gifford and Harbor Vest are not at a competitive advantage to retail investors, people doing this on their own, smaller active management shops, and then you combine that relative talent with what I would call reasonable…”
Jan 18, 2021 bearish
Private credit's hybrid beta creates difficult portfolio asset allocation challenges
“When you start thinking about these hybrid asset classes that have a little equity beta, a little bond beta, it can really cause some challenges to your asset allocation process. Like, where would private credit or high yield sit? Do you break it and say it's …”
Jan 18, 2021 neutral
Jan 18, 2021 bullish
Jan 18, 2021
Jan 18, 2021
Jan 18, 2021 positive
Vanguard secures sovereign-scale private equity terms for small investors
“Very much like they would price a sovereign wealth fund, and so we're able to take our thirty million clients at Vanguard and six trillion dollars, and without saying a word, the price comes in at a very reasonable level that we are now getting terms and condi…”
Jan 18, 2021 neutral
Jan 18, 2021 neutral
Jan 18, 2021 positive
Vanguard offers counter-cyclical, stabilizing capital to top private equity GPs
“We were very attractive to the top private equity because our cash flow will be contrarian and counter cyclical to their traditional cash flow model. So we are actually a stabilizing force for those private equity managers.”
Jan 18, 2021 bullish
Vanguard's active franchise outperformed nearly 90% of peers over 35 years
“And we've been really doing a good job over the last 35 plus years of evaluating and doing due diligence on these managers, which has resulted in Vanguard, its active franchise has outperformed close to 90% of our peers on the active side.”
Mar 11, 2021 bullish
Jul 4, 2022 bearish
Chhabra: The institutionalized David Swensen endowment model no longer works
“I'm not clear that the entire ecosystem of the Swenson model that had become so super institutionalized really works any longer. The fees are high, the fees are asymmetric, the LPGP risks are different, and I think we should explore different models, and I thi…”
Dec 12, 2022 neutral
Jack Bogle opposed automation at Vanguard due to high upfront costs
“Whereas Jack Bogle opposed automation because it costs too damn much. Well, you know, the capital cost of a computer is a lot, but over time it saves enough money to pay for itself. Jack Bogle just honestly didn't catch that, but Brennan understood it, and he …”
Dec 12, 2022 neutral
Vanguard expected $150M for its first index fund but raised only $12M
“Well, he thought he'd raise a hundred and fifty million dollars and go into the retail index fund business. In fact, it didn't raise a 150, it didn't raise a hundred, didn't raise 50, and you could just see the expectations coming down as the road show went fa…”
Dec 12, 2022 negative
Jack Bogle rejected ETF inventor Nathan Most, calling ETFs speculative
“At this time, he had the guy who invented ETFs, Nathan Most, came to Jack and said, this is just right for you. And Jack looked at him and said, no, it's not. It's speculative. I'm not going to have anything to do with it. And so for years, Vanguard wouldn't t…”
Dec 12, 2022 bearish
Traditional 1% RIA fees will prove unsustainable over the long run
“You can always get registered investment advisor, but at one percent of assets, it turns out to be a pretty significant cost. And although that's a business that has boomed, I think in the long run, it's going to turn out to be too costly relative to the value…”
Dec 12, 2022 positive
Dec 12, 2022 positive
Vanguard trained executives to answer customer phones during market panics
“Everybody in management Including Bogle and Brennan and most of the others, got trained, and it took a couple of days of time for each person to get trained on how to answer the phones and how to do the job. So if there was a problem all of a sudden in the mar…”
Dec 12, 2022 positive
Vanguard prepared a $5B iShares bid using Warren Buffett debt
“Well, first they went to Omaha, Nebraska and talked to Warren Buffett. Would he be interested in lending some money? And then they explained to him through their banker that they had the ability to raise money by passing it back to the funds anytime they wante…”
Jan 1, 2024 positive
Housel: My parents have dollar-cost averaged into Vanguard funds since 1990
“My parents have no financial education, no financial background, minimal financial interest, but because of their personality, they have dollar cost average in the Vanguard index funds since I think, 1990, never sold a single share.”
May 20, 2024 positive
Active ETF Structures Defer Capital Gains Taxes for Fund Investors
“The brilliance of the ETF structure led by Vanguard is create a structure that we can own Microsoft. We don't, but we can own Microsoft and Toga. It can double. We could sell Microsoft and the owners of Toga won't pay the capital gains tax until they sell thei…”
Oct 9, 2025 neutral
Dec 22, 2025 neutral
Apr 20, 2026 neutral
Comegys: Vanguard takes tiny active bets in index funds within tracking budget
“We're taking very small bets where we have 25 years of history of running index funds where we believe this is something where we can add value. It's no different than an active manager. It's a measured risk. It's just extraordinarily tiny compared to taking a…”
Apr 20, 2026 neutral
Apr 20, 2026 neutral
Apr 20, 2026 positive
Comegys: Vanguard index funds deviate from benchmarks to harvest excess returns
“At times we will do small deviations from the index where we see that we can recover value for our shareholders. Maybe there's a corporate action. Maybe you could take cash or shares. We're going to take the one that has the greater value. Maybe the index trea…”
Apr 20, 2026 neutral
Apr 20, 2026
Apr 20, 2026 positive
Apr 20, 2026 bullish
Apr 20, 2026 positive
Comegys: Vanguard Differentiates by Combining Portfolio Manager and Trader Roles
“Number one is this portfolio manager trader is one person or one team. It's the ability to instantaneously make the trade-off between I could trade something exactly like the index. I think I might be able to add value. I can make that decision because I have …”
Apr 20, 2026 positive
Vanguard Offers Fund Shareholders Five Proxy Voting Policy Choices
“We've introduced investor choice. Investor choice is allow the shareholders of our funds to express a point of view. Around how they want the companies in our portfolios to be run. For that, we think about returning the vote to them and they can choose one of …”
Apr 20, 2026
Apr 20, 2026 positive
Apr 20, 2026 negative
Comegys: Vanguard avoids niche thematic index funds like airline ETFs
“We've stayed away from things that are hot or nichey. I don't think you're going to see us offer a jet index like others have done, capturing airline returns. Too narrow, too specific for us. Better served by an active investor.”
Apr 20, 2026 neutral
Apr 20, 2026
Comegys: Vanguard Owns Average of 8% of Free-Floated U.S. Companies
“We own on average about eight percent of every company in America that's free floated. Most importantly, we say, who are we owning them on behalf of? These are fifty million Americans, not Vanguard owning eight percent of the company.”
Apr 20, 2026
Apr 20, 2026 negative
Apr 20, 2026 neutral