Vanguard, every mention
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tap a year for its mentions
every year anyone Ted Seides 191Rodney Comegys 13Fran Kinniry 13Charlie Ellis 10Ryan Lovell 8Josh Brown 6Patrick O'Shaughnessy 5Scott Malpass 4Brett Barakett 4Ashvin Chhabra 3
Verbatim, from the transcripts: the passages where Vanguard comes up
Contrarian Quality at GQG Partners – Rajiv Jain (EP.505)
- ▶ 1:01:49 Rajiv Jain Vanguard is happy to do it for you for two basements.
Rodney Comegys – The Mechanics of Indexing at Vanguard (EP.498)
- ▶ 1:19 Ted Seides My guest on today's show is Rodney Kamajiz, the Chief Investment Officer of Vanguard Capital Management and its Head of Global Equity Indexing, where he oversees eight and a half trillion dollars in index assets across domestic,… 3 times in the scene
- ▶ 7:12 Ted Seides Why don't we start with your background and path to joining Vanguard a quarter century ago?
- ▶ 10:32 Ted Seides When Andre introduced you to Vanguard, what was it that resonated for you? 18 times in the scene
- ▶ 14:15 Rodney Comegys A decade into Vanguard, I've done nothing but operations, 3 times in the scene
- ▶ 24:15 Rodney Comegys We have a stewardship team internal to Vanguard, and that stewardship team has always thought about making sure the company's well run. 2 times in the scene
- ▶ 26:46 Ted Seides What are some of the subtle ways that you've found that Vanguard's implementation is excellent that maybe some of your competitors or some other people wouldn't necessarily understand? 2 times in the scene
- ▶ 33:11 Rodney Comegys We like that at Vanguard.
- ▶ 37:07 Ted Seides So in this period of time where the number of stocks keeps coming down, Vanguard's assets keep growing. 2 times in the scene
- ▶ 38:43 Rodney Comegys We've always had active fixed income at Vanguard run in-house. 2 times in the scene
- ▶ 39:06 Ted Seides I'd love to ask you about the business of Vanguard, some of the decisions along the way. 6 times in the scene
- ▶ 41:28 Rodney Comegys Our oldest fund is the Wellington fund, second oldest mutual fund around. 2 times in the scene
- ▶ 41:33 Rodney Comegys That fund is a Vanguard fund, balanced fund, 6040, active equities, and 40% active bonds. 2 times in the scene
- ▶ 45:56 Ted Seides What do you think Vanguard looks like five or 10 years from now? 3 times in the scene
- ▶ 49:54 Rodney Comegys I work at Vanguard.
Ryan Lovell – Chainlink: The Infrastructure Pipes for Multi-Chain Finance (EP.491)
- ▶ 5:13 Ryan Lovell Vanguard presented an interesting opportunity 6 times in the scene
- ▶ 11:33 Ryan Lovell This is something I learned firsthand at Vanguard.
- ▶ 39:14 Ryan Lovell Going back to my Vanguard days, it's very expensive to set up customization at scale.
Year in Review 2025 (EP.478)
- ▶ 14:38 Ted Seides I reached out to some friends at Vanguard, but Vanguard isn't just a public equity index fund manager. 2 times in the scene
Understanding the 401(k) Market – Eric Mogelof, KKR (EP.464)
- ▶ 16:11 Eric Mogelof That's Vanguard, Fidelity, BlackRock, State Street, T.
Adrian Meli – Active Equity Excellence at Eagle (EP.459)
- ▶ 23:38 Adrian Meli Their challenge is maybe the top two or three shareholders are often are going to be a Vanguard, State Street, or BlackRock, and then the people getting capital and calling them off in our long, short,
Hugh MacArthur – Private Equity's Challenges and Opportunities (EP.453)
- ▶ 54:52 Hugh MacArthur If you're a Vanguard or a Fidelity or a BlackRock and you're selling ETFs at 10 basis points, that's what you're charging for them. 2 times in the scene
Training Grounds: Wellington Management – Jean Hynes (EP.423)
- ▶ 38:19 Jean Hynes We've had a great strategic partnership with Vanguard for 50 years.
Kristof Gleich – Boutique Managers and Active ETFs at Harbor Capital (EP.411)
- ▶ 24:37 Kristof Gleich In an era where so much money has gone into index investing, into Vanguard, into State Street, into iShares,
Jeff Assaf - Protecting Clients and Assets at ICG (EP.398)
- ▶ 28:44 Jeff Assaf It's not going to be as easy for the S&P 500 passive Vanguard fund.
Brett Barakett - Digging for the Puck at Tremblant Capital (EP.386)
- ▶ 1:02:17 Brett Barakett The brilliance of the ETF structure led by Vanguard is create a structure that we can own Microsoft.
- ▶ 1:04:13 Brett Barakett I think what happened was Vanguard was the brains behind creating this structure. 3 times in the scene
Morgan Housel – Same as Ever (EP.359)
- ▶ 30:00 Morgan Housel 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.
Stan Miranda – Modern Endowment Model at Partners Capital (EP.334)
- ▶ 20:44 Stan Miranda We're just going to go with Mr.
- ▶ 35:05 Ted Seides Vanguard was the right solution.
Mario Giannini & John Toomey – Private Equity Panel (Capital Allocators EP.309)
- ▶ 49:03 Ted Seides I know when we first met, it was not too long after the beginning of your relationship with Vanguard. 5 times in the scene
Charley Ellis - Figuring Out Investing and Vanguard (Capital Allocators, EP.286)
- ▶ 4:20 Ted Seides At the tender age of 85, Charlie's published two books this year, Figuring It Out, an annotated compilation of some of his best investment writing over 50 years, and Inside Vanguard, a history of the index juggernaut. 2 times in the scene
- ▶ 7:22 Ted Seides So your work the last couple of years has focused on some of the best firms in different areas, certainly in investment management and the books you've written on Vanguard and Capital, Goldman Sachs, and then studying other top…
- ▶ 32:13 Ted Seides The last couple of times you came on the show talking a lot about indexing and we touched on Vanguard, but now we have your latest book inside Vanguard that just tells this wonderful story in much more detail than I think most people… 2 times in the scene
- ▶ 35:54 Ted Seides So if you think today about what Wellington became, multi-trillion dollar asset manager, what Vanguard became, it's hard to think back to that time when this split happened and Jack goes and starts this thing called Vanguard, this… 7 times in the scene
- ▶ 41:41 Ted Seides How did Vanguard come back to Wellington to have what's today a very symbiotic relationship? 6 times in the scene
- ▶ 45:56 Ted Seides What are some of the ways under Jack Brennan that Vanguard was able to run its organization so effectively such that it really became the dominant market player in this index fund business? 3 times in the scene
- ▶ 48:09 Charlie Ellis BlackRock, of course, has built its business primarily through acquisition, and Vanguard has done no acquisitions, just organic growth. 10 times in the scene
- ▶ 52:17 Ted Seides With that buying power at one basis point, which I'm guessing is something like nine hundred million dollars a year, I mean, certainly haven't heard of mega acquisitions that they've done over the years, so how have they chosen to spend… 10 times in the scene
Sachin Khajuria – Two and Twenty, An Insider's Take on Private Equity (Capital Allocators, EP.285)
- ▶ 44:56 Sachin Khajuria The passive investment guys, a lot of them do a great job, BlackRock, and so on, Fidelity, Vanguard, whatever.
Paul Enright – Inside Long-Short Equity Investing (Capital Allocators, EP.266)
- ▶ 46:46 Paul Enright Now Fidelity still owns a lot of the company, but the companies are bigger and Vanguard has taken a lot of shares. 2 times in the scene
Ashvin Chhabra – The Aspirational Investor (Capital Allocators, EP.260)
- ▶ 39:00 Ashvin Chhabra The fees are high, the fees are asymmetric, the LPGP risks are different, and I think we should explore different models, and I think Vanguard 2 times in the scene
- ▶ 47:17 Ashvin Chhabra He's competing with Vanguard.
Ben Forman – Opportunities in DeFi (EP.256, Crypto for Institutions 2, EP.03)
- ▶ 45:38 Ben Forman I mean, if you think about the financial system, Vanguard, Fidelity, BlackRock, State Street,
Greg Dowling – Mid-Market Institutional Consulting at FEG (Capital Allocators, EP.248)
- ▶ 9:11 Greg Dowling So Vanguard just came along in the seventies, and even though it existed, it wasn't really adapted.
Private Equity Masters 1: John Toomey – HarbourVest Partners (Capital Allocators, EP.200)
- ▶ 51:40 Ted Seides So on the opportunity side, you recently brought in Vanguard. 6 times in the scene
Crypto for Institutions 2 – Michael Sonnenshein – A Path to Entry (Capital Allocators, EP.181)
- ▶ 10:22 Michael Sonnenshein So Grayscale is the world's largest digital currency asset manager, and so Grayscale is to digital currencies, maybe what PIMCO is to bonds or Vanguard is to indices.
Crypto for Institutions 1: Eric Peters – The Macro Case for Bitcoin (Capital Allocators, EP.180)
- ▶ 53:43 Eric Peters Some of them look more or less like investment banks, but there's no firm that really looks like One River, which I would say, if I were to create a parallel, it would kind of be the vanguard of digital assets. 2 times in the scene
Fran Kinniry – The Comfort of Paradox at Vanguard Group (Capital Allocators, EP.173)
- ▶ 4:06 Ted Seides My guest on today's show is Fran Connery, a twenty-three-year veteran at the Vanguard Group, where he's led the teams that spearhead Vanguard's research into new products. 7 times in the scene
- ▶ 5:37 Ted Seides Why don't we start with your entrance to Vanguard, twenty-something years ago. 14 times in the scene
- ▶ 8:08 Ted Seides Why don't you give an overview of what Vanguard is today? 6 times in the scene
- ▶ 9:59 Ted Seides Where did you start in your path over these 20 years at Vanguard? 6 times in the scene
- ▶ 12:45 Ted Seides So a lot of pieces that are so different than what the common perception of Vanguard might be.
- ▶ 13:55 Fran Kinniry When I joined Vanguard to help start advice, the value proposition was a little tricky because the traditional value proposition of fee for advice is hire me and I'll outperform the portfolio, right? 6 times in the scene
- ▶ 16:21 Fran Kinniry Or that's a Vanguard prime cap fund.
- ▶ 19:26 Ted Seides And we connected really in and around this next step, this third step of your path at Vanguard. 6 times in the scene
- ▶ 25:46 Ted Seides One of the head scratchers when you look at the scale of Vanguard and the notion, as you said, that a lot of the top sponsors have capacity constraints is how do you think about rolling this out in such a way that down the road you could… 2 times in the scene
- ▶ 30:35 Fran Kinniry The average day investor who is saving for retirement or saving for college with a long duration, if it is indeed packaged with a multi-asset class manager like Vanguard and a wrapper of target retirement or advice, we think that that…
- ▶ 35:06 Ted Seides The other real question about this area has been the costs of doing business and fees, and when someone from the outside looks at Vanguard as synonymous with low fee, and private equity synonymous with high fee, and now you're working with… 8 times in the scene
- ▶ 43:32 Fran Kinniry When we started private equity, I moved to a group at Vanguard called portfolio review group. 4 times in the scene
- ▶ 50:22 Ted Seides You know, one of the things we hadn't touched on that's always been so powerful is Vanguard's cooperative model, Vanguard's business structure. 10 times in the scene
- ▶ 55:11 Ted Seides I'm kind of curious as you sit there at Vanguard, everyone outside of Vanguard is used to or unfortunately gotten accustomed to the scrutiny of active management, particularly in the public markets. 10 times in the scene
- ▶ 1:00:04 Fran Kinniry Yeah, it's been an amazing, amazing run that I think some people may not even do the math, but indexing, when I joined Vanguard, as I mentioned, it
Sustainable Investing 8: Lauren Taylor Wolfe – Activist Perspective (Capital Allocators, EP.146)
- ▶ 20:10 Lauren Taylor Wolfe The passive institutional allocators are BlackRock, State Street, and Vanguard.
Sustainable Investing 6: Richard Lawrence - ESG Integration at Overlook (Capital Allocators, EP.144)
- ▶ 33:54 Richard Lawrence I've never been a believer that because Richard Lawrence tells Vanguard to vote in a certain way, that Vanguard's going to vote in a certain way.
James Aitken – Tour Around the World from a Small Island (Capital Allocators, EP.122)
- ▶ 8:36 James Aitken And what does it mean for Vanguard? 2 times in the scene
Ted Seides – A Rational Reminder (Capital Allocators, EP.121)
- ▶ 28:19 Cameron Passmore So you live in a country where indexing is absolutely exploding with the popularity of Vanguard and iShares, much more so than, than we're experiencing in Canada.
Gregory Zuckerman – Decoding Renaissance Medallion (Capital Allocators, EP.119)
- ▶ 42:20 Gregory Zuckerman They've shifted to 60, 40 Vanguard index funds, and they don't worry about it as much.
Eric Ries – Lean Start-Ups and the Long-Term Stock Exchange (Capital Allocators, EP.107)
- ▶ 31:17 Ted Seides So in that framework, if you think about a Vanguard or BlackRock or State Street, they are, by design, going to be very long-term owners, and yet some people say, well, they're passive owners, that's not really the kind of ownership you…
David Druley – Structure into Action at Cambridge Associates (Capital Allocators, EP. 106)
- ▶ 43:13 Ted Seides We've had this long period of time where, certainly in the public markets, Vanguard's growing like crazy, there's a big move to passive investing, and it's been hard to keep up, right? 2 times in the scene
Matt Levine – Money Stuff (Capital Allocators, EP.97)
- ▶ 27:21 Matt Levine If you're Vanguard and you're like the biggest shareholder in a whole bunch of companies, but no one picked them, no one follows their financials. 2 times in the scene
Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82)
- ▶ 32:33 Ted Seides Wellington for a long time has managed active assets under the Vanguard brand. 2 times in the scene
Jen Prosek – Branding an Asset Management Firm (Capital Allocators, EP.81)
- ▶ 26:28 Jennifer Prosek The Vanguards, I mean, look at what Bogle did for Vanguard. 2 times in the scene
Andrew Tsai – Catching a Theme on the Chalkstream (EP.73)
- ▶ 1:01:22 Andrew Tsai Back to when Vanguard started saying, let's, let's all index.
Michael Batnick - The Best Investors and Their Biggest Mistakes (Capital Allocators, EP.71)
- ▶ 16:19 Ted Seides Everybody knows him for Vanguard and the index funds, but I love the story you told in your book about what happened with him before he started Vanguard. 2 times in the scene
Sarah Williamson – Focusing Capital on the Long-Term (Capital Allocators, EP.67)
- ▶ 11:22 Ted Seides And Wellington, I think maybe people don't know this, but has always managed a lot of Vanguard's active money. 2 times in the scene
Charley Ellis - Indexing and Its Alternatives (EP.62)
- ▶ 1:01:32 Ted Seides There's this question of Vanguard's going like crazy, BlackRock ETFs, in addition to the traditional index funds.
Tom Lydon – ETF Trends (Capital Allocators, EP.56)
- ▶ 22:07 Ted Seides So we know in the index side, all, it's, it's a compression race to get to the lowest fee you can, and Vanguard obviously has a big presence in the NTF space as well.
- ▶ 33:11 Tom Lydon So even though it's kind of like the auto industry where you've got the big three, you know, you've got BlackRock, you've got Vanguard and State Street that really monopolize the ETF business, it's not as though we can't have competition.
Michael Mauboussin – Active Challenges, Rational Decisions and Team Dynamics (Capital Allocators, EP.36)
- ▶ 18:10 Ted Seides Do you have any feeling for what the tipping point was over the last, it's really three, four, five years where all of a sudden massive flows, you know, Vanguard's raising a billion dollars a day.
Deep Dive into Hedge Funds (Capital Allocators, EP.34)
- ▶ 27:55 Patrick O'Shaughnessy So I was at Vanguard on Friday, um, which is an incredibly, incredible place, and their frugality is, is inspiring, and I want to get into fees after this, but
- ▶ 38:36 Ted Seides Well, you're actually paying, you know, let's say Vanguard charges 15 basis points.
- ▶ 44:41 Patrick O'Shaughnessy Do you know of any examples of managers that, again, I'm fresh off of a discussion with the guys at Vanguard, so my thinking is a bit colored, because I think one of the most genius things that they did, obviously, was this mutual…
- ▶ 1:09:27 Patrick O'Shaughnessy We might have, you know, we might be the first investor in, in John Paulson's, um, fund that goes up an unbelievable amount, but the odds suggest that the, this as a group, our allocation as a group is just not going to be able to out earn…
David Barrett – Searching for Leaders (Capital Allocators, EP.26)
- ▶ 31:08 David Barrett But at the same time, you know, you want to make sure you're well positioned with some, you know, firms like Vanguard. 2 times in the scene
Scott Malpass – The Fighting Irish's Twelfth Man (Capital Allocators, EP.25)
- ▶ 5:02 Ted Seides Vanguard, and TIFF, and previously served on the Investment Advisory Committee for Major League Baseball.
- ▶ 27:32 Scott Malpass So, so, for example, at Vanguard, where we pioneered, you know, passive investing, we're, you know, well over four trillion now. 3 times in the scene
- ▶ 1:21:07 Scott Malpass We started this separate company, a not-for-profit called Catholic Investment Services, with the Jack Brennan from Vanguard, who's also chair of our board.
Dan Egan – Better Investment Outcomes (Capital Allocators, EP.23)
Charley Ellis – Multiple Ways to Win (Capital Allocators, EP.08)
- ▶ 6:12 Ted Seides A quarter century after the first edition, Charlie became a director on Vanguard's board and served for eight years. 2 times in the scene
- ▶ 36:06 Ted Seides Those are Vanguard, Capital Group, and Yale University. 14 times in the scene
Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06)
- ▶ 32:17 Josh Brown I could buy Vanguard, VWO, fine. 3 times in the scene
- ▶ 41:44 Josh Brown Like, we love having conversations with iShares, and Vanguard, and you know, they come sit with us, and State Street, awesome people, and we learn a lot from those meetings, but we almost never take action.
- ▶ 55:02 Josh Brown I put them in Vanguard, 500? 2 times in the scene
The Bet with Buffett (Capital Allocators, EP.05)
- ▶ 14:06 Patrick O'Shaughnessy So case closed, you know, you should buy, go to Vanguard instead of ever caring about hedge funds again.
- ▶ 31:17 Ted Seides So we can go to the limit of that and say if hedge fund fees were zero or effectively the same as Vanguard's fees, would you invest in long short funds?
- ▶ 37:14 Patrick O'Shaughnessy And I've even heard AQR described as the vanguard for alternative strategies, that they're, they're basically distilling down the exposures that have led to the success of different categories and offering it for cheaper.
- ▶ 53:20 Ted Seides Vanguard gets more money for the S&P 500. 2 times in the scene
André Perold – Academic Practitioner (Capital Allocators, EP.02)
- ▶ 6:28 Ted Seides Among his directorships and trustee roles over the years, Andre is currently a board member at the Vanguard Group.
- ▶ 15:00 Ted Seides Projects to be active in the real world, as you said, and one of yours has been a long time association with Vanguard. 7 times in the scene
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