Vanguard trained executives to answer customer phones during market panics
Charlie Ellis · Charley Ellis - Figuring Out Investing and Vanguard (Capital Allocators, EP.286) · Dec 12, 2022 · at 47:04
Charlie Ellis, investment consultant and author, discusses Vanguard's operational history and cost management under Jack Bogle and Jack Brennan.
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“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 markets, and the volume of demand for services going up, they'd fly the Swiss Army flag, because the Swiss Army, i.e., people who've got a regular job and then on call at any time, To be in the army. That was what they called it. And they would call for and have hundreds of people come into service to help with the demands at the peak fresh.”
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