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Wednesday, September 06, 2017

These Few Things Keep Bill McNabb Up At Night

News summary by MFWire's editors

There are only a few things that keep Bill McNabb up at night, and the rise of index funds and ETFs is not one of them.

"He cites lower world growth, 'very high' valuations in bond and equity markets, geopolitical tensions in the Middle East and North Korea, and uncertainty over Brexit," Peter Smith of the Financial Times writes.

The outgoing Vanguard CEO tells the paper that, when he steps down as CEO at year-end but stays on as chairman "for the foreseeable future," he's going to focus on being an ambassador for Vanguard's overseas efforts (it's mostly grown here in the U.S.) and on U.S. regulation.

The interview also highlights how McNabb joined Vanguard (after 30 interviews, including a final one with none other than Jack Bogle himself), his career path, and Vanguard's future under Tim Buckley (who will succeed McNabb as CEO). For Vanguard watchers and McNabb fans, the article is worth the read. 

Edited by: Neil Anderson, Managing Editor

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