MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, August 30, 2013 St. Jack Speaks His Mind to Don Phillips Vanguard's [profile] Jack Bogle is really spoiling for a fight this week, whether its his criticism of active funds, the industry's fight against money fund reform or disagreements with his own company. Morningstar's Don Phillips interviewed St. Jack. Bogle was asked for his thoughts on money fund reform, and unlike most mutual fund executives, responded by criticizing the industry: "What bothers me, and this bothers me a lot, about the industry in which I find myself--it doesn't seem to get down to the truth…Of course, this industry, which is the technological vanguard of just about everything, apparently can't deal with a single class of funds that has a floating net asset value. That seems a little crazy to me." Phillips notes that Bogle views on both money market funds and the retirement crisis "differ rather dramatically," to which Bogle responds: "People will state to me: I understand you disagree with Vanguard on this point. I would never do that. Vanguard disagrees with me. I'm too old to go out and speak vigorously in favor of a position that I simply don't fundamentally believe in. So, it gets me in a little bit of trouble. I never know, to be honest with you, what Vanguard's position is in these things. I probably have an idea. But I have my position." To read more, click here. Printed from: MFWire.com/story.asp?s=45838 Copyright 2013, InvestmentWires, Inc. All Rights Reserved |