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Old 01-11-2016, 09:46 AM   #21
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I'm uncomfortable with such references to Bogle. It seems to me that if Vanguard was to remain true to his personal vision, then that vision should have been codified in its articles of incorporation in such a manner requiring dissolution of the company rather than allowing variances from that vision. Of course, no company is crafted in such a manner. We spend our time building our sandcastles and then we leave the beach to the creativity and intention of other folks. It's the natural order.
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Old 01-11-2016, 10:24 AM   #22
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I'm uncomfortable with such references to Bogle.
I'm not asking that Vanguard be ruled by Bogle. I said only that I would value the opinion of Bogle because:
1) He knows the details and ramifications of this change.
2) He has demonstrated a commitment to shareholders
3) He has few/no conflicts of interest, and has shown he is willing to express opinions that differ from the official Vanguard position.

As long as this remains the case, I think anyone interested in understanding this and similar situations would want to hear from him. I don't know why that would make anyone "uncomfortable."
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Old 01-11-2016, 10:40 AM   #23
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I'm sorry. I'll try to explain my discomfort better. I'm sure it would never happen on this forum, but on other forums, when I see references to what Bogle might think about a change at The Vanguard Group, especially when there are disagreements about his perspective, those who support what he says sometimes try to assert that his perspective has primacy, as a kind of argumentum ad verecundiam. I'd rather rely on the myriad others who can speak to what's best to avoid such things.
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Old 01-11-2016, 05:12 PM   #24
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New leadership can often turns a great company into a not so good one quite quickly.

-gauss

p.s. I wonder if this is what happened over at TaxAct recently.
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Old 01-11-2016, 05:28 PM   #25
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Partly the 2 account structure is a legacy of when Vanguard outsouced its brokerage to Pershing. A few years ago Vanguard brought the brokerage in house so this next step makes sense in cleaning up the accounting systems. It also saves Vanguard the cost of the second 1099 letter that the current structure requires (one for MF and one from Brokerage).
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Old 01-12-2016, 06:33 AM   #26
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p.s. I wonder if this is what happened over at TaxAct recently.
What do you mean? The company that owned TaxAct was in business to sell financial advice and technology-enabled advisory solutions, and has now been acquired by a company that is in business to sell financial advice and technology-enabled advisory solutions. It doesn't smell of a desperation move, so it sounds to me like they've been doing what they've intended to do and doing it well.
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