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On the 42nd birthday of index funds, the company that derided them has taken the lead on costs
Happy birthday index funds—my how you’ve grown.
The idea of passive investing is a lot older than the vehicle that first allowed the public to partake in it. But Vanguard’s S&P 500 mutual fund, which just turned 42, was no rousing success at first, raising just over $11 million, a fraction of what was expected.
At the time Fidelity boss...