tag:blogger.com,1999:blog-5465015914589377788.post2487254107377801817..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: The House that Bogle BuiltMichael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-5465015914589377788.post-70430299440882854512011-07-15T09:31:49.359-04:002011-07-15T09:31:49.359-04:00@Patrick: That does deserve some better explanati...@Patrick: That does deserve some better explanation (which the book provides). There are two main functions of a mutual fund:<br /><br />Steward: Look out for the interests of investors and their money.<br /><br />Money Manager: Decide how to invest the money.<br /><br />In Vanguard's case, they perform the Steward function as a non-profit and hire money managers (and replace them if necessary). Most other mutual funds have the same for-profit organization performing both functions. In these cases the organization seeks profits as a money manager and the Steward side suffers at investors' expense.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-54014563231889084972011-07-14T23:24:40.704-04:002011-07-14T23:24:40.704-04:00Can you give a hit as to how they "separate c...Can you give a hit as to how they "separate control over invested assets from the management of the assets"? I'm having a hard time picturing what that means.Patrickhttps://www.blogger.com/profile/16816252455472704262noreply@blogger.com