Stay the Course

Intro
 Stay the Course
 Dedication
 Contents
 About Stay the Course
 What This Book Contains
 Striving for Accuracy
 Foreword
 Part I The Story of Vanguard
 Chapter 1 1974: The Prophecy
 Structure and Strategy
 2018: The Prophecy Fulfilled
 Vanguard: Lowering Costs for Investors
 Index Strategy Follows Mutual Structure
 \"The Emperor\'s Clothes\"
 Chapter 2 1945-1965: The Background --
Blair, Princeton, Fortune, and Wellington
 1949: \"Big Money in Boston\"
 \"The \'Mutual\' Fund\"
 1951: \"The Economic Role of the Investment Company\"
 July 1951: Enter Wellington and Walter Morgan Modus Operandi 1951: One Fund per ManagerThe Power of Conservative Investing
 Staying the Course
 Chapter 3 1965-1974: The \"Go-Go\" Era, the Aftermath, and the Formation of Vanguard
 The \"Go-Go\" Era
 Bagels Out, Doughnuts In
 \"I Was Too Conservative\"
 Three Strikes . . . but Not Quite Out
 The Merger
 The \"Peace Dollar\"
 The Bubble Bursts
 1970-1974: Bear Market Follows Bull Market
 Fiduciary Duty . . . but to Two Masters?
 The Wrong Scapegoat
 \"Ex-Fund Chief to Come Back\"
 The Board Meeting That Changed Everything
 Achieving Independence
 Chuck Root: The Indispensable Man Option #2: \"Weak Tea\"\"Fired with Enthusiasm!\"
 The Challenge
 Vanguard: The Birth of a New Flagship
 A Narrow Escape
 The First Skirmish
 Game Over?
 \"A Near-Run Thing\"
 The Shareholders Approve
 A Full-Fledged Mutual Fund Complex Emerges
 \"A Plague on Both Your Houses?\"
 Two Memorable --
and Opposite --
Reactions
 Staying the Course
 Chapter 4 The Index Fund Revolution: From Birth to Dominance
 1951: The Seed Is Planted
 Motive and Opportunity
 Persuading Vanguard\'s Directors That Costs Matter
 \"The Fund Is Not Managed\"
 First Index Investment Trust
 Who Was First? Who Survived? More Index FailuresThe IPO
 Fortune Strikes . . . Again
 Dr. Samuelson Redux
 The Road Shows Yield a Flop
 \"Bogle\'s Folly\"
 280 Stocks, Not 500
 \"The Stone That the Builders Rejected Has Become the Chief Cornerstone\"
 Vanguard 500 Index Fund: Real-World Success
 Recap: 15,000 Grows to 1,127,704
 Caveats
 Vindication: Money Talks
 Buffett and Swensen
 Paul Samuelson Completes a New \"Murderer\'s Row\"
 Staying the Course
 Chapter 5 1974-1981: A New Beginning
 The First Step
 The Anomaly of Fund Share Distribution
 February 1977: Control of Marketing and Distribution Struggling with the Index FundThe 500-Index Superiority Fades
 The Go-Go Era, the Nifty Fifty Era, and Their Aftermath
 Wellington Fund Assets Drop by 75%
 1971: The Money Market Fund
 A Late Start
 1977: The Defined-Maturity Municipal Bond Fund
 A Simple Innovation
 A Curious Anomaly
 Vanguard Fixed Income Group Takes Shape
 New Fund Profile
 1978-1993: 200-Plus Reductions in Advisory Fees
 Only the Beginning
 A Wave of Fee Reductions
 The Wellington Fund Example
 Across-the-Board Fee Reductions
 Negotiating Fees on New Vanguard Funds
 Index Funds and Bond Funds: Still Lower Costs