Abstract
John Bogle (“Saint Jack”), founder and former chairman and CEO of the Vanguard Group, describes implications of the transformation of U.S. market participants from individual investors owning stocks directly to investment intermediaries.
Notes
1The Wealth of Nations may be found in its entirety athttp://www.econlib.org/LIBRARY/Smith/smWN.html. The Theory of Moral Sentiments is at http://www.econlib.org/LIBRARY/Smith/smMS.html.