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The Index Mutual Fund: 40 Years of Growth, Change, and Challenge
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The Index Mutual Fund: 40 Years of Growth, Change, and Challenge
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The Index Mutual Fund: 40 Years of Growth, Change, and Challenge
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Journal Article
The Index Mutual Fund: 40 Years of Growth, Change, and Challenge
2016
Overview
Some 40 years ago, a new concept of investing began its path toward implementation. On Sep 18, 1975, at the board meeting of the one-year-old Vanguard Group, the directors approved the author's proposal that their firm form the world's first index mutual fund. Proud of their new creation, they named it First Index Investment Trust -- now the Vanguard 500 Index Fund. Ultimately, index funds would earn remarkable acceptance from individual and institutional investors alike. But all that glitters isn't gold. Almost a decade passed before the second index fund was formed, and it took two full decades for index funds to begin to earn broad acceptance. Much of that acceptance, however, reflected a major departure from the original \"buy-and-hold\" concept. Being the \"first mover\" in the index fund arena and then creating the first broad lineup of index funds, all the while preaching the gospel of indexing from a \"bully pulpit,\" have sparked Vanguard's unarguable leadership in the field.
