Updates

  1. Person pages list letters, writing, profiles and links as sortable tables with filters, and show each person's companies as links; Fund letters show each letter's description in its own column.
  2. Experts show a checked job title and a short description of each person; 30 more people have photographs.
  3. Every company, fund, university and publication the experts work for has a page listing the people there.
  4. Fund letters show each letter's thesis and filter by it; 225 person pages list the essays, columns and newsletter issues the person wrote.
  5. Person pages list every essay and newsletter issue a person wrote, and their own books as a table in List view.
  6. Recommends shows the five largest kinds of book and the rest under More; browse pictures load sooner.
  7. Podcasts and talks link the original episode, filter by Audio and video or Press, and list each publisher once.
  8. Pages are wider, Recommends has List and Grid, and a filter clicked again turns off.
  9. Book cards sit in a ruled grid with Open Library and Goodreads links and each book's one-line note.
  10. Funds is now Investors; each investor's styles are buttons that filter the table.
  11. Podcasts and talks on a person's page filter by year and publisher and show as a list or a grid of pictures.
  12. Quotes show only people's own words: 472 summaries written by list sites are gone.
  13. Country pages open from Browse again, and every link on the shelf lands on a page.
  14. Subject and person pages show their sections as tabs, and each book appears once on a person's page.
  15. Book cards show the quote, who said it and the source; grids show five cards to a row.
  16. On a phone, a menu holds the sections, search, Updates, Feedback and dark mode.
  17. Feedback takes a screenshot of the page with no browser prompt, opens a screenshot full size when you click it, and clears itself once sent.
  18. Book cards are centred, search names the topic each book sits in, and any text cut short shows whole on hover.
  19. Search groups its results by kind: people, companies, geographies, subjects, topics, books, funds, fund letters and papers.
  20. The Books table lists who recommended each book by name, and the browser tab names the section you are in.
  21. Feedback can take a screenshot of the page, or one you paste or choose, and opens in the corner beside Updates.
  22. Each rail button reopens its section where you left it, and Browse, Table and People show on every book and subject page.
  23. Filters grey out choices that hold nothing instead of hiding them, and Books › People filters by authors or recommenders.
  24. Feedback takes a subject line and up to three screenshots.
  25. Biographies are grouped by the person they are about: 41 new pages, from Abraham Lincoln to Lee Kuan Yew.
  26. Sport splits into 23 sports, and Religion into one topic per faith.
  27. Book lists show as cards: the cover, one recommendation quote and every recommender by name.
  28. Seventeen subjects that had two or three pages under different names now have one page each.
  29. Every page lists its Experts as authors and recommenders, with a link to them on the Experts tab.
  30. Economics, Financial history, Financial panics and Accounting are subjects of their own, with one page per financial crisis.
  31. Book, person and subject pages open inside the app, so the tabs stay in view.
  32. 996 more book covers, and photographs or logos for 227 more people and companies.
  33. Books › Browse shows every subject as cards, and the rail holds Fund letters, Papers, Experts, Books and Funds.
  34. Every topic over 150 books splits into narrower topics, each with a page of its own.

Send feedback

What is it?
Screenshots, up to 3 (optional)
or paste one with Ctrl+V

We use your email only to reply to you.
AM

Asset Management and Funds

Industries

Managers charge a percentage of assets, so revenue rises with markets and with flows rather than with skill, and the industry's central arithmetic is that investors as a group hold the market and pay costs out of its return. Fee compression has run for four decades: index funds charge single-digit basis points where active mutual funds charged 1 to 2 percent, and trillions of dollars have moved accordingly, leaving scale and distribution as the surviving advantages. Performance fees, closet indexing and the gap between fund returns and investor returns are the recurring disputes. The literature covers indexing's rise and its arithmetic, criticism of fund governance and hidden costs, and firm histories of T. Rowe Price and Capital Group that show how active houses were actually built.

Books 9Experts 2Recommenders 7
John Bogle and the Vanguard ExperimentJohn Bogle and the Vanguard Experiment
T3 John Bogle and the Vanguard Experiment
Robert Slater · 1996
Open LibraryGoodreads

The only biography; stops two decades before indexing won.

Winning the Loser's GameWinning the Loser's Game
T3 Winning the Loser's Game
Charles D. Ellis · 1998
Open LibraryGoodreads

Why active investing became a loser's game, decided by errors, not by skill.

“In his marvelous book, Winning the Loser's Game, Charlie Ellis says” — Bill Miller

Source: Bill Miller 2Q 2020 Market Letter

Recommended by: Bill Miller, Mohnish Pabrai, Howard Marks

Common Sense on Mutual FundsCommon Sense on Mutual Funds
T3 Common Sense on Mutual Funds
John C. Bogle · 1999
Open LibraryGoodreads

Vanguard's founder on costs, turnover and fund structure.

“Wonderful Book. I highly recommend all of John Bogle's writings to any investor.” — Mohnish Pabrai

Source: Mohnish's Bookshelf — Books on Investing & Capital Allocation, entry 50

Recommended by: Mohnish Pabrai, Jason Zweig and 3 others

Capital: The Story of Long-Term Investment ECapital: The Story of Long-Term Investment Excellence
T3 Capital: The Story of Long-Term Investment Excellence
Charles D. Ellis · 2004
Open LibraryGoodreads

How Capital Group built its long-term investing culture.

Recommended by: Mohnish Pabrai

The Investor's Dilemma: How Mutual Funds AreThe Investor's Dilemma: How Mutual Funds Are Betraying Your Trust And What To Do About It
T3 The Investor's Dilemma: How Mutual Funds Are Betraying Your Trust And What To Do About It
Louis Lowenstein · 2008
Open LibraryGoodreads

Recommended by: Mohnish Pabrai

T. Rowe Price: The Man, The Company, and The
T3 T. Rowe Price: The Man, The Company, and The Investment Philosophy
Cornelius C. Bond · 2019
Open LibraryGoodreads

Biography of the man who named and institutionalised growth investing.

Trillions: How a Band of Wall Street RenegadTrillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever
T3 Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever
Robin Wigglesworth · 2021
Open LibraryGoodreads

History of indexing; Bogle and Vanguard are its central thread.

Inside Vanguard
T3 Inside Vanguard
Charles D. Ellis · 2022
Open LibraryGoodreads
The Bogle Effect: How John Bogle and VanguarThe Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions
T3 The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions
Eric Balchunas · 2022
Open LibraryGoodreads

Bloomberg analyst on Vanguard's economics

More industries

← Apparel, Fashion and FootwearAutomotive →All industries