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Bogle (Mr Vanguard himself) saw this coming and warned us, but it was perhaps too late: https://ia601506.us.archive.org/26/items/bogle-managerial-ca...

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The linked letter has absolutely nothing to do with TFA other than a very tenuous link to Vanguard: It was written a founder who hasn't been in charge of Vanguard for several decades.

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