The Future of Index Funds

Jack Bogle: Nobody thought there was any future to index funds. That's exactly right. And it makes sense that the four largest retail shops would want to participate in this, because this is a simple, easy way for their retail client to get exposure to the market fast and relatively inexpensive. It should have, except when the client buys this fund, it's to be held forever. They don't trade it. There's no brokerage business generated by the fund. So this was not a happy moment for Wall Street. The Center for Disease Control had to come in.