I've been a customer for over 10 years, and am ever more proud of their commitment to promoting long term average investor goals.
This blog post, along with the fact that Vanguard is the only one of my accounts that immediately transferred my funds with no bullshit slow-walking the move, trying to keep them (looking at you, Schwab & E-Trade!), makes me sort of regret that transfer. I want to support companies like Vanguard!
Good financial managers decide how a portfolio gets managed.
That's not the case for a typical hedge fund.
“VGI provides services to the Funds “at cost”, i.e., without charging an arm’s length profit. VGI is a C corporation and the Funds are Regulated Investment Companies (RICs) not taxable at the corporate level, so this situation results in avoidance of billions of corporate taxes.”
And frankly, I suspect a lot of Vanguard customers DID want crypto. There are greater objectives at stake, and so I am glad Vanguard held the line.
I'm not utterly opposed to a possible future scenario for certain cryptocurrencies maturing into a more integral asset to the economy. But we ain't there yet, and their current volatility and novelty should not be promoted under the Vanguard reputation.
I am so, so tired of trying to explain to my retired mother why she should not buy any more bitcoin … with money that she really cannot afford to lose.
I wouldn’t support her putting her retirement savings all on black either, even though she might win plenty.