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Thomas Rampulla

lines on the record: 76
first: 2022-10-14
most recent: 2022-10-14
sittings or episodes: 1
sources: podcast

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“Absolutely right. So, my daughter tried to say no, and she's in New York and say it's really expensive. I said, I'll match it. So you put it in the company and I'll match it. And so we did that for a year and weaned her off. And she realized that she could do it.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Growing tax deferred. That's right. Growing tax deferred. So, hey, just time is on your side with investing. So start young. Even if it's a little bit and it adds up over time.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“No, they all, well, compliance, they all have to invest at Vanguard. So they're broadly diversified in low-cost funds, as you would imagine. But they're really interested. And, of course, all their friends are, oh, I made so much money on this and that. Until they didn't. So stay away from the trends. Just focus on the long term. Have some discipline. The other thing is, and I was fortunate to get this advice. I showed it my first day at Vanguard in 1988. did my onboarding. They said, oh, we got this 401k plan. I'm like, not really sure what that is. They're like, oh, just max out your contribution. That's what everybody does. And we'll match up to 10 or 11%, whatever it is. And I just did it. Right.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“A couple things, and these are just Jack Bogle principles. And of course, I listened to them, but I may have strayed a little bit here and there. But first of all, it's really hard to consistently pick winners, hence the appeal of indexing. But yeah, you might get a winner. You might get a few winners, but it's hard to do that over time. And sort of as a corollary to that is stay away from fads. I did get caught up personally in the dot-com era a little bit. And I had my long-term 401k investments and all broadly diversified Vanguard funds, but I had a brokerage account and made some mistakes on companies like VerticalNet. I was going to say JDSU, Nortel. I remember that, you know, and so be careful of the fads and give them my children age and their interest in investing growing up in an investing house. They told me I was old and stodgy, you know, not being excited about crypto or some of the meme stocks. Are you kidding?”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Don't worry about your job, your first job, your second job, your whatever. But if you align with a company, it could be there forever. You can have a career there. And obviously I'm biased. I've been at Vanguard 34 years. I stumbled onto Vanguard and happened to find a company that aligns with my values. I got lucky. They grew tremendously. But I think it's really important. Yeah, money's nice. But being happy at your work and being satisfied and having an organization that aligns with what you care about, I think is more important than anything. And you'll have a lot more longevity and happiness in your career if you do that.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I have a couple recent college grads. My twins graduated about a year ago, and what I told them was, and it's not necessarily specific to finance, but it certainly applies. And that is Pick a company, not a job. And what I meant by that is find a company that aligns with your values and do something that you're interested in there.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“People wouldn't believe you It was crazy Eddie. Just an actor. And you know what I did when I read about the book, I think, in the journal or in Bloomberg or something like that. And I was like, oh, this is interesting. And then I went on YouTube and looked at a bunch of the old commercials and brought back childhood memories. And that guy, you know, he was.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“And it is the story of Eddie Anton. And, you know, I'm about a third of the way through it, and it's fascinating. He was a character and a criminal, but really interesting.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right. They were. There's a book right now called Retail Gangster. I don't know if it's a new book. It just came out in the last couple months. Oh, I'm a bot.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“The great part about that book is he wrote it to talk people out of going to Wall Street. And I think it inspired millions to do it. Two of my old favorite books. Right now I'm reading a book. Did you grow up in the tri-state area? Yeah. So you remember Crazy Eddie?”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a highly regarded. It was cool because it was kind of a story about New York in the late 80s, Wall Street, and then kind of doing something wrong and losing everything. So it always scared me straight, if you will. And then, you know, around the same time, maybe a couple years later, it was Liar's Poker, which I just found fascinating. Michael Lowe's book.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“This is a little embarrassing, but if you think about the theme of a couple of these books, a couple of my favorites, I love Bonfire the Vanities.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“1993 1994 actually applied for a job in his group and didn't get it but we connected through that and my entire career bill was a great mentor for me and you know gave me a lot of opportunities to grow and develop so I really appreciate that there was also a guy when I worked in our fixed income group he passed away unfortunately a number of years ago but Mike Poplaski taught me about the fixed income market and how to be an analyst and how to manage portfolios. And that was tremendous. And then taking that to all my other positions, having that investment, that hands-on investment knowledge was just gold for me the rest of my career. So that's a few of the early days of the folks who mentored me.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, when I first came to Vanguard 88, I was in a business where we were providing administrative and accounting services for actually competitors. And the guy that ran the division was a guy called Bill Vistartis. And we hit it off really well for my first day there. And he was a great mentor. I'm 22, not right out of school, but out of school year. And he really helped me develop some confidence, believed in me, talked about how to really help me build relationships, taught me how to write well, to be honest with you. Oh, really? So really good early mentor. And then Bill McNab and I first intersected, I think it was around.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm like a commando coming to get my son out of Manhattan and bring him home. And so they all came home and it was fabulous. We actually look at it as a little bit of a gift because they were gone and they came back for a few months. So we did a lot of cooking. They started a garden. My one daughter bought some chickens, some crazy things like that. Did a lot of streaming at the time. Silly things like The Tiger King. Don't know if you saw that on Netflix. A crazy show documentary. Did a lot of streaming together, played a lot of games too. Like went back old school cards and backgammon and things like that. So it was really, really good quality family time.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Did they come back home? They did come home. So, my wife and I were empty nesters for a few months. We're celebrating that. So quiet, delightful. So quiet. Us and the two dogs and, you know, just life was very, very chill. And then, you know, pandemic hits.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Going to continue to grow. Do it yourself is a lot tougher than Jack Bogle said it was. There's a lot to it. And again, we think most investors are better served by some sort of advice. So we see the growth in that. We see the intersection of advice and investments and technology to bring mass customization. And if you think about what we just talked about, direct indexing and personalized indexing, that's customization. The technology allows you to do that en masse now and scale that. So that mass customization is going to be really important.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“The future of finance, I think financial services for a long time had been a bit stodgy, right? So you focused on returns and you provide good returns. You got some flows and you might do some advertising a brand. But client expectations have increased incredibly. So they're not comparing Vanguard to Fidelity anymore. They're comparing Vanguard to my experience with Uber. I think you have to have great products. You have to be innovative there. You have to keep fees low. But the client experience is happening now, but I think that's a huge next frontier for financial services. Really nailing the client experience like some of the other industries have done. And we're on a journey there. We're getting better with it, but there's a lot of opportunity there. I think advice is...”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“You talk them off the ledge, and my clients, the advisors, are really earning their fees right now and providing a tremendous amount of value. So, there's a lot of phone volume, a lot of digital volume. So we're very, very, very busy. And it's all about common people down. We'll get through this. You look at the long term. Things tend to work out. Our investing philosophy is, first of all, get an objective. Put a plan together. Make sure it's a low cost plan. And the other thing is be disciplined, right? Stick to your plan. Just get rid of the noise. This is big noise. This isn't just some little blip. This is big noise, but get rid of the noise and be disciplined. Most times that's around rebalancing. This time stocks and bonds are both going down, so you're not rebalancing so much. But, you know, in March of 2020 was a great opportunity to rebalance and add some value. So it's really stick.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it's assets are down 20% and you get paid off assets in this business, which tends to be a good thing because stocks and bonds tend to go up over time. But yeah, so it's a bit stressful. Clients are stressed. You spend a lot of time talking to your clients, trying to bring perspective, the long-term perspective, not depend. That advisor's alpha, even if you're not an advisor and you're talking to somebody on the phone, you're trying to say, hey, calm down, put this in perspective.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know. I've read some articles recently that are making projections on that. But again, I've got Jack Bogle's voice in my head from 1989 saying that growth doesn't matter. Just do what's right for investors. So we don't think about that too much.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Now, in fact, we're gaining market share in just about all businesses. There's a lot of opportunity still out there. I mean, in my business, we've got maybe a 20% share, something like that, lots to go there, even on the retail side, tons to go there. You think about the advice market and the retirement market. And then international, geez, there's a tremendous amount of opportunity there. So we still have to bring the mission to many millions more people.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right That's right. What you do with direct indexing is you optimize around something. So if you exclude five stocks, you optimize and overweight the others and minimize tracking error versus the index. So you're right, it tends not to be too much unless you exclude something like energy, which would be a big chunk.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right. So you could say, hey, one of the challenges with ESG products is everybody's got a different Definition of what ESG is. So, hey, I want to exclude X, Y, or Z, but I don't want to exclude A, B, and C. You can do that in this structure. We've had clients.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. You know Can be pretty substantial. I mean, it could be a couple percent at times. So it's very, very valuable. Now, it doesn't, it's not for everybody, obviously. Your average investor may not benefit as much, and then they're a tax-efficient ETF might be the way to go. So it's a great use case. Another use case is... Investors being able to express views on the market”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“I know. Lot to page through for sure. You own the underlying securities, and it's basically a separate account, but very scalable, and I'll talk about that in a second. And what you can do with individual securities, it allows you to do two things pretty well. One, be very tax efficient. So since you're holding 500 security instead of one, you can look at losses and individual securities, harvest those losses, and you can allocate them to go against future gains. So it's very tax efficient. And that's probably the biggest use case with. So that tax efficiency, and that adds quite a bit alpha. Go back to Advisors Alpha doing that well. You can add a substantial amount of alpha to it. What sort of number?”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. So, first of all, just quick education, personalized indexing, custom indexing, direct indexing, they're all the same thing. It's a little different structure than your ETF. And by the way, ETFs are super tax efficient in great in many ways. But an ETF, you buy VTI, you own a share of VTI, not the underlying holdings. Direct indexing or personalized indexing, you actually hold the basket of underlying securities individually.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Of impact That's right. That's absolutely right. And then if you go to active strategies, ETFs, right now, most of the growth is in transparent ETFs. Non-transparent are starting to come along. That's only for equity funds right now. Equity assets, not fixed income. The extent you've got an active manager that feels that they're not very comfortable disclosing holdings on a daily basis, they're going to want to keep that in a mutual fund until the technology advances there. There's also Barry. There's a lot of embedded gains in some of these mutual funds, so you don't necessarily want to jump ship. You might shift to ETFs. But selling out your old low cost basis holdings doesn't make a lot of sense. So maybe that's some of the reason as well”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Mind Don't need an ETF. You don't, you know, you only need to strike an NAV once a day. So there's that aspect of it. Index mutual funds are pretty tax efficient as well, not quite as tax efficient for most as the ETF.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, look, I think mutual funds are still a very good product. They may not go away in the too short of term. It's a really good product. I think there's some benefits to mutual funds. If you think about 401k plans, they really do. You ready?”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it was, I thought it was really well written. I lived part of that revolution, if you will, of indexing, but there are certainly things that I learned from that book. Some of the other characters that were involved, some of the really early days and the characters around that as well. So it resonated really well. It was interesting for me because I helped start our ETF business back in the early 2000s. And a lot of those folks I knew, and we were trying to get these things going. And it was a really interesting time. Once again, you kind of felt like you were doing something disruptive and really exciting. But I thought it was a fascinating history. I would recommend that book to anybody that's interested in investing at all. I think just because of the great history of something that was super disruptive, but maybe a little more of a slower burn than people might think. Yeah.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, but Exactly, but the technology behind crypto is pretty interesting, blockchain, and there's some great use cases for that, and we think that's the future in many aspects of the financial services market.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Unlikely we'll have a crypto ETF Barry. The way we look at crypto is it doesn't really have an intrinsic value. It's more of a supply-demand thing. So it feels more like speculation than”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Or wisdom tree. Yeah. Look, we're certainly aware of the competition, but we've always said do what's right and customers will follow. And so for us, it's very, very easy to do what's right. We just don't have any conflicts of interest in any decision making we have. It's all about the end investor. So you only offer them quality products. You don't go to fads so they don't get burned. You communicate very clearly and candidly about the risks. You know, you talk about return, but talk about the risks as well to manage expectations. And when you do what's right, you get a lot of trust built up and you grow.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think it's true. I agree with Eric that Vanguard are set up structurally to drive costs lower, became very competitive. Investors want to low cost, came to Vanguard in droves. Competitors had to respond or not grow. And so they cut price, which we all know that compounds over long periods of time, and it's a good thing for investors. And we saw that as we started to really grow in the U.S. That took effect in a big way. But I'll tell you the first time I heard the headline, the Vanguard effect, is I went to London in 2008. We launched our first set of funds in the UK in June of 2009. And right before that, a couple of our competitors, before ours, were actually officially out. They cut their price. And there was an article in the FT and it talked about the Vanguard effect.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Providing advice if you think about driving investor outcomes. We have great low cost product. What else can you do to help investors get better outcomes? And it's financial advice. So we have our own financial advice, but also importantly working with my clients, working with those financial advisors to help them do better for their clients. Really important to the mission. So I would say some of the execution has changed a little bit, but the mission is absolutely there. Low cost, broadly diversified, driving great outcomes, helping investors get the best chance for investment success.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“It is a fair word They are mostly unfounded. You think about what ETFs, it made indexing so much more accessible. Financial advisors could now really use indexing in a big way through ETFs. It just became so much more accessible to public and helped indexing, which we know is a good thing for investors to grow and grow and grow. Gus Sauter, who was our chief investment officer at the time, was a big proponent of ETFs and felt that they may be disruptive and be the new way to index. And I think he was spot on there. And so we leaned into them. And Jack didn't love it, but we did it and we're happy we did it.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“True story. Absolutely true story. Oh my God. So, yeah, we've come a long way since then. I mean, you know, I think Jack's distaste for ETFs is he worried them that they would be used incorrectly.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“And he hates sales. And I had to tell him that I was the head of sales selling ETFs to financial advisors. And Barry, I'm not kidding. He folded his arms and looked straight ahead and didn't talk to me the rest of the flight. Come on.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Hey, Tom's, you know, glad we're sitting next to each other. What are you doing these days? So Jack hates ETFs, doesn't like advisors.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, he was an advisor. He didn't like advice. He didn't like selling. It's a funny story, true story, Barry. I know Jack very, very well. And I got on a plane to go to Boston, and it was Jack in coach, of course. And my seat was right next to him. He's tall. He was back in the day, anyway. Yeah, he got a little smaller as he aged. But yeah, so he's sitting there and he would never fly anything but coach. But my seat was right next to his. And I hadn't really hung out with Jack a whole lot. He was, you know, off doing the research and testifying to Congress and doing other things, not involved in the company at all.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so it's funny, Jack had a lot of things that were off limits. I think I mentioned earlier we weren't allowed to say sell. We weren't allowed to call products products. We had to call them programs for some reason. Couldn't stand ETFs, wasn't interested in international, didn't think you had to do it. Either business or investing wasn't a big fan of advice. You know, Jack was like, you don't need it. Really? Oh, yeah. Jack was advisor. Total stock market, total bond market, total international throw them together. That's all you need.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“I think people feel in the Vanguard brand a sense of trust. And they get that, their owners, they're what's most important. All decisions around doing what's best for them. And I think that just permeates and the brand we're known as a really trusted brand. And financial services, that's a really good thing, obviously, when you have people's money. And then it creates a culture of, again, being part of something bigger than yourself. It's not just a business. It's a cause. It's a purpose. We're trying to make people's lives better by helping them save for retirement, fund college, buy a home, whatever their financial dreams are. We're there to help them. And they know that. People understand that and it's all about them and permeates both the brand and the culture.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Really great at the time in London, sky's falling, everybody's laying off. Bill said, No, no, no, we're going to keep investing. Just go with your business plan. I was able to get great people that were dislodged or not dislodged, but wanted stability, wanted a great brand, and came to Vanguard. So we hired great people. We were able to buy advertising really cheap. I mean, we were able to really lean in. And that's the beauty of Vanguard's corporate structure. We can really focus on the long term. And hence Bill could say that to employees. Hey, we're in this for the long term. We're committed to you. I don't have to worry about a quarterly earnings call.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Right I think look, we ask our employees to be loyal to us, and I think they deserve loyalty as well. And there was a lot of uncertainty. People were worried about their jobs. I mean, the market takes such a big hit, you know. You're paid off of assets under management and they all of a sudden declined by a significant amount. So a lot of people were worried. And I think Bill's leadership got us through that, saying, hey, well, phones have slowed down, lots of slowed down. We got plenty of work for you to do. And I think the team really appreciated that. And I think it allowed them to serve clients better and more calmly. From my vantage point, honestly, I was employee number one in London, as I mentioned. So I had my head down. You know, another thing Bill did that I thought was.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“He was chief information officer, head of all IT at Vanguard, and then chief investment officer. Think about the trends in our industry today, the intersection of investments, advice, and technology. And Tim's got that intersection in his portfolio of experience, which is pretty incredible. And he's a really smart guy, very disciplined, very creative. And I think the way we think about the world now has changed under Tim. I think we're much more focused on outcomes and driving great outcomes for clients. We're much more nimble than we ever were through some new management systems of pushing decision making down and being more nimble. It's been really nice to be a big organization, yet pretty responsive.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Outside of the US to grow a little bit more aggressively there. And again, right guy at the right time. Bill retires. Tim Buckley takes over. Tim's a fabulous CEO. You think about his background in today's environment.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Financial services for him, so growth is good, but you have to have control and processes and quality. And you got to make sure you can handle the volumes, both from an investment perspective, but also importantly from a processing and client service perspective. And Jack was great at that. He brought in the old total quality management programs and centers for excellence and really matured us as an operator. He retired in 2008, Bill McNab took over. We all know what happened in 2008. Yeah. But again, I think Bill was the right guy at the right time. There was such turmoil. And you know, Bill, he's a calm guy and really, you know, harnessed the power of the team to get us through that tough environment, leaned really hard into leadership development. We had a bunch of really great technical experts, but as you grow and mature, you want to have a strong leadership team. And Bill really invested in that lean into that. And that's a big part of his legacy. You also looked to...”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I was fortunate to work with all four CEOs of Vanguard. I worked with Jack Bogle for about eight years before he retired. And Jack was the visionary, the guy that would get everybody motivated, that we're doing something special. We were small at the time. People thought we were a little quirky. We were out in Pennsylvania, you know, far away from Wall Street. But he was such a motivator and instilled this sense of purpose. You're part of something bigger than yourself, which was really exciting. And Jack, his words, he could give a speech like nobody else and, you know, what he wrote in the press and on interviews, he was just so inspirational. So the perfect guy to get us really going. And then Jack Brennan took over after Jack Bogle retired, handpicked successor. We started to grow a little bit there. And I think Jack Brennan was the right guy at that time as well. And there's a common theme here you'll hear from me about the right guy at the right time. Jack was helping us grow up and mature. So we were growing like crazy.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right. It was tough. The technology wasn't there. The frictional costs were high. When trading, it's really come in favor of retail investors.”
2022-10-14 · Masters in Business · Thomas Rampulla on Vanguard's Mission · IDENTIFIED FROM THE TRANSCRIPT · source