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Index Fund Oligopoly Has Been Good for Consumers

There may be a few dominant passive fund companies, but competition among them has still managed to push down costs, says Jack Bogle.

Note: This video is part four of nine of an interview between Morningstar's Christine Benz and Jack Bogle, founder of Vanguard, at the 2018 Bogleheads conference. Watch the other segments here.

Christine Benz: One interesting thing that we've seen very recently is that it looks like a few firms seem determined to try to out-Vanguard Vanguard on the cost front, at least. Let's talk about what you make about what you make of the entrance of zero-cost index funds, as well as Schwab's increasing apparent interest in getting small investors into index funds at very low costs. What do you think? You called it an oligopoly yesterday.