Inside Vanguard: Leadership Secrets From the Company That Continues to Rewrite the Rules of the Investing Business

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Unlikely as it would have seemed at the fraught time of Bogle’s war with Wellington nearly 25 years before, Wellington, led by Bob Doran, and Vanguard, led by Jack Brennan, began to develop a strong symbiotic relationship. Today their relationship is dynamic, collegial, and extraordinarily beneficial to both. In one of the most successful large-scale working relationships in the investment world, Vanguard is again Wellington’s largest business relationship and Wellington is Vanguard’s largest too.

Back at the nadir of their relationship, when Bogle was determined to hurt Wellington while building up Vanguard, the situation facing Doran and his colleagues at Wellington was grim. At Vanguard board meetings, Bogle always ...