Before John Bogles passing in 2019, he penned an article in the Wall Street Journal noting that it seems only a matter of time until index mutual funds cross the 50% mark. If that were to happen, the Big Three [Vanguard, Blackrock, and State Street] might own 30% or more of the U.S. stock market effective control1. Should that come to fruition, the decisions in corporate boardrooms across America will increasingly be made by a smaller and smaller group, of which Vanguard may be a leader. This comes with some benefits, chief among them that Vanguard can act as a better advocate for its investors. At the same time, there are notable drawbacks such as increased scrutiny on Vanguards voting policies as well as increased pressure for Vanguard to take a more active stance.

Do you agree or disagree with Mr. Bogles remarks? What are the other benefits and risks of the growth of index funds in the market? What is Vanguards responsibility will be if/when control is centralized to a few asset managers?