It’s a question we hear from time to time on this blog, as well as through e-mails, letters, and phone calls: “Why does Vanguard advertise?”
It’s a fair question. And believe me, it’s a topic debated vigorously by Vanguard’s leadership team. Given the fact that the expense is ultimately borne by the shareholders in our funds, which in turn are the sole owners of Vanguard, one might well ask, in the words of one client—“Why spend some of my money to attract some other investor?”