By Tom Bradley

The Report on Business today published excerpts from an interview with John Bogle, the father of indexing and founder of Vanguard. We found one of his answers on the wealth management industry particularly poignant.

“Today, that profession with elements of a business [has become] a business with elements of a profession - and not so many elements. The typical large manager today runs around 225 different mutual funds. ... That’s the traditional definition of marketing - find out what people want and give it to them. Well what a stupid way to invest! Because people always want the wrong thing at the wrong time - usually, when it’s hot ..."