Trillions Facebook Linked In Gift Expand Photographer: Michael Nagle/Bloomberg Facebook Linked In Gift Gift this article Contact us: Provide news feedback or report an error Confidential tip? Send a tip to our reporters Site feedback: Take our Survey New Window Facebook Linked In Gift By Joel Weber and Eric Balchunas September 10, 2026 at 4:40 PM UTC

Bookmark Save_Listen and subscribe to_ Trillions _on_ _Apple_ _,__Spotify_ _,__i Heart_ _and the Bloomberg Terminal._

Today, Vanguard is synonymous with low-cost index investing. But as the firm marks 50 years since the launch of the first index fund, something surprising has happened: After decades of relentless gains, Vanguard’s share of the fund industry has plateaued. For most companies, that would be bad news. Yet Jack Bogle might have seen it differently. More than 30 years ago, Vanguard’s founder said he’d know his mission was succeeding when competitors became so cheap that Vanguard itself began losing market share.

On this episode of _Trillions_ , Eric Balchunas and Joel Weber — joined by Bloomberg News cross-asset reporter Isabelle Lee — revisit Bogle’s legacy. They trace the unlikely rise of the index fund, why it took decades to catch on and how Vanguard’s low-cost model eventually forced the rest of Wall Street to change. They also explore what Vanguard’s plateau means now that the Bogle Effect has become so much bigger than Vanguard itself.

_Money goes where it’s treated best. That simple truth is a big reason why more and more money (trillions of dollars, in fact) flows into a powerful, low-cost tool that’s quietly transformed investing. Exchange-traded funds let you invest in everything from the stock market to gold like never before. This biweekly podcast will demystify them—and hopefully delight you in the process._