"There's a great quote from Upton Sinclair, which I'm paraphrasing: it's amazing how difficult it is for a man to understand something if he's paid a small fortune not to understand it."

That is how Vanguard Founder John Bogle summarizes the debate about active vs. passive — unsurprisingly, given a long and public track record — which this issue is devoted to, while we spoke at his office in Valley Forge, Pa.

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