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          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Hi there
           <img alt="wave" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f44b.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOPt:SyR07Rju9kuLvzrv7mLLs4z4BXly-hxJdPfaF1wWu6Y" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
           <i>
           </i>
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           <i>
            Welcome to the
           </i>
           <b>
            <i>
             Weekend Read
            </i>
           </b>
           <i>
            . Each Saturday, we send you something interesting. Forward it on to your friends (or enemies).
           </i>
           <br/>
           <br/>
           In the last few
           <b>
            Reads
           </b>
           , we’ve taken a look at individual stocks. But stock investing doesn’t necessarily need to include picking individual companies. There's actually a way to invest in the entire stock market in one fell swoop.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           It's called indexing.
          </p>
          <h2 align="left" class="intercom-align-left" style="color: #282F33; font-size: 18px; font-weight: bold; margin-bottom: 7px; margin-top: 30px; text-align: left !important">
           What is indexing? 🤔
          </h2>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Indexing AKA passive investing is an investing strategy which tries to replicate the performance of an entire index of assets like the FTSE 100 or S&amp;P 500. Instead of trying to outperform the market, it just looks to grow
           <i>
            with
           </i>
           it.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           If the index grows, the index fund does too. And of course, vice versa. There are a lot of index funds and over $10 trillion invested passively.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           A number of investing gurus, including Warren Buffett, talk up the passive approach for everyday investors.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           And there have been a number of studies showing index investing outperforming active management.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           The proportion of passively invested assets has increased massively in the last decades and especially since 2008. If you filter for ETFs in your app, all of them are passive.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           When it comes to investing, we increasingly live in a passive world.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           <b>
            So, how did it all start?
           </b>
          </p>
          <h2 align="left" class="intercom-align-left" style="color: #282F33; font-size: 18px; font-weight: bold; margin-bottom: 7px; margin-top: 30px; text-align: left !important">
           A clever man with a simple plan 🤓
          </h2>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Indexing seems like such a natural, fundamental part of investing but it’s actually relatively new. The turn of the 20th century saw the rise of the first modern investment funds. These were all actively managed by professional teams hoping to beat the market.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           By the 1950s, the idea of a whole market fund was floating around in financial and academic circles.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           It was an investing wunderkind called John ‘Jack’ Bogle who took the idea from academic modelling to a worldwide investment phenomenon.
          </p>
          <div align="center" class="intercom-container intercom-align-center" style="margin-bottom: 16px; text-align: center !important">
           <img src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fi%252Fo%252F129402882%252F46e9ddb637d6c3f4e0fc2bcc%252Fimage.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOPt:SyR07Rju9kuLvzrv7mLLs4z4BXly-hxJdPfaF1wWu6Y" style="margin: 17px 0; max-width: 100%"/>
          </div>
          <p align="center" class="intercom-align-center" style="line-height: 1.5; margin: 0 0 17px; text-align: center !important">
           <i>
            #oldschoolcool
           </i>
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           After graduating from Princeton, Bogle joined a traditional fund called Wellington in the early 1950s. He quickly made waves by standing up to the management; by 1970 he’d been appointed chairman. Back then, that was fast-track promotion.
           <img alt="fire" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f525.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOPt:SyR07Rju9kuLvzrv7mLLs4z4BXly-hxJdPfaF1wWu6Y" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Unfortunately after pushing through an ill-advised merger, he lost the job within a year.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Four years later though, he was back with his own business, Vanguard, an investment company which would change the world.
          </p>
          <h2 align="left" class="intercom-align-left" style="color: #282F33; font-size: 18px; font-weight: bold; margin-bottom: 7px; margin-top: 30px; text-align: left !important">
           The first index fund
           <img alt="zap" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F26a1.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOPt:SyR07Rju9kuLvzrv7mLLs4z4BXly-hxJdPfaF1wWu6Y" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
           ️
          </h2>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           While Bogle was away plotting, the economist Burton Malkiel had published the classic investing book
           <i>
            A Random Walk Down Wall Street
           </i>
           . One of the main arguments was that no manager could consistently outperform the market.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           A manager might have a few good years, but eventually they’d revert to the mean or below. This insight was also gaining ground in the financial press.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           It was in this context in 1975 that Bogle launched his new Vanguard fund, the First Index Investment Trust.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           With a brief to track the S&amp;P 500, Bogle’s was the first fund widely available to everyday investors.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Initially, it wasn’t a big hit. In fact, the fund was called ‘Bogle’s folly’. Presumably that was a pretty sick burn in the 1970s. They didn’t have Twitter.
           <img alt="wink" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f609.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOPt:SyR07Rju9kuLvzrv7mLLs4z4BXly-hxJdPfaF1wWu6Y" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Industry veterans and commentators went even further, calling the fund ‘un-American’ and ‘worse than communism’.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           How could the wisdom of the market weed out the losers, if no-one picked the winners?
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           But Bogle’s insight was that for every active manager or investor making excess returns, there were many more doing worse than the average.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           It’s hard to pick great managers in advance and even harder to know whether their success is repeatable skill or just luck.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Then you factor in active managers’ extra costs for research and trading. After all that, the ‘market average’ could end up a lot better than the average return that most investors
           <b>
            actually got on their money.
           </b>
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           While Bogle started off slow, his disciplined passive strategy paid off. He attracted more attention with strong performance in the 1980s bull market and by the 1990s Vanguard was one of the world’s biggest investment companies.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Now both institutions and retail investors use index funds or ETFs as a mainstay of their strategy. Vanguard alone manages $5 trillion in mostly passively invested assets.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Aside from indexing, Bogle’s big innovation was charging exceptionally low fees. Bogle’s own relatively modest wealth reflects this.
          </p>
          <div align="left" class="intercom-container intercom-align-left" style="margin-bottom: 16px; text-align: left !important">
           <img src="https://inboxflows.com/_/image/https%253A%252F%252Flh3.googleusercontent.com%252Fg7_lofgMHtZQ6UpcS6rMSnFcP1s-g4I0Id65GhFJYKKOLvEWzbGcncQuAMGdGu8jDx1YUiicRKB63ppP1YED9qas5omIghS8IDUANeWkYPZD9tXFvmRfvRdch9uzmp0CdosZ7DtN/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaDMuZ29vZ2xldSJ9:1kXOPt:uvlcjmiKAwL7CoMQousmsQv5yPdYt7SxRsJ3-LjpHSs" style="margin: 17px 0; max-width: 100%"/>
          </div>
          <p align="center" class="intercom-align-center" style="line-height: 1.5; margin: 0 0 17px; text-align: center !important">
           <i>
            Note the lack of anything gold
           </i>
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           When he died in January 2019, despite the vast number of assets in Vanguard, he was worth around $180 million. A very wealthy man for sure, but nowhere near the fortunes of hedge fund managers or private equity barons.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Nonetheless he’d created more returns for more investors than any other manager in history.
           <img alt="heart" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F2764.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOPt:SyR07Rju9kuLvzrv7mLLs4z4BXly-hxJdPfaF1wWu6Y" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
           ️
          </p>
          <h2 align="left" class="intercom-align-left" style="color: #282F33; font-size: 18px; font-weight: bold; margin-bottom: 7px; margin-top: 30px; text-align: left !important">
           How passive is passive? 😴
          </h2>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Although it’s called ‘passive’ investing, the truth is you usually still have a few choices to make when you index. By picking a particular index, you’re still making an active choice to pick a region or country.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           If you think the whole world is your oyster, you can pick a global equity tracker, covering an index like the FTSE All World which tracks about 3,000 stocks worldwide.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           You also select the asset classes you want to track. The most well-known indices are for stocks, like the FTSE 100 or S&amp;P 500. But there are also indices that track bonds, property or other assets.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Finally, you pick between different fund providers. While two managers might follow the same index, they might not do it for the same fee.
           <img alt="money_with_wings" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f4b8.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOPt:SyR07Rju9kuLvzrv7mLLs4z4BXly-hxJdPfaF1wWu6Y" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
          </p>
          <h2 align="left" class="intercom-align-left" style="color: #282F33; font-size: 18px; font-weight: bold; margin-bottom: 7px; margin-top: 30px; text-align: left !important">
           Passive aggressive?
           <img alt="eyes" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f440.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOPt:SyR07Rju9kuLvzrv7mLLs4z4BXly-hxJdPfaF1wWu6Y" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
          </h2>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Despite the acclaim from investing gurus and personal finance bloggers alike, in the last few years there’s been a trend of stories in the financial press on a possible passive bubble or suggesting risk in the in-flows of money into passive vehicles.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           <b>
            Dangers they identify include:
           </b>
          </p>
          <ul style="list-style-type: disc; margin: 0 0 20px 40px; padding: 0">
           <li>
            Swelling the overall stock market to overvaluation
           </li>
           <li>
            Preventing proper price discovery of underperforming companies
           </li>
           <li>
            Perpetuating momentum in bubbly stocks
           </li>
          </ul>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Some people speculate on a sort of self-correcting cycle: if enough of the market crosses into passive investing, there’ll be more inefficiencies for active investors to exploit, driving big gains and drawing capital back into active investing. That theory hasn’t been tested though.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           In any case, passive investing is one of the fastest, lowest effort ways to start investing in the stock market with a (very) diversified portfolio. And in the past, it has matched or bettered far more complex strategies.
          </p>
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            Read the whole story
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           We're receiving a lot of email replies.
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