Challenge industry norms for ethics
IntegrityDo what is morally right for the customer even if no one else in the industry is asking for it or doing it.

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Founder of Vanguard and creator of the first index fund for individual investors
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Principles are our summary of their public statements.
Do what is morally right for the customer even if no one else in the industry is asking for it or doing it.
A product that promises 'average' market returns can be a revolutionary asset class, even if it initially seems to go against the desire for exceptional performance.
As a business grows and costs per unit drop, passing those savings to customers through lower fees accelerates growth and builds a competitive moat.
Maintaining focus on the mission during personal or organizational transitions ensures continuity and prevents stagnation.
Be wary of new initiatives that might satisfy market demand but potentially dilute the company's original founding principles.
A company that aligns its structure with the customer's interests becomes the natural hero when industry-wide trust collapses.
Investors and customers often prefer a simple, reliable average over complex strategies that promise to beat the market but often fail.
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