PT  - JOURNAL ARTICLE
AU  - John C. Bogle
TI  - The Road Not Taken
AID  - 10.3905/jpm.2017.44.1.083
DP  - 2017 Oct 31
TA  - The Journal of Portfolio Management
PG  - 83--90
VI  - 44
IP  - 1
4099  - https://pm-research.com/content/44/1/83.short
4100  - https://pm-research.com/content/44/1/83.full
AB  - The index fund revolution has changed the rules of the game for active mutual fund managers. This article offers a range of optimal business strategies for active managers—including management companies owned by financial conglomerates—who are competing in this new environment. The author then contrasts these business strategies for mutual fund managers with optimal fiduciary strategies for mutual fund directors, who are responsible for placing the interests of fund shareholders first.TOPICS: Mutual fund performance, manager selection