Just say no

It's unfair to expect today's Vanguard to act as its founder Jack Bogle would have done, says Morningstar. Businesses cannot be managed on hypotheticals. In this instance, admittedly, there is no doubt about Jack's opinion. (Counselled Bogle: "avoid Bitcoin like the plague.") That detail, however, is irrelevant. What matters is Vanguard obeys not the letter of Bogle's law but its spirit. The company's decision to exclude Bitcoin ETFs meets that standard. Whether Vanguard has selected the right ground onto which to make its stand remains to be seen. Vanguard became the world's largest fund company...