This is the second part of a two-part article covering “the great debate” between Vanguard Group founder, John C. “Jack” Bogle (for indexing) and Jim Grant, (against) publisher of the Grant's Interest Rate Observer newsletter of stock-picking at the Grant’s Spring Conference.
This is Jim Grant’s side of the argument. Bogle’s argument can be found here.
Jim Grant: In favor of active management
Jim Grant began his rebuttal to Bogle’s presentation:
“I dispute that the cost of investing is the determining factor in the success of investing. That is, I dispute that the proposition is unconditionally true. For the average lay public investor, it may generally be true. For the run-of-the-mill, index-tracking professional investor, it may also generally...
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