The writer is founder of Greenwich Associates, an author of 19 books and former board member of Vanguard
Index or tracker funds are remarkable in two ways. First, they continue to deliver exactly what they promise to investors, a most unusual characteristic among investment offerings.
Second, no matter how well they to do in attracting ever more investors with their low fees and consistent performance, they also continue to be an important cause for “concern” even though the “concerns” keep changing and seem to have little justification when examined.
Years ago, the “concern” was that index or tracker funds were not striving to beat the market, making them somehow unpatriotic. Ads were run with Uncle Sam, dressed in red and white stripes with a star spangled top hat, calling on investors to stamp out indexing.
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