American funds' combative Paul Haaga runs a fund company that delights in flouting the self-proclaimed virtues of archrival Vanguard. Industry leader Vanguard has positioned itself as a no-load, low-cost friend to investors. Vanguard founder John Bogle, who though retired is an oft-quoted industry savant, loudly proclaims that index funds, his company's forte, are superior to actively managed portfolios. The mutually owned Vanguard, whose profits go back to investors in the form of reductions in fund fees, benefited from the recent scandals roiling the fund world. Vanguard was untainted by the mess, giving it a strong selling point.
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