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URL:  http://boards.fool.com/he-said-that-big-institutions-get-better-rates-on-25333571.aspx

Subject:  Re: Individual bonds vs funds Date:  3/27/2007  11:28 AM
Author:  jrr7 Number:  20179 of 36183

He said that big institutions get better rates on the bonds than the average low-life such as yourself. (Not his exact words but that's what he meant.)

That's often true, but it's not an answer to the question you asked. Vanguard is a big institution and doesn't have to overpay to buy bonds.
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