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I'm wondering if tonight's (4/1/99) column by Phil, by explicitly mentioning Vanguard when TROW has its own 500 Index fund, is an answer (conscious or subconscious) to your question.

Actually, I edited Phil's column and added the info about Vanguard. This plug for Vanguard's S&P Index fund certainly represents my opinion that Vanguard is *the* force to reckoned with in the mutual fund world. My belief in Vanguard is based on the convincing evidence that managed funds are at an irreconcilable disadvantage to index funds. Higher taxes, trading expenses, and management expenses create a hurdle that actively managed funds simply can't o'erleap. If Vanguard were a publicly traded company, I think it's safe to say that it would be in our portfolio instead of T. Rowe. Of course, this is all just my opinion. The Rule Maker managers are an opinionated bunch, and we sometimes disagree on certain issues.

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