In my recent post on mutual funds, I noted that John Bogle disrupted that industry with Vanguard, a mutual fund company that specialized in low cost index funds designed to mimic rather than outperform major market indexes. The other mutual fund companies responded with their own index funds, and there is intense competition between them
Mutual fund shares vs. ETFs
Exchange Traded Funds, ETFs, are another refinement of the fund category. They will certainly figure into your reporting on the fund asset class because they are by some measures the most popular of all exchange traded securities.
I remember one specific lunch with Paul Kangas. Silly, isn’t it? I spent a fair amount of time with Paul during the many years I was associated with public television’s Nightly Business Report. That included several meals with a man who, among many other things, appreciated good food and drink. Why would one particular lunch stand out?
It was 1990. A year before I had moved from Chicago, my hometown, where I worked for CBS, NBC, and as a freelance contributor for NBR, to New York. Here I was NBR’s New York Bureau Chief and Senior Correspondent. Paul had been with NBR since it first went on the air in 1979. A former stockbroker, Paul was at first the broadcast’s stock commentator. Later he added co-anchor to his role.
But Paul was so much more than his title implies. On a broadcast that itself defined a new role for business news on television, Paul set the standard for both the program and the industry.
I did not go to witness the ceremony of remembrance at the 9-11 Memorial today. I am never comfortable when I am at the 16 acre site of the World Trade Center in Manhattan. It’s not the memories. Those come and go depending on what is going on in the world. It’s the images which lingered before me for months after that day. Now they almost never return. Unless I am at the site.
On September 11, 2001, my wife Amy and I lived in Battery Park City in lower Manhattan. We had moved there from midtown just a few months earlier. Our apartment building was at the south end of the neighborhood, south and west of WTC Tower #2. I was the New York Bureau Chief and Senior Correspondent for public television’s Nightly Business Report and the newsroom/production facility/broadcast studio was just across West Street, even closer to the tower, due south of the site. Tower #2 filled the window of my bedroom, and of my office.
I was putting on my tie when I heard a noise I later described as the sound of a dump truck unloading gravel at my feet. Running to the window, I saw smoke coming from the top of tower #1, the view partially obscured by #2, which was closer to me. I had been through the 1993 terrorist attack on the World Trade Center, so I did think of that. But I thought in terms of a bomb planted inside, or an explosion on one of the equipment floors toward the top of the building. It was 8:46am.