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Vanguard is growing faster than everybody else - combined

Flood of money abandoning actively managed funds for its plain-vanilla cut-rate vehicles stuns industry

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The trading floor at Vanguard is quiet and low-key, yet The triumph of index fund investing means its traders funnel as much as US$2 billion a day into stocks like Apple, Microsoft and Amazon, as well as thousands of smaller companies that the firm's fleet of funds track.

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Vanguard executives say they are disciplined in ploughing money back into people and technology. "Our true investment spending has doubled in the past five years," says CEO F. William McNabb (above).

Malvern, Pennsylvania

THE Vanguard trading floor is the epicentre of one of the great financial revolutions of modern times, yet it is a surprisingly relaxed place.

A few men and women gaze at Bloomberg terminals. There is a muted television or two and a view of verdant suburban

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