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 Philadelphia. No one is barking orders to buy or sell stock.
For a US$4.2 trillion mutual fund giant that is still growing rapidly, it occupies a small fraction of the space of a typical Wall Street trading hub.
You can barely hear the quiet hum of money being invested - money in scarcely imaginable quantities, pouring into low-cost index mutual funds and exchange-traded funds (ETFs) that track financial markets.
In the last...
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