Are you mutual?

I have just come back from the US having visited Vanguard fund management's campus outside Philadelphia.

It is not like any competitor I have ever visited as the whole place has the feeling of academic research institution not massive fund manager. That impression is underlined when you talk to John Bogle, who set the outfit up in 1975 as a mutual. Bogle is an extraordinary figure not least because of his astonishing grasp of detailed analysis, numbers and academic research, and his campaigning work for private investors. An army of Bogleheads now base their portfolio allocations on the great man’s utterances, most of which are based around three themes – index funds, cost and mutuality....