In 1975, Jack Bogle set up Vanguard with a single guiding principle: drive down fees for ordinary investors with funds that buy all of the stocks in an index, like the S&P 500. It made him unpopular with active investors who charged high fees and often underperformed the market. But among Vanguard investors, some of whom style themselves as “Bogleheads”, it earned him a cult-like status. Salim Ramji, the first outsider to lead Vanguard, is now at the helm, leading a charge into new higher-fee products. Will it work? This week, we pay him a visit.

Hosts: Mike Bird and Ethan Wu. Guest: Salim Ramji, CEO of Vanguard.