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Transcript: Tim Buckley, Vanguard’s CEO

Barry Ritholtz

A second guess would have been a healthcare company. That means a low hurdle rate. I mean, really, no one knows who Vanguard is. So my friends really thought Vanguard was an airline. RITHOLTZ: Which it was. BUCKLEY: Yeah. We’re going to be a lower fee than almost everybody out there. So we do that.

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Transcript: Julian Salisbury, GS

Barry Ritholtz

But I don’t think this is a wholesale shift, we’re in a higher rate environment, obviously, for now. And while rates will likely start rolling over into next year, I think we’re in an environment where the hurdle rate for making more illiquid investments is higher.