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Vanguard’s Trillion-Dollar Man Controls as Much US Debt as China
When March’s bank failures ignited a historic bond rally, few, if any, made more money than Josh Barrickman. His army of funds gained roughly $26 billion, the equivalent of more than $1 billion in paper profits every single trading session. Yet Barrickman didn’t predict Silicon Valley Bank’s collapse, or Credit Suisse’s tortured final days. He doesn’t even have a view (at least that he’s willing to share) on what the Federal Reserve will do next. He runs Vanguard Group Inc.’s $1 trillion bond indexing business for the Americas, a class of investing that — to the outside world, at least — is as ... (full story)