Three years ago, Bloomberg’s Eric Balchunas and Joel Weber went to Jack Bogle’s office in Malvern, Pennsylvania, and recorded an episode of Trillions. That chat helped inspire Balchunas’s new book, “The Bogle Effect,” about the Vanguard founder’s influence on investing and the financial industry. 

On this episode of the podcast, Balchunas and Weber are joined by reporter Annie Massa to go over some of the bigger points Balchunas makes in his book. They go over why Vanguard’s ownership structure was the real innovation, and how the rise of passive investing is pushing active managers to get way more active. They also discuss the writing process and Balchunas’s motivation for publishing his second book.