Forbes is taking back what it wrote in 1975, when The Vanguard Group was born.

"It's a bit late in coming but I'd like to officially retract a story FORBES published in May 1975. The piece, entitled 'A Plague on Both Houses?,' pooh-poohed the creation of Vanguard Group by John C. Bogle," wrote William Baldwin in a commentary posted on Forbes' Web site on Thursday.

He continued: "This magazine focused on the disappointing past performance of Wellington funds and concluded, 'Both contenders may be left holding empty bags.'"

"Not quite. Vanguard now manages $1.4 trillion, half of it in ultra-low-cost index funds." 

Edited by: Armie Margaret Lee


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE