In July 1973, we established the first pure bond fund, which is now called pioneer long term investment grade bond fund. Today, the vanguard is already an industry
When the company was first established in 1974, pioneer's board of directors prevented pioneer from providing investment advisory services for its own funds and gave all investment business to Wellington. But as CEO of the company, one of my responsibilities is to evaluate the performance of the investment consultants I employ. And the company fired me a few months ago. This event led us to start to lay out bond fund products and eventually become the industry leader.