These three-year numbers that are going to be popping up in the media, and in advertisements over the next week or two, are going to be astounding.

The significance (of the dethroning) is a little perverse. It’s occurring as investors are beginning to flee the index fund.

The ETF thing really hit Vanguard in the solar plexus. They’re worried about losing their lunch to Barclays.

This is a big PR story.