Funds and Follies: A Divertissement

The Vanguard offering, VONG, is presented as a collection of “growth stocks” – as if growth were a tangible substance one could measure and bottle. It focuses on the larger American enterprises, a grand assembly of ambition and, inevitably, disappointment. The fund’s holdings lean heavily towards the technological realm, a landscape of ephemeral promises and silicon dreams. One suspects the fund manager spends his days chasing algorithms, hoping to divine the future from the digital entrails. It strives to mimic the performance of the Russell 1000 Growth index, a task akin to attempting to herd cats during a thunderstorm.







