Thanks M* and T for calling attention to this.

It certainly throws quite a light on the difference between a lot of Vanguard talk and walking the walk.

There's a definite credibility problem, and I l would love to hear John Bogle's take on this information.

This said, has there ever been a study done that examined the correlation between a fund's performance and manager ownership?  Perhaps M* has some info about this.  Bob U.