One other point I just realized:

Vanguard's new 'Managed Payout Funds' are 'funds of funds' where the managers of the underlying component funds don't even invest in their own fund, do not even believe in their own fund's investing philosophy..

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Vanguard promotes these products for folks to rollover their entire 401K etc, a lifetime of investment savings, to use these products as a one stop solution product for retirement,  when Vanguard's own fund managers themselves don't seem to believe in indexing.......

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