The financial services industry doesn’t have the best reputation for prioritising customers, yet the Vanguard Group—managing approximately $10 trillion in assets for individuals, pension funds, and charities—stands as a notable exception. Due to its mutual structure, Vanguard’s profits are returned to its customers every year, and as the organisation grew, Vanguard leveraged its bargaining power to drive down costs, saving customers billions in fees. This extraordinary achievement traces back to the vision of Vanguard’s founder, Jack Bogle. His Princeton thesis foresaw many of the changes that would revolutionise the mutual fund industry in subsequent decades. At Vanguard, he also pioneered the index fund. By simply replicating the constituents of broadly diversified indices, index funds removed the need for highly paid portfolio managers and investment analysts, further lowering the fees for investors. Along with Costco Wholesale, the Vanguard Group shows how scale, operating efficiency, and a relentless focus on delivering value for customers can support long-term success.