SHOCK: Vanguard's market share of US fund assets has begun to DECLINE after rising for fifty years and plateauing at 27% (double the last high water mark set by Fidelity in '90s), fulfilling Bogle's dream once and for all, as it means other firms lowered fees and increased value-add and in turn saw more inflows themselves, namely Fidelity and BlackRock (but there's hundreds of firms now that have adjusted to Vgrd Effect). To be sure, Vgrd could see share grow again but imo would take a prolonged bear market. But for now this is a huge moment IMO.(Eric Balchunas)