How Vanguard markets its funds

I visited Vanguard in Philadelphia a month ago. Here are my key observations:

* they offer a wide range of funds, at extremely low fees
* the annual fee for their indexed fund is less than 0.2% p.a.
* they offer no-load funds (ie without initial sales charge).
* a large proportion of their investors buy directly through the internet
* they can get information from various sources, including the Vanguard website

Vanguard is now among the top two in the fund management industry. They are able to tap a large and growing market of investors who are interested in low-cost funds and are willing to buy directly (without paying high sales charges to the adviser).