[cbg0]

Your counter assumes that it's one or the other, but there could be more reasons, such as doing well but looking to steal even more market share.

At over $10 trillion AUM, it's hard to think that they're "not doing so well".

[latchkey]

So then why reduce fees now? Why not years ago? Are they just suddenly feeling that generous?

[toast0]

Vanguard has been reducing fees on a pretty regular basis.

My assumption is that the corporate leaders go for a dip in the McDuck money pond every year, and when the level is too high that it risks overflowing, they adjust the fees down.

[wbl]

I have heard from people who were contactors that everyone brings their lunch at Vanguard. No money pond here!