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A reporter for the

New York Times

recently interviewed DFA’s co-CEO

and founder, David Booth, about the firm’s excellent reputation in

promoting good corporate governance through its proxy voting and its

belief that markets produce better outcomes for investors than active

management does.

The article, titled “Challenging Management (but Not the Market),”

offers a good summary of DFA’s approach and is generally well writ

ten. However, the reporter deviated from his main themes at one point

to compare DFA’s fund performance and expense ratios to those of the

Vanguard Group. His explanation of performance was so misleading

and inaccurate that it warrants a proper response. Before that, how

ever, let’s review in a little more detail the core differences between

the two fund companies.

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