In short: Fine too — "what Buffett recommends"; the choice versus VTI is "splitting hairs," since winners graduate into the S&P 500.
In short: Same fire-hose framing as SPY — a flow conduit into S&P 500 constituents rather than an investment decision about any of them.
19:12Was that index and ETF complex referenced a single security? So the product and the underlying were the exact same thing. When you think about something like the S&P 500 and a product like SPY or VO or IBV from BlackRock, what's actually happening is that's a liquidity collection mechanism like a fire hose that is then directing liquidity at a crowd.
In short: The ETF half of a deliberate mutual-fund-vs-ETF contrast, and the rare case of a professional preferring the older product: "the difference between Vanguard's S&P 500 mutual fund and VOO… the mutual fund, you're getting the NAV once per day. VOO, you can look at your phone every 5 seconds and see where it's trading throughout the day. And that's bad." No view on the fund — the objection is to continuous pricing as an input to behaviour.
VOO is Vanguard's exchange-traded fund tracking the same S&P 500 index as its long-standing mutual fund. Same index, same manager, same fees to a rounding error — which is exactly why he uses the pair.
The difference is when you can see the price. A traditional open-end mutual fund is priced once, after the close, at its net asset value; you cannot watch it move. An ETF like VOO trades all day, so "you can look at your phone every 5 seconds and see where it's trading throughout the day."
Most people file that as an improvement. Dillian — who traded ETFs professionally when only about 300 existed — calls it a defect for a long-term holder: "that's bad. The more information you're getting on price, the more it affects your decision making and it causes you to do stupid things." Once-a-day pricing is a friction that stops you acting on noise, and he would build the whole five-sleeve portfolio out of open-end funds if he could. The only thing stopping him is that "there's no open-end mutual fund for physical gold."
No view is expressed on VOO as a fund. The point is that the wrapper you choose changes your behaviour even when the holdings are identical — a consideration that never appears in a fee comparison.
23:09would probably not approve them. So open-end mutual funds have shortcomings, but the one nice thing about them is that you only get one price per day. You get the NAV at the end of the day and that's it. So, the difference between, let's say, Vanguard's S&P 500 mutual fund and VOO, right? The difference is the mutual fund, you're getting the NAV once per day. VOO,
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.