Why you should care about the zero sum game

For every "winner" (an investor who realizes a positive return) there's a corresponding "loser" (an investor who realizes a negative return). Scott Donaldson of Vanguard Investment Strategy Group explains the zero-sum game. **For more information about Vanguard funds, including at-cost services, visit vanguard.com or call 877-662-7447 to obtain a prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.** All investing is subject to risk, including possible loss of principal. Past performance is no guarantee of future returns. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. © 2014 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.