i told center stop now -- senator stabbedenow that i am wearing my duck tie and i have not worn it for two weeks. i could not hold off any longer. >> i am glad the fight is between two democrats this time. >> welcome. we look forward to your presentation. mr. brown will begin the questioning. >> my career began more than 63 years ago. in 1974i founded the vanguard group, a new company on the mutual fund seen. now we manage $3 trillion for the other peoples money and have become in the largest funds in the world. the principal reason for that success is since 2008 the single firm has accounted for almost one half of the entire cash flow . it was founded with a single focus, to serve mutual fund investors. the vanguard group is not owned by managers or the public nor by u.s. or foreign insurance companies. we are owned by our mutual funds which in turn our owned -- are owned by our shareholders. we are uniquely a mutual mutual fund complex. we operate on an ast cost basis. we are rebated to our shareholders. as you know, the index mimics the portfolio of prices of stocks or bonds. it doe