Virginia Governor Ralph Northam's political life is pretty close to non-viable after an image of his 1984 medical school yearbook surfaced showing a picture of two men standing side-by-side, one in blackface and the other in a white Ku Klux Klan outfit.
You can't tell from the photo which one is Northam, or if either one is. Apparently, at one point even Northam couldn't. (More on that below.)
John Bogle, the founder of The Vanguard Group who died last month at age 89, got rich by giving his mutual fund customers a better deal.
The obituaries seem to have missed that point, dwelling instead on the theory that if only Bogle had chosen to rip off his customers, he could have been even richer. That claim is highly speculative, and based on a fundamental misperception: a view of capitalism as a racket rather than as a system in which the incentives of entrepreneurs and customers sometimes align with results that are spectacularly rewarding for both.
