“As you know I was a skeptic when you and Joel first pitched us and I was wrong. Strategic Insight quickly became a valued part of our information flow at Vanguard and your views and opinions were always welcomed and valued. If you’re going to be wrong, that’s how to do it!

You guys really changed the way the fund business looked at itself. The rigor of your data and your insights into the data allowed the industry to move beyond instinct to facts when making important decisions. More important in many ways is the way you and Joel “joined” the business—not just as providers, but as real members of our industry. Your continual optimism about the business and willingness to say “You’re wrong” to the doomsayers and others has been tremendously valuable to us and I know we’re all grateful for the support that Joel and you have provided over these many year.”

“An excellent and very constructive contribution to the debate, Avi. Congratulations and many thanks! Warm regards.”

“Avi, you were just terrific over lunch at the Policy Conference. Thanks so much for doing such a great job! A number of people had gone through your slides in some detail – the longer deck in the conference materials – and they were a topic of much discussion.

We can always rely on you for thought-provoking discussion of industry trends! Thanks too for bringing your staff along. I know a lot of directors had some good conversations with them as well.”

“Thank you for accepting the Securities and Exchange Commission’s invitation to serve as a panelist in the upcoming Roundtable on rule 12b-1. I very much appreciate your participation, and I look forward to hearing your views.”

“Avi, Bravo! Thanks for taking this on and doing — as always — a very thorough analysis. Cheers!”

“Great to hear from you and thank you. I am truly grateful for your friendship and partnership over the last 15-20 years.”

“Avi. You’ve been a great friend and mentor.”

“We have been trying to finish up our comment letter [to the SEC]. [Your] report was extremely valuable and constructive. We reference it in our comment letter.”

“Thanks very much Avi. That’s great. Look forward to seeing you again soon. Best regards.”

“The results are in, and the unanimous consensus is that you did a superb job! Thank you for taking the time to come down to [our offsite in] Nassau. We are all most-appreciative of your insights and perspective.”

“All, I want to pass along my strongly positive reaction to your latest piece. Of all the quality things that you’ve produced over the years, this is my favorite - chocked full of relevant perspective and supported by facts and experienced judgments. Congratulations on putting this together. The bar is now very high - I am looking forward to next December already!”

“Thank you so much for moderating our panel at the Funds Forum yesterday. As always, your tone and manner were perfectly suited to the content and audience. Your knowledge of our businesses and how each of us interacts helped bridge the panelists and made the content much richer for the audience. ”

“Thank you so much for taking the time to come to Boston and present to my management team. Your information as always was very well received and will be extremely useful as we execute our game plans going forward.”