💰 Stat of the Day: Good thing there’s not a long line around – Vanguard is in cutting mode. America’s second-largest financial advisory firm is trimming management fees for 87 of its investment funds, marking the largest such cuts in its nearly 50-year history, CEO Salim Ramji announced yesterday.

• The cuts mean Vanguard’s average asset-weighted fee is now just 0.07% for its $10+ trillion under management, compared with 0.44% for the rest of the industry.
• Vanguard says the fee cuts are expected to save investors in its mutual funds and ETFs – including pension funds, financial planners, hedge funds, 401(k) plans, and millions of individual investors – a combined ~$350 million this year, based on current asset levels.

In the know: Vanguard ETFs took in a near-record $305 billion of inflows last year, which helps explain Monday’s fee cuts. The firm’s unusual structure – the company is owned by its funds, which in turn are owned by Vanguard’s fund shareholders – means almost every gain is put towards lowering costs for investors, Bloomberg reports.

🤔 Did You Know? Sea otters have natural pockets – aka loose pouches of skin underneath their arms, which the animals use to store food and their favorite rocks to crack open prey like mussels.

📰 Worth a Read: The Most Valuable Employee Paradox → (The Looking Glass)