Our guests this week are Joel Fried and Al Mordecai of Primecap Management. Primecap is the longtime manager of several Vanguard funds, including Vanguard Primecap, as well as the Primecap Odyssey family of funds. This year, Vanguard Primecap will celebrate its 40th anniversary as a mutual fund. Over its life, Vanguard Primecap has handily topped the broad U.S. stock markets and relevant growth indexes, and Primecap’s other funds have also racked up impressive results. Morningstar has recognized Primecap for its successful record in shareholder-friendly practices on several occasions, most recently in the 2022 Morningstar Awards for Investing Excellence, when our analysts named the firm as the winner in the Exemplary Stewardship category. Before that, Primecap was a two-time winner of Morningstar’s annual Manager of the Year award.BackgroundJoel Fried bioAl Mordecai bioPrimecap Management“U.S. Morningstar Awards for Investing Excellence: The Winners,” by Sarah Bush, Morningstar.com, April 20, 2022.“Morningstar Awards for Investing Excellence: Exemplary Stewardship Nominees,” by Gabriel Denis, Morningstar.com, March 14, 2023.Funds and Companies MentionedPrimecap Odyssey StockPrimecap Odyssey GrowthPrimecap Odyssey Aggressive GrowthVanguard Capital OpportunityAmerican Funds AMCAPAdobeEli LillySplunkAlibabaBaidu