I disagree. Since so much of their business is in their passive index funds, they/the fund managers, don't get to choose. Instead, they do their best to encoura

I disagree. Since so much of their business is in their passive index funds, they/the fund managers, don't get to choose. Instead, they do their best to encourage and incent a set of customers towards low turnover. They do a great job with VTI and their other funds to attempt to minimize the requirement of actually selling assets when liquidation requests come in, but that's not the same as saying that they, Vanguard (and more accurately the fund managers), practice a "Buy and Hold" strategy. Tracking an index well actually requires lots of buying and selling!