FINANCE INSIDER: 'Throwing up a whole lot of straw men'

Vanguard founder John BogleVanguardVanguard founder John Bogle.

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.

US gross domestic product, or GDP, whiffed in the fourth quarter, increasing at an annual rate of 1.9%. Economists had estimated that the US economy grew by 2.2%.

Over on Wall Street, Vanguard founder Jack Bogle says hedge funds and mutual funds are “throwing up a whole lot of straw men” and excuses for why their funds are not outperforming their index benchmarks, despite having higher fees than index funds.

And one of the most powerful women in finance, Bessemer Trust’s Rebecca Patterson, sat down with Business Insider to talk about protectionism, China, Dow 20k, and ‘Brexit on steroids.’

Terry Duffy, the CEO of exchange giant CME Group, told Business Insider why he’s cautious about expanding into China.

And the EpiPen maker Mylan’s CEO says she totally backs Trump on drug prices — except for how he plans to lower them.

Here are the top Wall Street headlines from the past 24 hours

The government website to help Wells Fargo whistle-blowers disappeared after Trump took office — The US Department of Labour has quietly removed a special website it created as a resource for current and former Wells Fargo employees on workplace issues.

TRUMP: Reagan was the best president of my lifetime, but he was ‘not great’ on trade — In an interview with Fox News’ Sean Hannity, Trump said that Reagan was his favourite president to have served in his lifetime.

Microsoft’s value tops $500 billion for the first time in 17 years — Both Microsoft and Google’s parent company, Alphabet, reported earnings on Friday.

Starbucks is facing a huge crisis, and the CEO refuses to say how he’s going to solve it — The coffee chain’s stores are being inundated with mobile orders, and that’s drastically slowing down service and alienating customers.

Consumer confidence soars to the highest level in 12 years — The final January reading of consumer confidence from the University of Michigan came in higher than expected.

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