“No one on this planet has done more to increase the lot of individual investors in the last 50 years than John C. “Jack” Bogle, founder and former chairman of the Vanguard Group and creator of the world’s first index mutual fund.”– Forbes
John Bogle, aka “Jack,” founded the Vanguard Group in 1974 and pioneered the first index fund with just $11 million. He was mocked by Wall Street throughout his life, especially in his early days for launching “Bogle’s Folly.”
Jack was not as well-known as the legendary Warren Buffett, but his contribution to the world of investing is likely much larger. Through the Vanguard Group and their many index funds he improved the lives of millions of ordinary people and continues to do so today.
I will never forget reading his book The Little Book of Common Sense Investing. It rocked my world and ultimately changed my entire investment philosophy.
According to Barron’s; more than $13 trillion is invested in passively managed mutual and exchange-traded funds (ETFs) worldwide.
Jack’s idea transformed an industry, slashed fund expenses for investors large and small, helped democratize investing, and, let me add, is the foundation for the approach my firm utilizes to construct portfolios for clients.
In a CNBC interview last September, Jack said, “If you hold the stock market, you will grow with America.” If you attempt to time the market, “Your emotions will defeat you totally.”
His long-term, low cost, tax efficient approach has paid untold dividends for disciplined investors.
Jack passed away on January 16. He was 89 years old. May he rest in peace
I hope I have the honor of making your acquaintance on the other side.
“I don’t believe that there has ever been, nor will there ever be, anyone who has given more to investors and taken less in return than Jack Bogle.”– Morningstar