Jack Bogle, founder of Vanguard, has died.
All individual investors owe a huge debt of gratitude to Mr. Bogle, the investor of the "index" mutual fund, which rested on the proposition that, rather spend exorbitant fees trying to "beat" the market, investors were better served simply matching it with low cost tracking funds. One "Boglehead", Allan Roth, a Colorado-based financial advisor, estimates retail investors have saved $500 Billion over his lifetime.
Not too shabby.
A round-up of coverage on the passing of this intelligent, generous and deeply ethical business leader:
Vanguard Announces the Passing of Founder John C. Bogle (Vanguard).
John C. Bogle, Founder of Financial Giant Vanguard, Is Dead at 89 (New York Times).
John C. Bogle, Founder of Vanguard Group, Dies at 89 (WSJ).
Jack Bogle, index fund pioneer, 1929-2019 (FT).
Advisors Big Farewell to John Bogle (Barron's).
‘Patron Saint’ of Investing Business: Remembering John Bogle
Jack Bogle Is Gone, But He's Still Saving Investors $100 Billion A Year
The financial services industry has innovated tremendously over the last 45 years, but it's my opinion that precious few "innovations", apart from Index funds and the ATM, have been of much benefit to the average retail customer.
- Kevan Huston