Jack Bogle, the founder of The Vanguard Group and creator of the index fund, died Wednesday. He was 89.
Vanguard is the world's largest mutual fund organization, now managing $4.9 trillion in global assets. When he created what is now known as the Vanguard 500 Index Fund, he was ridiculed by Wall Street, with the fund dubbed "Bogle's Folly." In his letter to Berkshire Hathaway shareholders in February 2017, billionaire investor Warren Buffet praised Bogle, saying that he was "frequently mocked by the investment-management industry," but "he helped millions of investors realize far better returns on their savings than they otherwise would have earned. He is a hero to them and to me."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
The secrets of lab-grown chocolateUnder The Radar Chocolate created 'in a Petri dish' could save crisis-hit industry
-
Trade war with China threatens U.S. economyFeature Trump's tariff battle with China is hitting U.S. businesses hard and raising fears of a global recession
-
Corruption: The road to crony capitalismFeature Trump's tariff pause sent the stock market soaring — was it insider trading?
-
New Mexico to investigate death of Gene Hackman, wifespeed read The Oscar-winning actor and his wife Betsy Arakawa were found dead in their home with no signs of foul play
-
Giant schnauzer wins top prize at Westminster showSpeed Read Monty won best in show at the 149th Westminster Kennel Club dog show
-
Beyoncé, Kendrick Lamar take top GrammysSpeed Read Beyoncé took home album of the year for 'Cowboy Carter' and Kendrick Lamar's diss track 'Not Like Us' won five awards
-
The Louvre is giving 'Mona Lisa' her own roomSpeed Read The world's most-visited art museum is getting a major renovation
-
Honda and Nissan in merger talksSpeed Read The companies are currently Japan's second and third-biggest automakers, respectively
-
Taylor Swift wraps up record-shattering Eras tourSpeed Read The pop star finally ended her long-running tour in Vancouver, Canada
-
Drake claims illegal boosting, defamationSpeed Read The rapper accused Universal Music of boosting Kendrick Lamar's diss track and said UMG allowed him to be falsely accused of pedophilia
-
'Wicked' and 'Gladiator II' ignite holiday box officeSpeed Read The combination of the two movies revitalized a struggling box office
