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."
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