John C. Bogle, Founder of Financial Giant Vanguard, Is Dead at 89
Source: New York Times
John C. Bogle, who founded the Vanguard Group of Investment Companies in 1974 and built it into a giant mutual fund company, with $4.9 trillion in assets under management today, died on Wednesday in Bryn Mawr, Pa. He was 89.
Vanguard, based in Malvern, Pa., announced his death but gave no cause. Mr. Bogle, who had struggled with a congenital heart defect and had several heart attacks, received a heart transplant in 1996.
Mr. Bogle built Vanguard on a cornerstone belief that was anathema to most mutual fund companies: that over the long term, most investment managers cannot outperform the broad market averages. He popularized and became the leading proponent of indexing, the practice of structuring an investment portfolio to mirror the performance of a market yardstick, like the Standard & Poor’s 500 stock index.
“Indexing was the purview of institutional investors, but Jack Bogle came up with the consumer version,” said Daniel P. Wiener, the editor of The Independent Adviser for Vanguard Investors, a newsletter and website that has tracked the company for decades. “He made people aware of expenses, and told them that costs come right out of the bottom line.”
Read more: https://www.nytimes.com/2019/01/16/obituaries/john-bogle-vanguard-dead.html?action=click&module=Top%20Stories&pgtype=Homepage
We invest a lot of our funds in a mix of index funds. It's a good stable approach.
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