It is with great sadness the world mourns the passing of Jack Bogle, founder of Vanguard Group and regarded by many as the father of indexing. He died today age 89 in Bryn Mawr, Pennsylvania.
He had a lot to do with the growth and success of mutual funds and index funds, which have been the most innovative investment vehicle in the last century.
His soft approach and stern grandfatherly voice will be missed as he was a calming beacon for the average investor.
It was an inspiration to see him still working in the industry he loved so much so late in life, which showed just how much he enjoyed investing and helping people out so much.
While he didn’t necessarily agree with the number of ETFs that are available today, as he felt they may be distracting to the average investor, the industry gives him a pass because those of us in the business understand that he was focused on the average investor and not institutions or advisors who have embraced the evolution of ETFs to the degree they have evolved to today.
Looking back at his career is astounding. He founded the Vanguard Company in 1974, which is one of the most successful companies in the investment world. He later served as chairman and CEO until 1996.
His most innovative idea was creating the world’s first index mutual fund in 1975.