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.
Today, Vanguard Group has $5.1 trillion in assets under management. It currently has 80 ETFs with a staggering $889.54 billion AUM, trailing only BlackRock that has $1.402 trillion in ETF AUM.
He was the author of 13 investing books – his most recent was in 2018 called “Stay the Course: The Story of Vanguard and the Index Revolution.”
His primary philosophy was “common sense” investing – two of his books used the phrase in their titles.
His genuine nature was never more on show than when he told an audience at Philadelphia’s Jefferson Hospital on the 21st anniversary of his heart transplant there.
“It was never my intent to build a colossus. I’m a small-company kind of guy,” he said. “Turns out, when you do what’s right for investors, money pours in.”
Bogle resided in Bryn Mawr, Pennsylvania. Survivors include his wife, Eve, and six children.