Jack Bogle is dead. The entrepreneur was one of the most renowned financial experts on Wall Street. In the mid-seventies, Jack Bogle founded the investment company, The Vanguard Group, which he headed until 1996 as Chairman of the Board and then up to the year 2000 as “Senior Chairman” controlled. He is regarded in the financial industry as the father of the so-called index funds.
Since the founding of the Vanguard Group, he focused early on the focus of the provider of financial services to private customers, who wanted to be with relatively little money in the financial markets. To do this, he offered his private investors (small) shares of investment funds, which should have covered the broad stock market (Index) and thus the risk for the investors to minimize – and all at a lower cost than was by then common in the industry.
According to a statement of the Bloomberg ETF analyst Eric Balchunas from the year 2016 will have to save thanks to Bogle investors more than a Billion dollars in fees since then, his idea of the index Fund is widely implemented. With its cheap index funds and the associated fees Bogle was therefore also instrumental over the decades in establishing an equity culture, in the United States in the American middle class and to spread.
Bogle was for many of the industry’s more than just an important financial expert. “Jack Bogle was a pioneer. He has helped millions of people to achieve a better financial future for themselves and their families, and he has any, earned on the markets, brought to think seriously about what excellence in this business“, – quotes the financial service Bloomberg, the CEO of Goldman Sachs, David Solomon.