In Memoriam – John C. Bogle (1929–2019)

We reflect on the life and life’s work of John Bogle with our deepest gratitude. It has been said that Mr. Bogle could have been a billionaire but instead chose to create millions of millionaires. He was a tireless advocate against unnecessary investment costs, believing that the individual investor should “have a fair shake.” He created that fair shake by fashioning the first index fund in 1975, and through the force of his will popularized index investing, allowing individuals to invest in the markets at a minimal cost. He also created the fair shake in the company he founded, The Vanguard Group.  Now the second largest asset manager in the world, Vanguard was organized as a mutual company. This structure puts Vanguard’s profits in the hands of the Vanguard investors themselves rather than in the pockets of private shareholders. This is John Bogle’s legacy. He bent the wand of fairness toward the little guy and remained humble throughout his extraordinary life.