John Bogle: The Investors' Advocate

The Investors' Advocate

Fifteen percent of the money in equity mutual funds--nearly $600 billion--is invested in low-cost index funds. Investors have one man to thank for making that option available to them: Jack Bogle, founder of the Vanguard mutual fund group and creator of the first index fund in 1975. Bogle's genius was to recognize that most investors--including the managers of mutual funds--underperform the market. Factor in the transaction and management fees imposed by traditional mutual funds, and investors fall even further behind the market. Bogle's simple idea was to create a fund that would track the market. There was no longer any need...

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