Vanguard
Vanguard founder Jack Bogle created the very first index fund.
- Jack Bogle, the founder of investing firm Vanguard Group, died on Wednesday at age 89.
- Bogle pioneered low-cost index funds and was lauded by fellow investor Warren Buffett as "a hero."
- Bogle was frugal like Buffett and once said, "My only regret about money is that I don't have more to give away."
John C. Bogle, the founder of Vanguard Group, died Wednesday of esophageal cancer at age 89, the New York Times reported.
Bogle, who went by Jack, created the first index mutual fund and was considered one of the world's most prolific investors. Founded in 1975, Vanguard is now one of the world's largest investment funds, managing about $5.1 trillion in assets.
"Jack Bogle made an impact on not only the entire investment industry, but more importantly, on the lives of countless individuals saving for their futures or their children's futures," Vanguard CEO Tim Buckley said in a statement.
Bogle held 14 honorary doctorates, was named as one of Time Magazine's "100 most powerful and influential people," and wrote 12 books, his latest published in November 2018.
"He was a tremendously intelligent, driven, and talented visionary whose ideas completely changed the way we invest. We are honored to continue his legacy of giving every investor 'a fair shake,'" Buckley said.
Keep reading to find out how Bogle got his start and became the father of low-cost investing.