Who was the founder of The Vanguard Group?
John Clifton "Jack" Bogle (May 8, 1929 – January 16, 2019), an American investor, author, and financial pioneer celebrated worldwide as the father of low-cost index investing.
What was Jack Bogle's educational background and Princeton thesis?
Bogle studied economics at Princeton University, graduating magna cum laude in 1951 after writing a seminal senior thesis titled "The Economic Role of the Investment Company," which argued that mutual funds should operate at minimal cost and prioritize shareholder interests.
How did Jack Bogle's career at Wellington Management begin?
Wellington founder Walter L. Morgan read Bogle's Princeton thesis and hired him immediately in 1951; Bogle rose rapidly through the firm, becoming President of Wellington Management in 1965 at age 35.
What caused Jack Bogle to be fired from Wellington in 1974?
Bogle orchestrated a 1966 merger with aggressive Boston money managers that collapsed during the 1973–1974 bear market, leading the Wellington board to fire him as CEO in January 1974.
How did Jack Bogle outmaneuver Wellington's board to found Vanguard in 1975?
Prevented from managing money, Bogle persuaded the independent directors of the mutual funds that the funds should own their own administrative entity; on May 1, 1975, he incorporated The Vanguard Group to run fund operations.
Why was Jack Bogle affectionately known as "Saint Jack"?
Fortune and financial journalists dubbed him "Saint Jack" for his uncompromising ethical crusade against Wall Street greed, excessive management fees, complex financial engineering, and hidden broker commissions.
What is the "Bogleheads" community and how did it originate?
The Bogleheads is a global grassroots community of individual investors founded by Taylor Larimore and Mel Lindauer, dedicated to practicing and propagating Jack Bogle's principles of low-cost, broad-market index investing.
What famous books did Jack Bogle write?
Bogle authored 13 influential books, including "Common Sense on Mutual Funds" (1999), "The Little Book of Common Sense Investing" (2007), and "Enough: True Measures of Money, Business, and Life" (2008).
Why did Warren Buffett call Jack Bogle a hero in his 2016 shareholder letter?
Warren Buffett wrote that if a statue were ever erected to honor the person who has done the most for American investors, the hands-down choice should be Jack Bogle, who saved investors hundreds of billions of dollars.
What medical challenge did Jack Bogle overcome in 1996?
After suffering multiple heart attacks starting at age 31, Bogle received a successful heart transplant in 1996 at age 66, going on to live an active, productive life for another 23 years.
When did Jack Bogle pass away and what was his final legacy?
Jack Bogle passed away on January 16, 2019, in Bryn Mawr, Pennsylvania, at age 89, universally mourned as one of the greatest champions of the common individual investor in economic history.
What was Jack Bogle's central philosophical rule for successful investing?
"Don't look for the needle in the haystack. Just buy the haystack!"—recommending that everyday investors simply buy the whole market through broad index funds, minimize costs, and hold for life.