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John C. Bogle, Founder of Financial Giant Vanguard, Is Dead at 89

John C. Bogle founded the Vanguard Group of Investment Companies in 1974 and built it into a giant mutual fund company. Mr. Bogle popularized and became the leading proponent of indexing...

He made people aware of expenses, and told them that costs come right out of the bottom line. [A reflection of this is that] Edward C. Johnson III, the chairman of Fidelity Investments, has a net worth of $7.4 billion, while Mr. Bogle’s net worth was estimated at $80 million last year.

“My ideas are very simple,” he told the financial columnist Jeff Sommer of The New York Times in 2012. “In investing, you get what you don’t pay for. Costs matter. So intelligent investors will use low-cost index funds to build a diversified portfolio..."

Mr. Bogle also went a step further. In contrast to a management company, which in most cases controls the fund complex, Vanguard is owned by investors in the funds... Vanguard employees are responsible to the funds’ directors. “John Bogle changed a basic industry in the optimal direction,” Paul A. Samuelson, the 1970 Nobel laureate in economics, wrote in 1993. “Of very few this can be said.

https://www.nytimes.com/2019/01/16/obituaries/john-bogle-van...

The reality in America is that we all face a choice: either own capitalism, or be owned by it. Vanguard reaching out to consumers, bringing low costs... this changed my life as my dad recommended them to me and I began putting a bit of my menial summer job pay into Vanguard SP 500 index fund back in the '70s. I can’t be more grateful to John C. Bogle for changing my world, as he did for millions of others.
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