JRCPPF joins the Bendeheim Center for Finance, and the entire Princeton community in mourning the death of John Clifton (Jack) Bogle '51, founder of Vanguard, the most pro-consumer financial services company in the world. Bogle died on Wednesday, January 16th at the age of 89. Vanguard is credited with revolutionizing the way ordinary people invest and helping put billions of dollars in the pockets of countless individuals.
Burton G. Malkiel, Professor of Economics, Emeritus reflects on Bogle's relentless pursue of costs savings that lead to the creation of the first index fund available for the general public and higher returns. Over the past 15 years index funds have outperformed about 90% of actively managed funds.
Bogle was a frequent presence on the Princeton University campus. He attended JRCPPF's 2013 annual conference where he posed sharp questions at an academic presentation on financial innovation. Every year, Bogle visited JC de Swaan's undergraduate course on ethics in finance where he would blast the asset management industry for "Too much cost, not enough value" and "Too much salesmanship, not enough stewardship."
JC de Swaan writes that Bogle created more social good than any contemporary in finance. This view is also shared by Warren Buffet, who has said that Bogle "did more for American investors.....than any individual I've known."