Vanguard Group Creator and Founder Jack Bogle is Dead at 89

Wall Street had to react to a death on Wednesday. It was the death of Jack Bogle, the founder of Vangard Group and the creator of the index fund.

Bogle, who was considered one of the best investors ever, passed away at the age of 89 on Wednesday according to a statement from Vanguard, which has $5.1 trillion in assets under management.

Vanguard was founded in 1975 where Bogle acted as chairman and CEO until 1996. It manages assets from over 20 million investors in roughly 170 countries.

Bogle is responsible for creating the world’s first index mutual fund, allowing investors to reap high returns but at lower costs than for actively managed funds.

“If a statue is ever erected to honor the person who has done the most for American investors, the hands down choice should be Jack Bogle,” fellow legendary investor Warren Buffett wrote back in 2017. “In his early years, Jack was frequently mocked by the investment-management industry

Today, however, he has the satisfaction of knowing that he helped millions of investors realize far better returns on their savings than they otherwise would have earned. He is a hero to them and to me. ”

“They were tough times, and I started working when I was 10 years old, delivering papers and eventually becoming a waiter, ” Bogle said in 2012. “I learned you work for what you get, and I feel sorry for people who haven’t had that upbringing.”

The investor died with a personal fortune valued at $80 million.