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Jack Bogle, the Man Who Revolutionized Investing, Dies At 89 (marketwatch.com)

Posted by BeauHD on from the rest-in-peace dept.

Thelasko shares a report from MarketWatch: You can thank Thomas Edison for the light bulb casting light in your home, Henry Ford for your affordable, mass-produced car, and Apple's Steve Jobs for the astonishing computer in your pocket. And Jack Bogle, who died Wednesday [at the age of 89]. The low-cost mutual funds he helped pioneer at Vanguard aren't as sexy or dramatic as other inventions. And you can't really touch or see them. But their effect on everyday lives has been enormous. Bogle's low-cost index funds, and the imitators they have inspired, may have saved ordinary Main Street Americans a staggering $250 billion, or more, in mutual fund fees over the last forty years. According to the Investment Company Institute (ICI), there are now about 450 index mutual funds with around $3.4 trillion in assets. There are also 1,800 exchange-traded funds, also with around $3.4 trillion in assets.

3 of 123 comments (clear)

  1. Why the fuck would I thank steve jobs for that by Anonymous Coward · · Score: 2, Insightful

    He didn't invent shit. Pocket computers existed years before the iphone.

  2. Re:10 million millionaires in the US in 401k index by raymorris · · Score: 3, Insightful

    Call it what you will, this is the process used by over 80% of people who have at least a million dollars:

    Typical salary $59,000.
    Invest 15%* in boring ass index mutual funds for 25 years and you've got a million dollars.

    Very simple, very boring, very effective.

    * Employer match averages 5% with the worker investing 10%.

  3. Ho hum by jd · · Score: 3, Insightful

    Edison stole his invention, exploiting America's refusal to recognize intellectual property rights in other countries. So did many U.S. "inventors".

    Ford was not the first to make cars, or even to make affordable cars. Ford was merely the best at getting his name touted.

    Steve Jobs?? Bwahahaha! The least competent narcissist on the planet? He invented nothing. Nor did Apple come up with portable or handheld computers. Apple were late in the game and overpriced.

    Don't revise history, just to pump up the obituary of someone. It makes a mockery of whatever they actually achieved.

    Applaud REAL achievements.

    --
    It's a small world and it smells funny; I'd buy another if it wasn't for the money; Take back what I paid (SoM)