World’s second richest man pays tribute to most influential investor in history
You probably haven’t heard of him but Jack Bogle could well be the most influential investor of the past century.
That’s how the world’s second richest man Warren Buffett has described him anyway.
Bogle passed away yesterday, aged 89.
“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.”
– Warren Buffett (2017)
In 1975, Bogle changed the game, creating the world’s first index fund with his company The Vanguard Group.
He made investing cheap and accessible for people and didn’t try to beat the system but instead followed the averages.
It’s with great sadness that we announce the death of our founder and index fund pioneer, John C. Bogle, 1929-2019. His impact was indisputable, and his passion for investing and the individual investor will live on. He will be missed. https://t.co/Mh9REit4n9
— Vanguard (@Vanguard_Group) January 16, 2019
One man who knew Jack Bogle and his significant influence is CEO of Vanguard in Australia Frank Kolimago.
He speaks to Ross Greenwood about Jack and the company’s now $7-trillion in assets.
“He came up with some great, simple phrases that took very complicated and sophisticated investment concepts and made them understandable for the average investor.”
Experts say Jack Bogle could have structured his business in a way that would have made him among the richest men on the planet.
Instead, he amassed a far smaller fortune of around $80 million, about half of which has been given to charity.
Mr Kolimago tells Ross this was no accident.
“Mr Bogle was a man of incredibly high integrity.
“I would say one of the biggest passions that drove him was advocacy for the investor and putting the clients first.”
Click PLAY below for the full interview