Jack Bogle, a veteran guru of Wall Street who founded the investor group Vanguard and is considered the "father" of funds based on stock indices, died Wednesday at 89 years old in Bryn Mawr (Pennsylvania), according to his company.
John Clifton Bogle, known as Jack, "had a legendary status in the investment community" and impacted the lives of "many people who saved for the sake of their future or that of their children," the CEO said in a statement. Vanguard, Tim Buckley.
Bogle founded the Vanguard investment group in 1974, known for its passive style
Bogle founded in 1974 this investment group known for its passive style which, according to its latest figures, manages 4.9 trillion (millions of millions) of dollars in funds and has more than 20 million clients in 170 countries.
Wall Street regrets today the loss of the investor who bet more than 40 years ago on the "Vanguard experiment": launch a fund that would follow, instead of trying to "overtake", the S & P 500 index and also at low cost, insisting on avoiding intermediaries.
Bogle, who suffered from coronary problems and had at least seven heart attacks, Vanguard headed until 1996, when he received a transplant from this body. From 1999 until his death, he chaired the Bogle Financial Markets Resource Center, and did not stop analyzing the markets.
"Presumably you are now accumulating money and separating other money for the future. Under no circumstances stop doing that. That is the first rule. Do not stop investing"He said in an interview in the Marketwatch portal in 2017.
His second advice was addressed to young people: "A good and solid stock market downturn is a blessing. You will be buying, if you invest each month, stocks at increasingly lower prices. Do not face that, use it as the opportunity of your life. "
"A good and solid stock market downturn is a blessing"
The newspaper The Wall Street Journal He attributes the "democratization of financial markets"And highlights its integrity, which" kept Vanguard away from the scandals that periodically swept the mutual fund industry. "
Graduated "magna cum laude" in Economics from Princeton University, Bogle was rewarded for his numerous accomplishments during his career, including honorary doctorates, wrote more than a dozen "best-sellers" and also devoted himself to philanthropy .