Robert Shiller, economics professor at Yale University, admired greatly Vanguard Group founder John Bogle for his investors’ rights crusade that span three decades.
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“All through his life, he was working to make them a better service to the public and ultimately it paid off immensely,” Shiller told FOX Business’ Liz Claman on Thursday.
Bogle, a legendary and revolutionary investor with his creation of the index-fund, died at the age of 89 in Bryn Mawr, Pennsylvania Wednesday night. The famed investor had a profound impact on not just the financial industry, but the countless individuals saving for the future, Vanguard CEO Tim Buckley said in a statement provided by the firm.
“He was a tremendously intelligent, driven, and talented visionary whose ideas completely changed the way we invest. We are honored to continue his legacy of giving every investor ‘a fair shake.’”
Bogle pioneered low-cost investing a vision Shiller said originated during his undergraduate days at Princeton where Bogle wrote an essay on mutual funds and how they would best serve the public.
“He was living proof that integrity is a long run good strategy,” Schiller said.
Vanguard currently manages $5.1 trillion in assets from more than 20 million investors in about 170 countries. Bogle founded the world’s largest mutual fund company in 1975 and created The Vanguard 500 index, the first low-cost index mutual fund designed for the average investor.
He served as its chairman and CEO until 1996.