John C. Bogle, who simplified investing for the masses by launching the first index mutual fund and founding Vanguard Group, died Wednesday, the company said. He was 89.
Bogle did not invent the index fund, but he expanded access to no-frills, low-cost investing in 1976 when Vanguard introduced the first index fund for individual investors, rather than institutional clients.
The emergence of funds that passively tracked market indexes, like the Standard & Poor's 500, enabled investors to avoid the higher fees charged by professional fund managers who frequently fail to beat the market. More often than not, the higher operating expenses that fund managers pass on to their shareholders cancel out any edge they may achieve through expert stock-picking.
Bogle and Vanguard shook up the industry further in 1977. The company ended its reliance on outside brokers and instead began directly marketing its funds to investors without charging upfront fees known as sales loads.
Bogle served as Vanguard's chairman and CEO from its 1974 founding until 1996.
He stepped down as senior chairman in 2000, but remained a critic of the fund industry and Wall Street, writing books, delivering speeches and running the Bogle Financial Markets Research Center.
The advent of index funds accelerated a long-term decline in fund fees and fostered greater competition in the industry. Investors paid 40 percent less in fees for each dollar invested in stock mutual funds during 2017 than they did at the start of the millennium, for example. But Bogle continued to maintain that many funds were overcharging investors, and once called the industry "the poster-boy for one of the most baneful chapters in the modern history of capitalism."
Bogle also believed that the corporate structure of most fund companies poses an inherent conflict of interest, because a public fund company could put the interests of investors in its stock ahead of those owning shares of its mutual funds. Vanguard has a unique corporate structure in which its mutual funds and fund shareholders are the corporation's "owners." Profits are plowed back into the company's operations, and used to reduce fees.
Vanguard, based in Valley Forge, Pennsylvania, manages $5 trillion globally. It helped usher in a new era of investing, and index funds have increasingly become the default choice for investors. In 2017, investors plugged $691.6 billion into index funds while pulling $7 billion out of actively managed funds, according to Morningstar.
Vanguard offers both index and managed funds, but remains best-known for its index offerings. Vanguard's original index fund, now known as the Vanguard 500 Index, is no longer the company's biggest, but remains among the company's lowest-cost funds.
Bogle spent the first part of his career at Wellington Management Co., a mutual fund company, then based in Philadelphia. He rose through the ranks and, in his mid-30s, was tapped to run Wellington.
He engineered a merger with a boutique firm that was making huge sums, but was ousted after the stock market tanked in the early 1970s, wiping out millions in Wellington's assets. He said he learned an important lesson in how little money managers really know about predicting the market.
Bogle suffered several heart attacks and underwent a heart transplant in 1996, the year he stepped down as CEO. He reached the mandatory retirement age of 70 for Vanguard directors in 1999 and left as senior chairman the next year.
Vanguard did not provide a cause of death. Philly.com is reporting he died of cancer, citing Bogle's family.
John Clifton Bogle was born in May 1929 in Montclair, New Jersey, to a well-off family; his grandfather founded a brick company and was co-founder of the American Can Co. in which his father worked.
Bogle attended Manasquan High School in Manasquan, N.J, for a time, then got a scholarship to the prestigious all-boys Blair Academy in Blairstown, New Jersey. It was at Blair that Bogle discovered his knack for math. He graduated from Blair in 1947 and was voted most likely to succeed.
Bogle graduated from Princeton with a degree in economics in 1951. His thesis was on the mutual fund industry, which was then still in its infancy.
Bogle is survived by his wife, Eve, six children, 12 grandchildren and six great-grandchildren.
DUBAI, United Arab Emirates (AP) — Nationwide protests challenging Iran's theocracy saw protesters flood the streets in the country's capital and its second-largest city into Sunday, crossing the two-week mark as violence surrounding the demonstrations has killed at least 116 people, activists said.
With the internet down in Iran and phone lines cut off, gauging the demonstrations from abroad has grown more difficult. But the death toll in the protests has grown, while 2,600 others have been detained, according to the U.S.-based Human Rights Activists News Agency.
Those abroad fear the information blackout will embolden hard-liners within Iran's security services to launch a bloody crackdown, despite warnings from U.S. President Donald Trump he's willing to strike the Islamic Republic to protect peaceful demonstrators.
Trump offered support for the protesters, saying on social media that “Iran is looking at FREEDOM, perhaps like never before. The USA stands ready to help!!!” The New York Times and Wall Street Journal, citing anonymous U.S. officials, said on Saturday night that Trump had been given military options for a strike on Iran, but hadn’t made a final decision.
The State Department separately warned: “Do not play games with President Trump. When he says he’ll do something, he means it.”
Online videos sent out of Iran, likely using Starlink satellite transmitters, purportedly showed demonstrators gathering in northern Tehran's Punak neighborhood. There, it appeared authorities shut off streets, with protesters waving their lit mobile phones. Others banged metal while fireworks went off.
Other footage purportedly showed demonstrators peacefully marching down a street and others honking their car horns on the street.
In Mashhad, Iran's second-largest city, some 725 kilometers (450 miles) northeast of Tehran, footage purported to show protesters confronting security forces. Flaming debris and dumpsters could be seen in the street, blocking the road. Mashhad is home to the Imam Reza shrine, the holiest in Shiite Islam, making the protests there carry heavy significance for the country's theocracy.
Protests also appeared to happen in Kerman, 800 kilometers (500 miles) southeast of Tehran.
Iranian state television on Sunday morning took a page from demonstrators, having their correspondents appear on streets in several cities to show calm areas with a date stamp shown on screen. Tehran and Mashhad were not included. They also showed pro-government demonstrations in Qom and Qazvin.
Supreme Leader Ayatollah Ali Khamenei has signaled a coming clampdown, despite U.S. warnings. Tehran escalated its threats Saturday, with Iran’s attorney general, Mohammad Movahedi Azad, warning that anyone taking part in protests will be considered an “enemy of God,” a death-penalty charge. The statement carried by Iranian state television said even those who “helped rioters” would face the charge.
Iran’s theocracy cut off the nation from the internet and international telephone calls on Thursday, though it allowed some state-owned and semiofficial media to publish. Qatar’s state-funded Al Jazeera news network reported live from Iran, but they appeared to be the only major foreign outlet able to work.
Iran’s exiled Crown Prince Reza Pahlavi, who called for protests Thursday and Friday, asked in his latest message for demonstrators to take to the streets Saturday and Sunday. He urged protesters to carry Iran’s old lion-and-sun flag and other national symbols used during the time of the shah to “claim public spaces as your own.”
Pahlavi’s support of and from Israel has drawn criticism in the past — particularly after the 12-day war. Demonstrators have shouted in support of the shah in some protests, but it isn’t clear whether that’s support for Pahlavi himself or a desire to return to a time before the 1979 Islamic Revolution.
The demonstrations began Dec. 28 over the collapse of the Iranian rial currency, which trades at over 1.4 million to $1, as the country’s economy is squeezed by international sanctions in part levied over its nuclear program. The protests intensified and grew into calls directly challenging Iran’s theocracy.
In this frame grab from footage circulating on social media from Iran showed protesters once again taking to the streets of Tehran despite an intensifying crackdown as the Islamic Republic remains cut off from the rest of the world in Tehran, Iran, Saturday Jan. 10, 2026. (UGC via AP)
