Bogle founded the Vanguard Group, a mutual fund company that he designed as mutual company. That means Vanguard is owned by the funds it sells. In an industry riddled with conflicts of interest, Bogle managed to directly align the interests of its shareholders with those of its customers.
What has this to do with America? A lunchpail Joe who would have been shunned elsewhere could invest his family’s savings in a Vanguard fund due to their low minimums. Vanguard became the investment mothership of America’s middle class. Hated by its high-priced competition, it relentlessly drove down the cost of investing for everyone. The net effect has been a gigantic gift to investors. Even if you never heard of Bogle, you have more money in your accounts today because of him.
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