Wall Street reacts to the death of investing legend Jack Bogle
Jack Bogle brought Wall Street investing to the masses and the industry thanked him for it following his death.
The father of the index fund passed away Wednesday in Bryn Mawr, Pennsylvania, according to a statement from the company he founded, Vanguard.
Among his many accomplishments over 89 years: Founding and running Vanguard Group, which now has $5.1 trillion in assets under management, giving investors an option for high returns at lower costs than for actively managed funds, and penning 13 books on investing.
Bogle gained plenty of respect and devotees along the way. Fans created an entire website based on his investing advice: Bogleheads.org.
After news of his death on Wednesday, tributes poured in:
Warren Buffett, chairman and CEO of Berkshire Hathaway (to CNBC’s Becky Quick):
“Jack did more for American investors as a whole than any individual I’ve known…. A lot of Wall Street is devoted to charging a lot for nothing…He charged nothing to accomplish a huge amount. He converted in a 30-year period a lot of people to the right religion of investing. And it’s a good religion. It pays off.”
David Solomon, CEO of Goldman Sachs:
“Jack Bogle was a pioneer. He helped millions of people achieve a better financial future for themselves and their families, and he made everyone who makes a living in the markets think seriously about what excellence in this business is all about. He will be missed.”
Carl Icahn, billionaire activist investor:
“I had great respect for the man and for many of the things he stood for.”
Many admirers took to Twitter to comment: