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Jack Bogle Was a Punk

The new book The Bogle Effect shows just how radical Vanguard’s founder was—and that his true legacy is the company’s mutual ownership, not its beloved index funds.

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Photo Illustration: 731; Photos: Getty Images; Matt Furman/Redux (Bogle)

For the past decade, while cryptocurrencies, Fed policy, meme stocks, and Elon Musk have captured all the headlines, investors have been quietly funneling a billion dollars a day into the greatest money-transfer machine in the history of capitalism: Vanguard. Yet the company shouldn’t even exist. An asset manager owned by its investors? That invests in passive indexes? That charges only microscopic fees? That’s made millions of Americans fabulously wealthy and bankrolled countless retirements without succumbing to Wall Street?

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