Bogle and ETFs: A Complicated History

Jack Bogle left an indelible mark on Wall Street when he founded Vanguard Group in 1975 and invented the index fund a year later. With it, he taught investors they could beat stock-picking wizards (or warlocks) at their own game by not participating in it. All an investor had to do was patiently wait for the long arc of the market and its inevitable gains that few active managers could beat.