How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions
2022
Biography
by
Eric Balchunas
A biography of Jack Bogle, the founder of The Vanguard Group, and his mission to revolutionize investing. Eric Balchunas, a senior ETF analyst at Bloomberg, details Vanguard’s unique investor-owned structure, how it grew into the world’s largest index fund provider, and Bogle’s relentless drive to cut costs and disrupt Wall Street. The book also traces Bogle’s early career, his forceful personality, and the lasting impact of his vision on the asset management industry.
August 2025
The story begins in the Nixon era. Indexing took off when rates fell in the 1980s and the market started rallying. The book is an informative history of indexing. Indexing likely benefited from interest rates trending lower from 1982 through 2025. Unclear if it works as well in a rising-rate environment like the Nixon era. Read 2022 hardcover.