Jack Bogle and the Evolution of Index Funds

This chapter explores Jack Bogle's foundational role in the creation of Vanguard and the concept of index funds, highlighting his beliefs on investment costs versus holdings. It discusses the complex history of Vanguard's mutualization and the challenges faced in developing the first ETF, SPY, while detailing the competitive dynamics within the index fund industry. The narrative also covers BlackRock's strategic acquisition of Barclays Global Investors, emphasizing its significant impact on the asset management landscape.