He told attendees that Jack Bogle, the creator of the first index fund, has “probably done more for the average investor than probably any man in the country,” citing lower fees combined with solid returns through investing in index funds.
Bogle, who founded passive-investment behemoth Vanguard, has put “10s and 10s and 10s of billions into their pockets, and those numbers are going to be 100s and 100s of billions over time,” Buffett continued to rave.
It isn’t the first time Buffett has lauded Bogle’s efforts to shape the modern investment landscape. In a shareholder letter published earlier this year, he called Bogle a “hero,” and touted the merits of low-cost S&P 500 index funds.
Buffett will continue answering shareholder questions throughout the day. Stay tuned.
SEE ALSO: Warren Buffett thinks the ‘elite’ have wasted $100 billion ignoring his best investment advice
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May 06, 2017 at 07:48PM
from Joe Ciolli
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