John Bogle, the founder of Index fund Giant Vanguard Group, passed away today at the age of 89 years old.
When I wanted to learn about unit trusts in 2003, I was pointed to two set of books:
4 Pillars of Investing by William Bernstein Common sense of Mutual Funds by John Bogle
I could not get my hands on the second book in the library, so I read his book on forming Vanguard first.
Those few books form the basis of my investing foundation.
Mr Bogle started Vanguard in the 1970s. From what I remember, he was ousted from the company but have to find a way to have some strong scope in this company.
So he studied some of the research behind fund result, and bought into the narrative on the evils of high cost of unit trust, in the context of an apparent lack of consistent returns,