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Practical Applications of Lightning Strikes: The Creation of Vanguard, the First Index Mutual Fund and the Revolution It Spawned

It was a challenge from Paul Samuelson on the pages of The Journal of Portfolio Management (JPM) that inspired John C. Bogle , Founder of the Vanguard Group , to launch the world’s first index mutual fund. I sat down with Bogle in his Malvern, Pennsylvania, office to discuss this watershed moment in history and the evolution of his relationship with Samuelson. Jack went beyond his standard adulation of indexation to discuss his views on hot-button topics, such as smart beta and high-frequency trading (HFT). He frames the state of finance and its top luminaries during the 1970s, when JPM was launched (1974), and he flags his short list of today’s top thinkers.