CNBCのインスタグラム(cnbc) - 1月17日 11時35分

Jack Bogle, who died Wednesday at the age of 89, invented the index fund in 1975. With index funds, Bogle gave retail investors the ability to compete with the pros. While he had no shortage of critics, and it took a while for the strategy to catch on, the idea would soon revolutionize investing.
But Bogle hadn't been thrilled with the way the market adapted his idea.

Bogle was dismayed when the index fund morphed into an ETF. He maintained that ETFs were mainly the purview of speculators with most of the "rapid trading" in ETFs "done by financial institutions that use them to hedge or equitize cash reserves." He loathed it so much that he called people who dabble in ETFs "fruitcakes, nut cases and lunatic fringe." Despite his misgivings about the current state of the industry, Bogle remained a believer in index investing, and will be remembered as one of the true market pioneers.
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