The philanthropic legacy of John Bogle
<p>How billionaires give away their money is important.</p>
<p>How they make their money is more important.</p>
<p>Consider John Bogle, the founder of the investment giant Vanguard, who died last week.</p>
<p>As a donor, Bogle was no better than mediocre.</p>
<p>But he was a brilliant businessman and innovator. By popularizing low-cost index funds and setting up Vanguard so that it was owned by its mutual-fund investors, Bogle enriched millions of American investors. <strong>Bogle, arguably, did more good for the world than all but a few of the very biggest, smartest American philanthropists.</strong></p>
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