Bogle changed the investment in index funds, but was not always happy

In his last days, however, Bogle was still not convinced, addressing the issue in his latest book, "Staying Running, The History of the Vanguard and the Revolution of the World." index "(Wiley, 2018).

He baderted that ETFs are primarily the domain of speculators, with most "fast ETFs" being "carried out by financial institutions that use them to hedge or equitize their cash reserves".

"The arithmetic suggests that only about one-sixth of ETF badets are held by investors primarily focused on the long run," wrote Bogle, according to a copy provided in advance to CNBC.

Nevertheless, he concluded the chapter of his book on the ETF stating that he supported the funds to the extent that they have a broad base and are not used for speculative purposes.

Despite his doubts about the current situation of the sector, Bogle remained a strong supporter of index investing and he will be remembered as one of the pioneers of the market.

"If a statue is erected to honor the person who has done the most for US investors, the concrete choice should be Jack Bogle," Warren Buffett said.

Bogle concluded his book with a speech that went beyond his investment beliefs and extended to his philosophy of life itself.

"I have used the phrase" stay the course "as one of the big rules of investment success," he wrote. "But as I finish this memoir," Stay on Course "is also an excellent rule for us to poke our way through the inevitable ups and downs of the short periods of our existence on this Earth and to lead a productive and honorable life. well lived.