Edward Leffler created the first open-end mutual fund, democratizing investment by offering small-scale savers a low-cost financial product managed by professionals. His original fund has achieved an annual return of nearly 9.5% over the last century
Let’s continue this great piece of fnancial history with the index fund that turns 50 next year. (Its inventor, Vanguard founder Jack.Bogle, died almost five years ago at 89.)