Vanguard’s first fund was initially a miserable failure. The First Index Investment Trust went live with a measly $11m in August 1976, and was quickly dubbed “Bogle’s Folly”. Today, the renamed Vanguard 500 is a $400bn giant, and Vanguard is the second biggest investment company in the world.  Bogle’s famous determination was the driving force behind its growth until he retired as senior chairman in 1999, and he remained a vociferous champion of index funds until he passed away on Wednesday.

https://www.ft.com/content/91054b00-19dd-11e9-9e64-d150b3105d21