Billionaire investor Warren Buffett kicked off the proceedings at the Berkshire Hathaway 2017 Annual Shareholders Meeting with some high praise for a fellow stock market icon.
He told attendees that Jack Bogle, the creator of the first index fund, has “probably done more for the average investor than probably any man in the country,” citing lower fees combined with solid returns through investing in index funds.
Bogle, who founded passive-investment behemoth Vanguard, has put “10s and 10s and 10s of billions into their pockets, and those numbers are going to be 100s and 100s of billions over time,” Buffett continued to rave.
It isn’t the first time Buffett has lauded Bogle’s efforts to shape the modern investment landscape. In a shareholder letter published earlier this year, he called Bogle a “hero,” and touted the merits of low-cost S&P 500 index funds.
The compliments were a nice early birthday present for Bogle, who turns 88 years old on Monday.
Buffett will continue answering shareholder questions throughout the day. Stay tuned.