True Confidence

Barbara Roper, the director of investor protection for the Consumer Federation of America, said Mr. Bogle didn’t just bring low-cost investments to the average person — he ran Vanguard for the benefit of investors.

“There has been thinly veiled resentment toward Bogle from other mutual fund leaders over the years because of his focus on reducing costs, which was a direct threat to their bottom line,” said Ms. Roper, who met him once, when she was seated next to him at a dinner. “He always cared more about that vision — how the industry should be run — than making friends in the industry. Of course, he was rewarded with a following that was cultlike in its devotion.”

The cultists call themselves the Bogleheads, a group of like-minded investors who consider Mr. Bogle the spiritual leader of their financial lives.

Moral Compass

Each year, the Bogleheads hold a conference . And Christine Benz, the director of personal finance at Morningstar, has interviewed him at each one for the past decade. She called him the conscience of the financial services industry.

“His consistent belief that all investors deserve a fair shake was a core principle that I incorporated into my work and shaped my career path,” she said. “You listen to Jack Bogle and you think, ‘I want to be on this guy’s team.’ Whatever he is talking about, this is the right thing to do for people.”

So strong was Mr. Bogle’s belief, she said, that it remained firmly instilled in Vanguard long after he had given up control. And once investors convert to his ethos of simplicity and thrift, it’s for life.

“Investors come around to Vanguard, and then they never leave,” she said.