John C. Bogle no relation HMS Vanguard
History
Formation
In 1951, for his undergraduate thesis at Princeton University, John C. Bogle conducted a study in which he found that most mutual funds did not earn more money compared to broad stock market indexes. Even if the stocks in the funds beat the benchmark index, management fees reduced the returns to investors below the returns of the benchmark.Immediately after graduating from Princeton University in 1951, Bogle was hired by Wellington Management Company. In 1966, he forged a merger with a fund management group based in Boston. He became president in 1967 and CEO in 1970. However, the merger ended badly and Bogle was therefore fired in 1974. Bogle has said about being fired: "The great thing about that mistake, which was shameful and inexcusable and a reflection of immaturity and confidence beyond what the facts justified, was that I learned a lot. And if I had not been fired then, there would not have been a Vanguard."Bogle arranged to start a new fund division at Wellington. He named it Vanguard, after Horatio Nelson's flagship at the Battle of the Nile, HMS Vanguard. Bogle chose this name after a dealer in antique prints left him a book about Great Britain's naval achievements that featured HMS Vanguard. Wellington executives initially resisted the name, but narrowly approved it after Bogle mentioned that Vanguard funds would be listed alphabetically next to Wellington Funds.
no relation