Stories by Felix Salmon

Jack Bogle's misunderstood legacy

Illustration of Jack Bogle
Illustration: Aïda Amer/Axios

The best speech ever given to an audience of bankers was delivered by Paul Volcker in December 2009: "The most important financial innovation that I have seen in the past 20 years is the automatic teller machine."

The big picture: Volker was right in substance, but he did miss one financial innovation that has been unambiguously positive for the world. The low-cost index fund, as popularized by Jack Bogle (1929–2019), has given millions of investors billions of dollars in extra retirement income.

2019 earnings are off to a rocky start

Analysts were convinced that the last quarter of 2018 was going to be great for earnings — until, suddenly, at the end of the year, they weren't.

Data: FactSet; Chart: Naema Ahmed/Axios
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