....there is no greater service [the New York Stock Exchange] could provide than to sponsor such a fund and run it on a nonprofit basis.... Such a fund is much needed, and if the New York Stock Exchange (which, incidentally has considered such a fund) is unwilling to do it, I hope some other institution will.ref}}
[[John Bogle]] graduated from [[Princeton University]] in 1951, where his senior thesis was titled: "Mutual Funds can make no claims to superiority over the Market Averages." Bogle wrote that his inspiration for starting an index fund came from three sources, all of which confirmed his 1951 research: [[Paul Samuelson]]'s 1974 paper, "Challenge to Judgment", ' 1975 study, "The Loser's Game", and Al Ehrbar's 1975 Fortune magazine article on indexing. Bogle founded [[The Vanguard Group]] in 1974; it is now the largest mutual fund company in the United States as of 2009.