John Clifton Bogle is not only the founder of Vanguard but also the pioneer of the first no-load and the first index mutual fund. After stepping down as senior chairman of The Vanguard Group of Malvern, Pa. last December, Bogle became president of the Bogle Financial Markets Research Center, a think-tank at Vanguard headquarters.

McGraw-Hill of New York last month published Bogle's third book, "John Bogle on Investing: The First 50 Years." The book is a compilation of 25 speeches and articles by Bogle throughout his career. It includes his Princeton magna cum laude economics thesis, which later became the business plan for Vanguard, founded when Bogle was 36.

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