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AI Summary
- John Bogle's Vanguard revolution created index investing and eliminated sales commissions, fundamentally changing how people invest by reducing costs and encouraging long-term holding
- Staying the course through market volatility provides massive competitive advantage because most investors quit, and the power of compound returns far outweighs compound costs
- Bogle's founding mentality was shaped by being fired early in his career, which drove him to fight back and prove his vision while maintaining clear purpose to avoid quitting