Part 2/9:
During this turbulent time, Bogle introduced the index fund—a radical concept that faced skepticism from key figures in the industry. Ned Johnson's statement that investors "would never want a fund with average performance" underscored the prevailing belief that active management was superior. Yet, as history has shown, index funds have grown remarkably, accumulating around $150 billion over the years, showing a clear shift as more investors recognize the merits of passive investing.