Convinced of the idea, John Bogle and Burton Malkiel founded their own investment company, Vanguard, with exclusively index funds on offer. The aim was to offer these index funds to the general public at the lowest possible cost. Vanguard's first index fund, the Vanguard 500, was a great success and increasingly convinced pension funds of the merits of passive managed investments. Today, Vanguard is the second largest provider worldwide after Blackrock, with more than 5 trillion US dollars in assets under management. It continues to be organized as a cooperative. One of John "Jack" Bogle’s most famous sentences is "Don't look for the needle, buy the haystack". Warren Buffett said of Bogle, who died in 2019, that he had done more for private investors than anyone else.