In October 1974, Paul Samuleson, a Nobel laureate in economic sciences, published a paper in the The Journal of Portfolio Management calling for the creation of a portfolio that tracks the S 500 index. John Bogle, the founder of the Vanguard Group, realized the wisdom of Samuleson's clarion call.

This pivotal moment in history ultimately led Bogle down a path that would see him play a key role in the advent and subsequent explosion in the number of exchange-traded funds (ETFs) available to mom-and-pop investors.

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Source Fool.com