Who’ll replace the superhero of mutual funds?

Of all of the superheroes, I’d say Superman’s probably my favorite, in part because he’s a newsman when he’s not wearing that cape.

It’s clear Clark Kent is motivated by the pursuit of truth and justice and a desire to protect the little guy. Who can knock that?

But every superhero has her or his day, and I’d guess Superman’s best moments are probably behind him.

No disrespect meant, but the same may go for someone who’s a real-life hero to small investors everywhere: Vanguard Group founder and index fund king John C. “Jack” Bogle. 

I ran across Bogle’s name soon after I entered the business news world more than 15 years ago. By then, he had spent decades carving out a reputation as an outspoken foe of high fees, revenue-sharing deals and anything else that might erode people’s mutual-fund account balances.

Bogle more recently caught my attention when he lent his support to the Department of Labor’s drive to expand the fiduciary standard.

“I’ve been speaking about a broad standard of fiduciary duty for as long as I can remember,” he told CNBC. “I hope that one day we get that standard of fiduciary duty that applies to everyone who puts their hands on anybody else’s money. This is a good start.” 

Also read: Obama backs tougher fiduciary rules

Though long ago retired as Vanguard CEO, Bogle was and has continued to be that rare breed of thorn-in-the-industry’s side and legendary business insider at the same time – and never mind the fact that he’s suffered at least six heart attacks and had one heart transplant.

His philosophy, of course, is that only fools try to beat the market and that you’re throwing good money after bad if you’ve turned to fund managers.