An ancient Arab leader, in order to find his dream diamond mine, searched all over the world, almost exhausted all his possessions, and finally died of despair. Many years later, later generations walked horses in a pasture he left behind and stumbled upon a dark stone. After careful examination, it turned out to be a diamond, and several acres of diamond mines were discovered.

"All these diamonds are actually in the backyard of the Arab leader's own house." john bogle, the founder and former CEO of Pioneer Group, stubbornly believes that the "diamond" in the stock market that fund managers are searching for is exactly the well-known market index.

1974, Bogell came to the conclusion that no fund can outperform the market index, and began to implement the principle of investing on the basis of index, and established Vanguard Index Fund in the same year. Although it was only 1 1 billion dollars in the early stage of development, after decades of development, the assets managed by Pioneer Fund have reached 884 billion dollars, half of which came from institutional investors, and Pioneer Group has also grown into the second largest fund management company in the United States.