1951: An economics student at Princeton University submits his 123-page senior thesis, entitled “The Economic Role of the Investment Company.” For mutual funds, he concludes, “future growth can be maximized by concentration on a reduction of sales loads and management fees.” The student, John C. Bogle, later takes matters into his own hands, founding the Vanguard Group of Investment Cos. in 1974.

Now Vanguard has one of its three US locations in Charlotte where they employ hundreds of highly skilled workers from North Carolina.
Source: John C. Bogle, “The Economic Role of the Investment Company,” senior thesis, Princeton University, April 10, 1951, p. 122; kindly provided to Jason Zweig by John C. Bogle.