Jack Bogle, founder of Vanguard Group and pioneer of index fund investing has sounded off alarm bells on index funds saying that the surging AUMs in these funds could lead to a harmful impact on the stock markets. Bogle noted that the share of corporate ownership by index funds will continue to grow over the next decade, and it’s only a matter of time until index mutual funds could potentially own 30% or more of the U.S. stock market. In an op-ed column published in the Wall Street Journal, Jack Bogle said that the Big Three [Vanguard, State Street and BlackRock] might own — effective [voting] control. “I do not believe that such concentration would serve the national interest,” he cautioned.