Warren Buffett says Jack Bogle did more for the individual investor than anyone he's ever known

Warren Buffett paid tribute to fellow investing legend Jack Bogle, who died Wednesday at the age of 89.

"Jack did more for American investors as a whole than any individual I've known," Buffett told CNBC's Becky Quick. "A lot of Wall Street is devoted to charging a lot for nothing. He charged nothing to accomplish a huge amount."

Bogle helped bring investing to the masses through his creation of the index fund and founding of the no-nonsense, low-fee investing firm Vanguard Group. He preached a philosophy of steady investing and avoidance of market timing.

"He converted, in a 30-year period a lot of people to the right religion of investing," added the Oracle of Omaha.

"And it's a good religion. It pays off."

This is a developing story. Check back for updates.

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