Dismissing the $750 billion decline in stock valuation last Tuesday as mere speculation rather than a reduction in intrinsic value,
“The stock market is a system gone awry. It’s a foolish, counterproductive system based on expectations [that] causes investors to focus on transitory and volatile investment expectations rather than on what is really important: the gradual accumulation of the returns earned by corporate business,” Bogle said.
Instead, investors should buy into index funds so that they have a diversified exposure to the entire market, he said.