I've seen, myself, nine bear markets and I never find it particularly amusing. It's easily possible this will be Bear Market No. 10 for Bogle.
And the perspective from all those bear markets is that no matter what stock prices do and how ridiculously they may be valued, the underlying strength of American business - earnings growth and dividends - will bail you out of your mistakes.
Sure, it'd be great to get out of stocks at the high and jump back in at the low, and if you know how to do that, then do that. But I've been in this business 55 years and I don't have any idea how to do it. In 55 years in the business, I not only have never met anybody who knew how to do it, I've never met anybody who had met anybody who knew how to do it.
NEXT: Liz Ann Sonders