Jack Bogle, though a hero and founder of modern passive investing, never specified which index to buy or when—a critical omission—because buying the NASDAQ at the peak took 14 years to break even, while buying emerging markets or energy during that period would have been fantastic, and buying the S&P 500 produced negative returns for a decade.
factualpending
Speaker
Richard BernsteinEvidence Quote
“if you had bought NASDAQ at the peak of the bubble, it took you 14 years to break even [36:40]”
Source
The Colossal Mistake | The Danger of Narrow Markets — Practical Lessons from Richard Bernstein— Excess ReturnsCreated: 8/11/2026, 7:31:42 AM
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