Bogle: Most Difficult Investment Conditions I've Ever Seen

The Vanguard founder says the kind of returns we've seen in the past are not going to appear again in the future

Christine Benz 27.10.2012 | 7:29

Benz: If people are going through their year-end exercises with their portfolios, they might see that stocks have had a really great run; it might be time to rebalance out of stocks, which would mean moving money into bonds. What would you say to investors? Should they go ahead and do it given the meager outlook for fixed income? What’s your take on that question?

Bogle: Well, I am not basically a rebalancer. In the long run, rebalancing is going to cost you because the higher-yielding, the higher-returning, asset is going to get to be a bigger and bigger part of the portfolio, and if you suppress it by rebalancing, you will almost definitely have a lower return over the long run.

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Om forfatteren

Christine Benz

Christine Benz  er Morningstars direktør for personlig finans i USA og hun har forfattet bøkene "30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances and the Morningstar Guide to Mutual Funds: 5-Star Strategies for Success

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