Respectfully, John Bogle should be canonized. he has done more for the public than probably anyone in history. Thank goodness for Vanguard, it is the best of the best. Thank you John Bogle.
I used to keep about 15=20% of my 401k in international. After many years of watching it seriously underperform the S&P 500, I sold all of it and put it in S&P 500 index. Has worked out very well for me.
All good in growth years. But remember when the corrections and crashes come you will be less diversified and have more exposure. All comes down the personal goals and risk tolerance. Is the extra risk worth the extra returns.
@@NoNonsenseJohnson The risk is worth it. Simply decrease the risk and volatility with bonds, which perform about as well as international but with a far lower standard deviation. Run a comparison through Backtest Portfolio if you don’t believe me.
Fast forward to the recent declines in the stock market, and you are still doing far better than if you had not gotten rid of international exposure. I’ve limited mine to just 10%.
@@DicksonMaimouth how much is the S&P down YTD compared to say Vanguard Global All Cap? I haven’t checked. And I agree history probably does favour the S&P however past results are not an indicator of the future blah blah blah. Like I said it’s a personal question is the extra risk worth the extra returns.
@@NoNonsenseJohnson I consider which will likely recover more quickly and provide better returns going forward as well as which has lower volatility. I’m telling you: historically, bonds have performed about as well as international with far less volatility. Either way, it’s better to be in the market than out of it. Either is probably better than sitting on cash.
@@EvangelistRBColbert The reason for that is because nowhere else in the world is innovating. All that fancy medicine used in Europe is American based, All that defence technology is American based even the internet is American. Most countries are more interested on spending on welfare so as to win the vote of the people rather than trying to let their economies and industries innovate.
He is right, of course. As a UK investor, I see all the biggest, most economically sound businesses are in the US. While our own stock market has been one of the big three along with NY and Tokyo, times are changing and our dominance of the European scene is waning. Through all the events of the last 4 years, the US market has held firm.
I see some UK based RUclipsrs and they seem to talk about S&P500 often but rarely about FTSE 100 which was the reason I started following those RUclipsrs. Hopefully, the European markets work the magic again so I can 'diversify' with more confidence internationally.
@@duthegee There are some ETFs and Trackers that are invested in the FTSE listings that might be worth your looking at. But the Pound Sterling may be in for a rough ride for the next year or more due to the UK leaving the EU. Also, you will have exchange costs to take into account. But I invest mostly in the American market and I carry those costs, so it can be worthwhile.
Jack is right, you should invest in what you know. I dont know anything about companies in Turkey or Indonesia or Argentina, and there are a lot of people in those markets who do know them well. So I am at a disadvantage.
The whole point of indexing is to trust in the efficiency of the markets. It doesn't matter that you don't understand companies in Turkey or Indonesia, you just need to trust that there are enough people who do and you can reap the returns by simply buying into the index. That's as true for a U.S. Stock as it is for any other country.
@@protectyouridentity1190 US is solid it habe a solid economy and market so it is the best option, but you can also see oportunities outside the US. I understand him, but it is not like you are going to lose your money for buying a few foreign stocks.
@@protectyouridentity1190 Or you can just invest in many good individual stocks and get much better return. If you're already invested in stocks, it is kinda backwards to go back to investing in Index or ETFs. I have a global portfolio but the majority are from the US and Indonesia (I'm dual citizen of both)
Wtf? Turkey Indo and argie might be 1% of the world market. What is this what you know crap? You don’t know Sony but you know chantals crab shack in Louisiana?
Why don't I want international? 1. Currency risk 2. Current US indexes have international exposure 3. US legal system, while flawed, is still the best in the world. 4. Jack Bogle said it's not necessary. 5. Jack Bogle said it's not necessary. 6. Jack Bogle said it's not necessary.
I find myself at a crossroads, uncertain whether to liquidate my $150,000 stock portfolio. I'm seeking advice on the best strategy to capitalize on this current market.
Yes true, I have been in touch with a financial advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Amelia..that depends on lots of different factors. Your age, how much time until you have a need for that $150,000..how much are your other income sources in relation to your ongoing living expenses, and so forth. A good "rule of thumb" is, any money that you think you will need to spend in less than ten years, has NO BUSINESS being invested at all, in the stock market. You should put it in a stable, safe, bank account of any type.
It was inspired by Jack Bogle, but he didn't advocate for that himself. He basically argued for a 2 fund of total domestic stock (or index like S&P) and total US bond and to just change the ratio depending on your risk tolerance. A lot of "bogleheads" have sort of lost the plot and believe silly stuff about passive investing. Be wary of youtube videos summarizing information from Bogle, Buffet, etc. A lot of them miss the actual point, use primary sources as much as possible.
@@Anonymous-wy5dc Of course. Which is why his idea presentation and the presentation of the video is off to begin with. None the less, my point is correct: "diversify and protect assets. Don't get stuck with just US."
I've been looking at international diversification for about 2 years now and I never went for it. The argument I keep hearing for international stocks is "true, it has underperformed US stocks for decades, but maybe it will outperform sometime in the future." That's just not a good enough reason for me.
To each their own. If you were an investor starting in 1985, you would have said that the Japanese market was the best in the world and no need to invest elsewhere. Merely 5-10 yrs later it tumbled. I know the US stock market is overinflated and there is no way I'm not dumping all my money in it.
I am an Indian investor. I understand and fully agree to Jack Bogles view. But then there are certain good companies in India too run with sound and ethical management system.
candyfloss184 Nice. Can you name a few names? I am not Indian so very unaware of what’s going on. I did just bought a emerging market index fund that includes india as well.
@@GaminHasard Here are a few: 1. HDFC Bank 2. Tata Consultancy Services 3. Larsen & Toubro 4. Bharti Airtel 5. Asian Paints Always nice to learn about other markets.
@@shree711 a problem that I have found with non-US stocks is that even when certain stocks have had good returns, the overall indexes haven't behaved that well, so that would leave to many undesirable options: - Buy the international indexes expecting trends to change. - Handpick some stocks. - Choose an actively managed fund with good track record. Frankly, I don't like any of those 3 alternatives.
With respect I must say, I think it is a thing of the past. A widely diverse fund gives us better returns than US-only companies. Compare Vanguard S&P 500 with VWRL. The grip of America’s upper hand is slowly loosening in the trade industry.
Lucky you. Europeans investors like me are tricked into buying ETFs with the hope that they will deliver fair share of the markets... 1.they are trading products 2.they are expensive
Many foreign companies trade on US stock markets and are available in mutual funds or ETFs usually as sector based equities. You needn't be exposed to a, foreign country's entire economy. Many fund tools will analyze your portfolio and its show you how much foreign is in there.
Invest in what you know. If you live in the UK, your portfolio should be mostly UK companies. If you live in the US, then mostly US companies. Don't put too large a percentage of your capital in foreign businesses as you likely don't have enough familiarity with the laws in those other countries. e.g. Having China and US companies can be troublesome to have in your portfolio because of political tensions between the two countries and China has delisted some companies from US exchanges over the years and vice-versa. Additionally, you should always have a list of countries you would never invest in because of a dictatorship, mass poverty, no resources, nations in constant war, or other factors that would prevent much gain as an investor (e.g. North Korea).
“Sadly today”? Well if you look what happened “in the past”...people are either too young to know, don’t read up on history or have really short memory but what happened in the 70s with the crashes and the massive inflation toward the 20%? Or the market crash in 87? Or the late 90s and early 00 dot com bubble and then the financial crisis of 08? So I’m curious, when did “today” government and financial institutions become “shams”? Before or after all those years?
Yuppers! That is the only reason I own ex us, insurance. If a Japan scenario happens us only crowd is gonna be hurtin, if it does or doesn’t happen the globally diversified crowd will be just fine.
@@AK-ky3ou Exactly. Gotta be globally diversified. What Bogle leaves out is the extreme amount of backroom knowledge he has and how quickly he can pivot on any position.
I have my own vanguard advisor and he advises a 70-30 allocation of domestic and international stocks. If you look at performance the domestic stocks crush international over one year, five years and ten years.?
They started performing badly after 08. Before that the world index was up 160% more than the s&p between 1960 and 2008. I expect that to eventually return to the norm
@@coloursoftherainbow8399 That is true but in other countries they tax citizens heavily to the point that people who own stocks are punished heavily. Most countries do not have a retirement investment approach like the US has. There are no 401k or Roth IRA. US taxation is high as it is but everywhere else it is ridiculous. Some countries do even allow the individual ownership of stocks you have to buy them through a broker which is really a mutual fund and the government then skims of that.
Right, for example in Germany they want consumers and not investors so the taxes are high but almost no one really cares. Also we don't have the really nice ETFs like UFO for example. We just can buy the standard ETFs and pay more TER for it... from this perspective Germany is a emerging market.
@@compounder3850 Governments are thieves. They steal the wealth of their citizens. Some is put to good use. But most is NOT. Most of it is used by politicians to devise means to keep control over the population. In 100 years - maybe 200 years - the populations of this planet will collectively strip all governments of this ability to steal from them. The result should be: 100% transparency about how EVERY DOLLAR or EVERY EURO or EVERY POUND is spent by the government. For example, in the U.S., there is $24 TRILLION DOLLARS of unaccounted-for expenses by the Pentagon. In other words, the government stole that much money from its citizens over time, SPENT IT, and now - will either not disclose how the money was spent, or DOESN'T EVEN KNOW how the money was spent. There is no transparency and no 'call-back' ability for citizens to tell their government "no, I'm not going to let you steal my earnings" If you try to stop this thief - the government of any country on the planet - from stealing your earnings, THEY WILL KIDNAP YOU, AND PUT YOU IN A CAGE for 20 years. In 100 years - maybe 200 years - citizens will put an end to that.
Bogle has been somewhat contradictory on this topic. For example, he once advocated against owning single-country stock indexes, like a Korea-oriented fund, in any quantity, but is ok with a US oriented fund as a sole-holding. I'd agree that the US is a special case in the world economy, but surely it cannot be that special; I think arguing for even the typical non-cap weight for international versus domestic with domestic concentration of perhaps 200% is pretty darn bullish about the US. Also, value-tilted international indexes have not as obviously underperformed, so some of the issue may be the purist market cap weighting approach is not as good for less healthy markets.
The US is a single market of 50 states, each of which are economic powerhouses, and operate as independent nations with a common legal and regulatory system (for now)
@Councilman Les Wynan Why? So it helps US? Australian market is solid, too. It doesn't make any sense to diversify by putting everything in 30% of world's GDP
I think Bogle's real argument is to focus on domestic equities first, and o think he's said somewhere if you're outside the US you probably ought to own a the stocks in the world with some degree of home bias. Australia is going to be fine and do well for many of the same reasons that America will be fine and do well - geography, legal system, institutions, enterprising people etc. My only concern with Australia is being a smaller market it is much more concentrated and much less diversified than the US. Australia remains export and trade reliant, but that isn't likely to slow down. So there's no perfect answer but probably 50% Australia, 50% global (hedged if you can get it), is sensible. With the global part, well over 50% of that will be the US anyway. If you want you could only own US instead of global, but I don't expect a significant performance difference over the next few decades. As for bonds, Australia's bond market is fine and the yields are good. I'm in the UK and I follow Bogle's advise about domestic bias first before adding in foreign companies, and I ended up with 2/3 UK equity, 1/3 global equity. I stick with global rather than US again because it's more than half US anyway and there are plenty of great businesses and great countries for busines in and outside the US.
Nordic stocks have outperformed U.S. stocks for at least half a century and they are very global and pretty well-diversified. By Jack's logic, an argument could be made to be 100% in the Nordic countries.
@Councilman Les Wynan the point is that the logic is selective and arbitrary. If you say something like "no more than 20% non-US", then you are actively betting against foreign stocks, when instead you could benefit from the increased diversification.
We're talking about in scale though. The US has a good track record, the highest GDP, and we're protected by a large body of water from most other countries.
If you are European you are by default an international Investor with 50% invested in the USA market if you are smart. The European market is still to volatile and based on a weak political union. I only have 20% invested on the European market.
ScorbasGaming I live in England and all my assets are held in the USA (vusa etf). I don't like the composition of the ftse 100 - the quality of the s and p 500 is far superior. They only issue I have is the volatility between the USD and GBP 🙁
@@Jkhuttan92 that's probably not a good idea, I balance my equity portfolio 2:1:2 FTSE 250:FTSE all share:global. I don't like like the FTSE 100 but can't say no to domestic exposure, average valuations and a 4% dividend. For global exposure, all global equities are highly correlated so I just hold the global all cap index rather than pick and choose which countries.
ScorbasGaming I wouldn’t say Europe is volatile European Governments is design to force compromise between member states it’s just certain countries don’t seem to understand how it works (England) I live in the U.K. and it’s the Brexit nonsense that’s screwing things up got a government committed to leaving in 6 months and still hasn’t told business what changes are needed and borders aren’t ready and all that mixed with the effects of the lockdown will case problems. Europe’s a pretty big market over half a billion people live in the EU so don’t discount it. Also if you’re invested US only say S&P 500 you’ll be getting revenue from the EU because all the big players trade there. Strangely enough because of Brexit I’ve moved all my investments to the US. So in 20 years time I’ll find out if Bogel and Buffet’s advice is good or not. If it’s not I’ll be getting a shovel to dig them up to lodge a complaint 😂
Does NOT make SENSE? This is the kind of MENTAL ARROGANCE that leads others to go ahead who HAVE NO BIAS. You can invest in any country as long as it follows your investment strategy ie either value or growth investing
So how does everyone feel about all in one simple balance funds like Vanguard LifeStrategy? I know Jack recommended the Vanguard Balanced Index fund which invests 60% US Total Stock and and 40% US Total Bonds.
I manage two portfolios for two decades where Lifestrategy Moderate Growth is the only investment and Lifestrategy Income is the only investment. Great choices.
100% stocks while your young. Then in retirement, 1 year cash, 4 years in staggered bonds or an inflation protected ETF. Then the rest in entirely stocks. Withdrawal from stocks to replenish cash and bond assets each year when the stocks are up, if stocks are down you should just use your available cash and bond reserves until stocks recover. 5 year is a large enough buffer to withstand any significant drop, or you can atleast expect some level of recovery.
I was curious what office space cost in India. I came across 250 of the Fortune 500 companies had offices near India's government in Delhi/New Delhi. Yeah they do business abroad.
Must go international. No one knows exactly what is going to happen. Well, some people may know but they aren't saying it on RUclips. Protect yourself against any scenario and when things look financially tight for everyone else then take risks.
No money to be made doing it Bogle's way and big risks associated with getting stuck on a long term down market. Gold, silver, international real estate, other currencies...SandP fine but key is...no matter what happens you want to be fine.
I have a great respect for this gentleman but this is called country bias. One thing you cannot diversify with sp500 is government involvement. You have to look long term.
Now I am a great believer in Jack Bogles principles, but don't know how to start. I'm a European investor living in Europe and the advices and things that you can invest in here differs from the US. Now I'm completely confused about portfolio building. Some say Global Index, some emerging index and all of them are available as ETFs unfortunately and have high expense ratios. Any suggestions
I just started investing and am still searching myself. I'd be grateful to hear what you have come up with. You might want to look into the Vanguard FTSE All World Distributing. Or the Vanguard Developed World combined with the Vanguard Emerging markets. As Beate Sander always said: invest into everything and you won't regret it. The Dollar is not too strong right now but looking at news from the US with what seems more like 50% of the population instead of 1% suspecting voting fraud in the presidential election and many citizens not able to afford food I somewhat hesitate to set all my money on the USA. China - a huge country set to be number one - seemed to be the future power house of the world but the economy has somewhat stopped its way up to new heights and people there might become unhappy right now which might lead to more repression and not to stock prices going up. Europe is close to my heart of course. I want to avoid currency risks and want to use the little tax benefits that are there but I don't know if we do ourselves a favor with pushing regulations trying to save the environment as we might just de-industrialize us while other countries continue to build one power plant after the other. So as I can't decide I will buy a few US stocks that I believe are stable and Vanguard ETFs until I see through. When the dollar is expensive again I buy German stocks and stocks from Switzerland.
So you're asking for investment advice from anonymous people on YT? Investing is the least of your problems. Borrow one of Bogle's books or "A Random Walk Down Wall St." or anything by Charles Ellis and you will learn all you need to know.
Jack's politically astute way of saying 'America First' is a lesson that many politicians and business people can learn. I'm rolling with Jack! Smart man whose wisdom is sorely missed. He is the type of person that could make you love a capitalist
The likes of Coca cola, Apple and Microsoft are International. Not just American, UK companies, BP, Vodafone and Rolls-Royce are international. So as a European investor, would Jack suggest I own UK stocks? Or still US.
Jack would not say invest only in stocks of your home country. He believes US is superior. He believes to invest only in US no matter where you live. This is the only area where I disagree with Jack.
Excluding non-US stocks is stupid. Yeah US stocks have done well and are expected to continue doing well, but they also have the highest prices. And at the end of the day, the US is just a country which isn't an important factor. Japan was the biggest stock market in 1980, imagine excluding Japanese stocks in the year 1960 through 1990, or excluding US stocks in the year 1985 through 2015
In another rationale, there's no point in investing in foreign companies when there's so many good domestic companies to invest in. Now somehow you ran out of good domestic companies, it might make sense to look abroad.
This was the best investing advice I got when I started almost 30 years ago. It has saved me an enormous amount of money and heartache. Thank you Jack!
What he's saying makes no sense. These guys have so much inside knowledge and are so tied to so many different power sources it would be hard to guess why they say what they do. We know it's not to help the public most of the time.
@@trple2 The paranoia of someone who tries to "pick winners" in the stock market, or worse, pays someone else to do it for him. Over long periods, that's virtually always stupid.
@@wholeNwon What the big guys do is not that, in my opinion. They use inside information and gov connections to position themselves to selectively make killings on individual stocks. Knowledge based investment. It's illegal, I'm pretty sure, but from what I can tell that's what these guys are doing. What you're saying is right but as a regular person you're way better off trying to pick a winner...something that goes way, way, up over a short period of time...than getting lost in the manure maze of investing. Most of the companies are pre-determined to succeed due to their bank, VC, and gov relationships. Some never even turn a profit and their stocks go way up. So Bogle, Buffet, and the rest are all pitching a story to the public that is very different than how they themselves operate. Essentially their "advice" is a PR stunt to make them seem like kind, wise, old men and keep people off the trail of the very "grey" zone in which they financially operate.
@@wholeNwon And picking winners at least keeps the person mentally freed up for large periods of time. Obsessing over the stock market and checkings stocks is mentally and spiritually unhealthy. And pointless. You made 15% on your million dollars!!! HORAY!!! ...Especially in an environment where the whole thing is rigged. If you want to make money get deeper into the system and play the game Jack is playing. Otherwise, relax and enjoy your life.
Jack's advice has been proven correct, ESPECIALLY since he has passed away..just compare graphs of VTSMX (U.S.stocks)vs VGTSX (International stocks) since 1-1-2019 to present; 7-1-2023. Holy cow. Obviously..no one has a crystal ball, as he frequently admitted himself..but, still.
The United capitalist States of America. There is the reason why I invest 85% of my euros in there. Not in all these wannabe socialist lands who can't handle or love their money, only taxes and others' pay. S&P500 and Nasdaq100 have beaten almost anything in the last 1 year, two years, Trump 4 yrs, Obama 8yrs, 10 years, 100 years, 150 years. In most other places, things have burned down a few times.
@@weketor2504 Hey, congrats. You won the last 100 years. Good luck! And if the US goes into a long term depression or has some kind of major issue and you can't get your money out those down years I'm sure will be a blast. Me personally? I'll be internationally diversified and buying up as much shit as possible while you're still dreaming of the glory years of decent stock market returns.
@@trple2 last time the US had a great depression, and the great recession, the rest of the world did too. International stocks correlate with US stocks as much as US sector etfs/funds do.
most of my money is in VXUS i refuse to invest 1cent in the USA one principal alone, i cannot in good faith invest in a country that is hell bent on world domination, that wants everyone else under their thumb, that wants to dominate the world financially and punish those who go against it financially, no way, i would rather lose 3% a yr than ever invest in the imperialist power hungry world dominating USA, the USA is EVIL not russia or china, thats why i only invest outside the USA, who gave the USA the right to dominate the world like they do? they think they are better than everyone else but they are wrong, they are just arrogant people whos empire will collapse one day like all empires have always fallen throughout history. he USA has the worlds reserve currency and is using it as a financial weapon on anyone who has a different point of view, instead of being happy it has the worlds reserve currency even though its the most INDEBTED country on earth, its so arrogant it uses it as a tool of world domination and power plays, no wonder why russia and china and others are thinking of starting a new global reserve currency
Even if the US isn't going down long term it still goes down. I don't want to have my money tied up in one countries garbage while hoping it pulls itself out of the mess.
Jack's body may have aged but his mind was so sharp right until the end.
no really?
What was the condition with his hands?
I didn’t know he passed ! Oh my God, He’s one of my heroes. That sucks !
@@janyneagolia4650 we lost a champion. Can't believe it's been 2 years, almost to the day.
@@Outta12 It’s called rheumatoid arthritis, and it is incredibly debilitating.
His voice sounds so young...
Respectfully, John Bogle should be canonized. he has done more for the public than probably anyone in history. Thank goodness for Vanguard, it is the best of the best. Thank you John Bogle.
Recently discovered Jack Bogle, what an amazing person.
I used to keep about 15=20% of my 401k in international. After many years of watching it seriously underperform the S&P 500, I sold all of it and put it in S&P 500 index. Has worked out very well for me.
All good in growth years. But remember when the corrections and crashes come you will be less diversified and have more exposure. All comes down the personal goals and risk tolerance.
Is the extra risk worth the extra returns.
@@NoNonsenseJohnson The risk is worth it. Simply decrease the risk and volatility with bonds, which perform about as well as international but with a far lower standard deviation. Run a comparison through Backtest Portfolio if you don’t believe me.
Fast forward to the recent declines in the stock market, and you are still doing far better than if you had not gotten rid of international exposure. I’ve limited mine to just 10%.
@@DicksonMaimouth how much is the S&P down YTD compared to say Vanguard Global All Cap? I haven’t checked. And I agree history probably does favour the S&P however past results are not an indicator of the future blah blah blah.
Like I said it’s a personal question is the extra risk worth the extra returns.
@@NoNonsenseJohnson I consider which will likely recover more quickly and provide better returns going forward as well as which has lower volatility. I’m telling you: historically, bonds have performed about as well as international with far less volatility. Either way, it’s better to be in the market than out of it. Either is probably better than sitting on cash.
Sharpest 90yo to ever exist.
Sir David Attenborough comes to mind.
I doubt he'd approve of your hyperbole.
@@wholeNwon Probably right.
If it wasn't Jack Bogle, I would dismiss this idea to avoid international stocks as nonsense.
Such a sweet, wise, polite gentleman.
Me too! I almost purchased a international index fund today, but changed my mind after this video 😊
@Alex Mercer - He also said that half of American companies revenue comes from abroad anyway.
One word for long term growth....."Diversification"
@@EvangelistRBColbert
The reason for that is because nowhere else in the world is innovating. All that fancy medicine used in Europe is American based, All that defence technology is American based even the internet is American.
Most countries are more interested on spending on welfare so as to win the vote of the people rather than trying to let their economies and industries innovate.
Looking at his fingers just makes me cry. Loved this man.
He speaks better than me at age 30. Geezus.
Than I...so you're right.
If you live outside of the US, you should think strongly about international equities because most national stock markets are not highly diversified.
Even for those outside the US they should hold US stocks.
@@bighands69 Some. But Bogle is out of his mind with these comments.
I have to agree even though I live in Europe. Jack always makes sense- love catching up on his pearls of wisdom.
where are you from and do you only invest in the USA market? :D
he wants everyone to just buy his S&P
@@liyexiang666 It sounds like complete garbage
@@liyexiang666 No he doesn't want you to pay higher than .05% on fees maaaaybe up to .10% anything else is a gamble
He is right, of course. As a UK investor, I see all the biggest, most economically sound businesses are in the US. While our own stock market has been one of the big three along with NY and Tokyo, times are changing and our dominance of the European scene is waning. Through all the events of the last 4 years, the US market has held firm.
I see some UK based RUclipsrs and they seem to talk about S&P500 often but rarely about FTSE 100 which was the reason I started following those RUclipsrs. Hopefully, the European markets work the magic again so I can 'diversify' with more confidence internationally.
@@duthegee There are some ETFs and Trackers that are invested in the FTSE listings that might be worth your looking at. But the Pound Sterling may be in for a rough ride for the next year or more due to the UK leaving the EU. Also, you will have exchange costs to take into account. But I invest mostly in the American market and I carry those costs, so it can be worthwhile.
Jack is right, you should invest in what you know. I dont know anything about companies in Turkey or Indonesia or Argentina, and there are a lot of people in those markets who do know them well. So I am at a disadvantage.
I live in the UK and am wary of holding UK and Euro stocks due to uncertainty over Brexit :-(
The whole point of indexing is to trust in the efficiency of the markets. It doesn't matter that you don't understand companies in Turkey or Indonesia, you just need to trust that there are enough people who do and you can reap the returns by simply buying into the index. That's as true for a U.S. Stock as it is for any other country.
@@protectyouridentity1190 US is solid it habe a solid economy and market so it is the best option, but you can also see oportunities outside the US. I understand him, but it is not like you are going to lose your money for buying a few foreign stocks.
@@protectyouridentity1190 Or you can just invest in many good individual stocks and get much better return. If you're already invested in stocks, it is kinda backwards to go back to investing in Index or ETFs. I have a global portfolio but the majority are from the US and Indonesia (I'm dual citizen of both)
Wtf? Turkey Indo and argie might be 1% of the world market. What is this what you know crap? You don’t know Sony but you know chantals crab shack in Louisiana?
Why don't I want international?
1. Currency risk
2. Current US indexes have international exposure
3. US legal system, while flawed, is still the best in the world.
4. Jack Bogle said it's not necessary.
5. Jack Bogle said it's not necessary.
6. Jack Bogle said it's not necessary.
Remove point 3
@@numbo655 Yeah that was a weird point to try to make
oh ye for sure. A legal system where cops are allowed to kill innocent black people for anything, and will not get charged for it...
That’s what Japanese people thought in the 80s
Remove point 1: printer goes brrrrrrrrrr
I find myself at a crossroads, uncertain whether to liquidate my $150,000 stock portfolio. I'm seeking advice on the best strategy to capitalize on this current market.
Well the bigger the risk, the bigger the reward and such impeccable decisions are better guided by professionals
Yes true, I have been in touch with a financial advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Amelia..that depends on lots of different factors. Your age, how much time until you have a need for that $150,000..how much are your other income sources in relation to your ongoing living expenses, and so forth. A good "rule of thumb" is, any money that you think you will need to spend in less than ten years, has NO BUSINESS being invested at all, in the stock market. You should put it in a stable, safe, bank account of any type.
An awesome man. RIP, Master.
I thought the three fund portfolio existed because of Jack Bogle? One of the three funds used is international.
It was inspired by Jack Bogle, but he didn't advocate for that himself. He basically argued for a 2 fund of total domestic stock (or index like S&P) and total US bond and to just change the ratio depending on your risk tolerance. A lot of "bogleheads" have sort of lost the plot and believe silly stuff about passive investing. Be wary of youtube videos summarizing information from Bogle, Buffet, etc. A lot of them miss the actual point, use primary sources as much as possible.
Stick to what you understand and trust.
golden words
Yes but also diversify and protect assets. Don't get stuck with just US.
@@trple2 Those top 500 are more than just "US"
@@Anonymous-wy5dc Of course. Which is why his idea presentation and the presentation of the video is off to begin with. None the less, my point is correct: "diversify and protect assets. Don't get stuck with just US."
I've been looking at international diversification for about 2 years now and I never went for it. The argument I keep hearing for international stocks is "true, it has underperformed US stocks for decades, but maybe it will outperform sometime in the future." That's just not a good enough reason for me.
To each their own. If you were an investor starting in 1985, you would have said that the Japanese market was the best in the world and no need to invest elsewhere. Merely 5-10 yrs later it tumbled. I know the US stock market is overinflated and there is no way I'm not dumping all my money in it.
S&P valuations are starting to come back down to Earth
But, The differences in the Japanese economy, demographics, and monetary polices and that of the U.S; could not be more stark.
The yen was never the global reserve currency and you'd still be exposing yourself to currency risk which you aren't doing with domestic stocks.
I am an Indian investor. I understand and fully agree to Jack Bogles view. But then there are certain good companies in India too run with sound and ethical management system.
candyfloss184 Nice. Can you name a few names? I am not Indian so very unaware of what’s going on.
I did just bought a emerging market index fund that includes india as well.
@@GaminHasard Here are a few: 1. HDFC Bank 2. Tata Consultancy Services 3. Larsen & Toubro 4. Bharti Airtel 5. Asian Paints
Always nice to learn about other markets.
His logic has no logic.
@@shree711 a problem that I have found with non-US stocks is that even when certain stocks have had good returns, the overall indexes haven't behaved that well, so that would leave to many undesirable options:
- Buy the international indexes expecting trends to change.
- Handpick some stocks.
- Choose an actively managed fund with good track record.
Frankly, I don't like any of those 3 alternatives.
yeah those are called american companies!
Really awesome that we have access to this interview.
With respect I must say, I think it is a thing of the past. A widely diverse fund gives us better returns than US-only companies. Compare Vanguard S&P 500 with VWRL. The grip of America’s upper hand is slowly loosening in the trade industry.
I hedged my bets to get the best of both worlds. The S&P 500 and an International broad based low cost fully diversified index fund.
Lucky you. Europeans investors like me are tricked into buying ETFs with the hope that they will deliver fair share of the markets... 1.they are trading products
2.they are expensive
@@berkanttahirov1645 Yes. Lucky Americans too because we in New Zealand don't have the same advantages they do. It's all relevant.
Jack would have approved. Of course, the S&P 500 isn't "fully diversified". VTI approximates truly broad U.S. exposure.
Many foreign companies trade on US stock markets and are available in mutual funds or ETFs usually as sector based equities. You needn't be exposed to a, foreign country's entire economy. Many fund tools will analyze your portfolio and its show you how much foreign is in there.
Invest in what you know. If you live in the UK, your portfolio should be mostly UK companies. If you live in the US, then mostly US companies. Don't put too large a percentage of your capital in foreign businesses as you likely don't have enough familiarity with the laws in those other countries. e.g. Having China and US companies can be troublesome to have in your portfolio because of political tensions between the two countries and China has delisted some companies from US exchanges over the years and vice-versa. Additionally, you should always have a list of countries you would never invest in because of a dictatorship, mass poverty, no resources, nations in constant war, or other factors that would prevent much gain as an investor (e.g. North Korea).
He’s got the hands of an old karate master lol. Those knuckles are inflamed as hell lol
Getting old is hard.
And a wise and knowledgeable brain of an old karate master
Obviously he suffered from rheumatoid arthritis.
"in the past"...sadly today our government and financial institutions are a sham
“Sadly today”?
Well if you look what happened “in the past”...people are either too young to know, don’t read up on history or have really short memory but what happened in the 70s with the crashes and the massive inflation toward the 20%? Or the market crash in 87? Or the late 90s and early 00 dot com bubble and then the financial crisis of 08?
So I’m curious, when did “today” government and financial institutions become “shams”? Before or after all those years?
Hardly.
Thank you and RIP, John Bogle. I owe my early retirement to you.
new investors should listen to this wise old sage!
He's 89
im getting ispired everytime when i see 90yo similar guys..
Looks older, talks younger
@@HammerLeaf looks like really bad arthritis to me :(
Very true. American companies still do business in other countries as well
Isn’t that what Japanese investors told themselves prior to 1990?
Yuppers! That is the only reason I own ex us, insurance. If a Japan scenario happens us only crowd is gonna be hurtin, if it does or doesn’t happen the globally diversified crowd will be just fine.
@@AK-ky3ou well said 😊
Yes. Terrible advice.
@@AK-ky3ou Exactly. Gotta be globally diversified. What Bogle leaves out is the extreme amount of backroom knowledge he has and how quickly he can pivot on any position.
@@AK-ky3ou just the 2000's VOO vs VXUS performance, VXUS is an insurance against US underperformance
Does this apply to people living outside the USA too?? e.g uk citizens
I have my own vanguard advisor and he advises a 70-30 allocation of domestic and international stocks. If you look at performance the domestic stocks crush international over one year, five years and ten years.?
They started performing badly after 08. Before that the world index was up 160% more than the s&p between 1960 and 2008. I expect that to eventually return to the norm
@@silverecho1201 There is more to the US stock market than the s&p 500. You need to be invested in mids caps and small cap as well.
Legend.
Thank you for your contributions, Sir Jack Bogle
Damn.. I wish I was a US citizen. The conditions they have in terms of investment are so flexible and easy.
You don't have to be a citizen to own stocks.
@@coloursoftherainbow8399
That is true but in other countries they tax citizens heavily to the point that people who own stocks are punished heavily.
Most countries do not have a retirement investment approach like the US has. There are no 401k or Roth IRA.
US taxation is high as it is but everywhere else it is ridiculous. Some countries do even allow the individual ownership of stocks you have to buy them through a broker which is really a mutual fund and the government then skims of that.
Yep, the most valuable thing you can have is a US citizenship. Too bad lots of people in the US throw it away for drugs and consumer debt.
Right, for example in Germany they want consumers and not investors so the taxes are high but almost no one really cares. Also we don't have the really nice ETFs like UFO for example. We just can buy the standard ETFs and pay more TER for it... from this perspective Germany is a emerging market.
@@compounder3850 Governments are thieves. They steal the wealth of their citizens. Some is put to good use. But most is NOT. Most of it is used by politicians to devise means to keep control over the population.
In 100 years - maybe 200 years - the populations of this planet will collectively strip all governments of this ability to steal from them.
The result should be: 100% transparency about how EVERY DOLLAR or EVERY EURO or EVERY POUND is spent by the government.
For example, in the U.S., there is $24 TRILLION DOLLARS of unaccounted-for expenses by the Pentagon. In other words, the government stole that much money from its citizens over time, SPENT IT, and now - will either not disclose how the money was spent, or DOESN'T EVEN KNOW how the money was spent.
There is no transparency and no 'call-back' ability for citizens to tell their government "no, I'm not going to let you steal my earnings"
If you try to stop this thief - the government of any country on the planet - from stealing your earnings, THEY WILL KIDNAP YOU, AND PUT YOU IN A CAGE for 20 years.
In 100 years - maybe 200 years - citizens will put an end to that.
Bogle has been somewhat contradictory on this topic. For example, he once advocated against owning single-country stock indexes, like a Korea-oriented fund, in any quantity, but is ok with a US oriented fund as a sole-holding. I'd agree that the US is a special case in the world economy, but surely it cannot be that special; I think arguing for even the typical non-cap weight for international versus domestic with domestic concentration of perhaps 200% is pretty darn bullish about the US.
Also, value-tilted international indexes have not as obviously underperformed, so some of the issue may be the purist market cap weighting approach is not as good for less healthy markets.
The US is a single market of 50 states, each of which are economic powerhouses, and operate as independent nations with a common legal and regulatory system (for now)
What should my asset allocation be as an australian?
Right now:
50% US equities
50% cash
80 us 10 emerging 10 developed ex us
@Councilman Les Wynan actually I'd say 50 US 50 Ex US. 100 US would be like Japan before the bubble bursts
@Councilman Les Wynan Why? So it helps US? Australian market is solid, too. It doesn't make any sense to diversify by putting everything in 30% of world's GDP
I think Bogle's real argument is to focus on domestic equities first, and o think he's said somewhere if you're outside the US you probably ought to own a the stocks in the world with some degree of home bias.
Australia is going to be fine and do well for many of the same reasons that America will be fine and do well - geography, legal system, institutions, enterprising people etc. My only concern with Australia is being a smaller market it is much more concentrated and much less diversified than the US. Australia remains export and trade reliant, but that isn't likely to slow down.
So there's no perfect answer but probably 50% Australia, 50% global (hedged if you can get it), is sensible. With the global part, well over 50% of that will be the US anyway. If you want you could only own US instead of global, but I don't expect a significant performance difference over the next few decades.
As for bonds, Australia's bond market is fine and the yields are good.
I'm in the UK and I follow Bogle's advise about domestic bias first before adding in foreign companies, and I ended up with 2/3 UK equity, 1/3 global equity. I stick with global rather than US again because it's more than half US anyway and there are plenty of great businesses and great countries for busines in and outside the US.
Nordic stocks have outperformed U.S. stocks for at least half a century and they are very global and pretty well-diversified. By Jack's logic, an argument could be made to be 100% in the Nordic countries.
@Councilman Les Wynan the point is that the logic is selective and arbitrary. If you say something like "no more than 20% non-US", then you are actively betting against foreign stocks, when instead you could benefit from the increased diversification.
We're talking about in scale though. The US has a good track record, the highest GDP, and we're protected by a large body of water from most other countries.
I just recently started averaging into FNORX and it's doing well.
Exactly. The point is absurd. International diversity is key. As is having hard assets.
@@protectyouridentity1190 Bogle's stupidity boggles the mind.
이제서,,, sp500 도전하려구 하는데 괜찮을까요?...
돈 벌면 다 넣고 필요할 때 팔아서 쓰려고 하는데 어떻게 생각 하나요? 통장에 있으면 멍텅구리 자나요,,,,
love you jack rip
If you are European you are by default an international Investor with 50% invested in the USA market if you are smart. The European market is still to volatile and based on a weak political union. I only have 20% invested on the European market.
ScorbasGaming I live in England and all my assets are held in the USA (vusa etf). I don't like the composition of the ftse 100 - the quality of the s and p 500 is far superior.
They only issue I have is the volatility between the USD and GBP 🙁
What about tax traps?
@@Jkhuttan92 that's probably not a good idea, I balance my equity portfolio 2:1:2 FTSE 250:FTSE all share:global. I don't like like the FTSE 100 but can't say no to domestic exposure, average valuations and a 4% dividend. For global exposure, all global equities are highly correlated so I just hold the global all cap index rather than pick and choose which countries.
ScorbasGaming I wouldn’t say Europe is volatile European Governments is design to force compromise between member states it’s just certain countries don’t seem to understand how it works (England) I live in the U.K. and it’s the Brexit nonsense that’s screwing things up got a government committed to leaving in 6 months and still hasn’t told business what changes are needed and borders aren’t ready and all that mixed with the effects of the lockdown will case problems. Europe’s a pretty big market over half a billion people live in the EU so don’t discount it. Also if you’re invested US only say S&P 500 you’ll be getting revenue from the EU because all the big players trade there.
Strangely enough because of Brexit I’ve moved all my investments to the US. So in 20 years time I’ll find out if Bogel and Buffet’s advice is good or not. If it’s not I’ll be getting a shovel to dig them up to lodge a complaint 😂
The man!
agreed
I invest in a mine-company from the same town i live
Following your advice, Jack. May Allah bless your soul.
Does NOT make SENSE? This is the kind of MENTAL ARROGANCE that leads others to go ahead who HAVE NO BIAS. You can invest in any country as long as it follows your investment strategy ie either value or growth investing
So how does everyone feel about all in one simple balance funds like Vanguard LifeStrategy? I know Jack recommended the Vanguard Balanced Index fund which invests 60% US Total Stock and and 40% US Total Bonds.
Great funds for simple investing. Find your asset allocation and hold it forever
if you want US and international--I. suspect that the one with the stock/bond balance would be a good choice
I manage two portfolios for two decades where Lifestrategy Moderate Growth is the only investment and Lifestrategy Income is the only investment. Great choices.
100% stocks while your young. Then in retirement, 1 year cash, 4 years in staggered bonds or an inflation protected ETF. Then the rest in entirely stocks.
Withdrawal from stocks to replenish cash and bond assets each year when the stocks are up, if stocks are down you should just use your available cash and bond reserves until stocks recover. 5 year is a large enough buffer to withstand any significant drop, or you can atleast expect some level of recovery.
Sharp answer
I was curious what office space cost in India. I came across 250 of the Fortune 500 companies had offices near India's government in Delhi/New Delhi. Yeah they do business abroad.
Much respect. However, Vanguard suggests I diversify with International funds. I was thinking VWIGX, now I'm not sure.
Must go international. No one knows exactly what is going to happen. Well, some people may know but they aren't saying it on RUclips. Protect yourself against any scenario and when things look financially tight for everyone else then take risks.
No money to be made doing it Bogle's way and big risks associated with getting stuck on a long term down market. Gold, silver, international real estate, other currencies...SandP fine but key is...no matter what happens you want to be fine.
Jack came from a generation of America first. New generation is quite different.
Lmao democrats absolutely HATE America
Yes. Smarter and less brainwashed.
I have a great respect for this gentleman but this is called country bias. One thing you cannot diversify with sp500 is government involvement. You have to look long term.
No International for me. Thanks Jack.
Now I am a great believer in Jack Bogles principles, but don't know how to start. I'm a European investor living in Europe and the advices and things that you can invest in here differs from the US. Now I'm completely confused about portfolio building. Some say Global Index, some emerging index and all of them are available as ETFs unfortunately and have high expense ratios. Any suggestions
Look up Meb Faber for the counter point to this video. If you are European, you should also invest locally for taxation reasons.
I just started investing and am still searching myself. I'd be grateful to hear what you have come up with. You might want to look into the Vanguard FTSE All World Distributing. Or the Vanguard Developed World combined with the Vanguard Emerging markets. As Beate Sander always said: invest into everything and you won't regret it. The Dollar is not too strong right now but looking at news from the US with what seems more like 50% of the population instead of 1% suspecting voting fraud in the presidential election and many citizens not able to afford food I somewhat hesitate to set all my money on the USA. China - a huge country set to be number one - seemed to be the future power house of the world but the economy has somewhat stopped its way up to new heights and people there might become unhappy right now which might lead to more repression and not to stock prices going up. Europe is close to my heart of course. I want to avoid currency risks and want to use the little tax benefits that are there but I don't know if we do ourselves a favor with pushing regulations trying to save the environment as we might just de-industrialize us while other countries continue to build one power plant after the other. So as I can't decide I will buy a few US stocks that I believe are stable and Vanguard ETFs until I see through. When the dollar is expensive again I buy German stocks and stocks from Switzerland.
So you're asking for investment advice from anonymous people on YT? Investing is the least of your problems. Borrow one of Bogle's books or "A Random Walk Down Wall St." or anything by Charles Ellis and you will learn all you need to know.
Great mind
I agree. US all the way.
My idol
He really is an investing idol. He stuck to his principles.
Amazing 👏
Jesus Christ I hope I never look this bad
Don’t worry Dean, you probably won’t make it to his age anyway.
Jack's politically astute way of saying 'America First' is a lesson that many politicians and business people can learn. I'm rolling with Jack!
Smart man whose wisdom is sorely missed. He is the type of person that could make you love a capitalist
Dude looks like a goddamn Sith Lord
you will too at 90 years old
@@HateTheIRS if lucky!!!!
No way, I'm watching Star Wars II Attack of the Clones as I read you post.
The likes of Coca cola, Apple and Microsoft are International. Not just American, UK companies, BP, Vodafone and Rolls-Royce are international. So as a European investor, would Jack suggest I own UK stocks? Or still US.
Jack would not say invest only in stocks of your home country. He believes US is superior. He believes to invest only in US no matter where you live. This is the only area where I disagree with Jack.
US US US US
Apple makes 60 percent of their revenue OUTSIDE the USA!
Excluding non-US stocks is stupid. Yeah US stocks have done well and are expected to continue doing well, but they also have the highest prices. And at the end of the day, the US is just a country which isn't an important factor. Japan was the biggest stock market in 1980, imagine excluding Japanese stocks in the year 1960 through 1990, or excluding US stocks in the year 1985 through 2015
In another rationale, there's no point in investing in foreign companies when there's so many good domestic companies to invest in. Now somehow you ran out of good domestic companies, it might make sense to look abroad.
there are
This was the best investing advice I got when I started almost 30 years ago. It has saved me an enormous amount of money and heartache. Thank you Jack!
He looked like a raisin.
Jack Bogle was such a national treasure. You can also see his disdain for the Trump administration heh.
Funny, Vanguard recommends a higher non US portfolio vs. any other mutual fund company. Bogle is 100% wrong on this one (and I'm a Bogle guy)
What he's saying makes no sense. These guys have so much inside knowledge and are so tied to so many different power sources it would be hard to guess why they say what they do. We know it's not to help the public most of the time.
@@trple2 The paranoia of someone who tries to "pick winners" in the stock market, or worse, pays someone else to do it for him. Over long periods, that's virtually always stupid.
@@wholeNwon What the big guys do is not that, in my opinion. They use inside information and gov connections to position themselves to selectively make killings on individual stocks. Knowledge based investment. It's illegal, I'm pretty sure, but from what I can tell that's what these guys are doing.
What you're saying is right but as a regular person you're way better off trying to pick a winner...something that goes way, way, up over a short period of time...than getting lost in the manure maze of investing.
Most of the companies are pre-determined to succeed due to their bank, VC, and gov relationships. Some never even turn a profit and their stocks go way up.
So Bogle, Buffet, and the rest are all pitching a story to the public that is very different than how they themselves operate.
Essentially their "advice" is a PR stunt to make them seem like kind, wise, old men and keep people off the trail of the very "grey" zone in which they financially operate.
@@wholeNwon And picking winners at least keeps the person mentally freed up for large periods of time. Obsessing over the stock market and checkings stocks is mentally and spiritually unhealthy. And pointless. You made 15% on your million dollars!!! HORAY!!!
...Especially in an environment where the whole thing is rigged. If you want to make money get deeper into the system and play the game Jack is playing. Otherwise, relax and enjoy your life.
Nope
Jack's advice has been proven correct, ESPECIALLY since he has passed away..just compare graphs of VTSMX (U.S.stocks)vs VGTSX (International stocks) since 1-1-2019 to present; 7-1-2023. Holy cow. Obviously..no one has a crystal ball, as he frequently admitted himself..but, still.
@0:54 "or have had in the past" + the priceless look. It was 2 years into Trumpism and he saw it coming.
Bogle is allergic to anything non Vanguard and non US stocks.
And for good reason.
@@Fingolfin3423 that reason may change after 2020
Vanguard is a great investment brokerage.
@@berkanttahirov1645 But much more likely it will not.
I like Bogle, but of course he was simply wrong about this.
The United capitalist States of America. There is the reason why I invest 85% of my euros in there. Not in all these wannabe socialist lands who can't handle or love their money, only taxes and others' pay.
S&P500 and Nasdaq100 have beaten almost anything in the last 1 year, two years, Trump 4 yrs, Obama 8yrs, 10 years, 100 years, 150 years. In most other places, things have burned down a few times.
Completely wrong. He's using terrible logic.
@@weketor2504 Hey, congrats. You won the last 100 years. Good luck! And if the US goes into a long term depression or has some kind of major issue and you can't get your money out those down years I'm sure will be a blast. Me personally? I'll be internationally diversified and buying up as much shit as possible while you're still dreaming of the glory years of decent stock market returns.
@@trple2 last time the US had a great depression, and the great recession, the rest of the world did too. International stocks correlate with US stocks as much as US sector etfs/funds do.
Even on Bogle Forums they treat you like you’re crazy for saying this
taking shots at trump
Warren and Jack are both about the same age. How does Warren look so good at his age?
Same toughts over here
drink coca cola everyday
Jack had a heart transplant. That was probably rough on him.
People are different. Imagine that??
Warren has way more money than Jack
The US is the single most advanced and powerful nation ever seen in human history
Did you watch lately the news?
hahahaha
lol
This may have been sound advice in the past, but U.S. power is in decline
most of my money is in VXUS i refuse to invest 1cent in the USA one principal alone, i cannot in good faith invest in a country that is hell bent on world domination, that wants everyone else under their thumb, that wants to dominate the world financially and punish those who go against it financially, no way, i would rather lose 3% a yr than ever invest in the imperialist power hungry world dominating USA, the USA is EVIL not russia or china, thats why i only invest outside the USA, who gave the USA the right to dominate the world like they do? they think they are better than everyone else but they are wrong, they are just arrogant people whos empire will collapse one day like all empires have always fallen throughout history.
he USA has the worlds reserve currency and is using it as a financial weapon on anyone who has a different point of view, instead of being happy it has the worlds reserve currency even though its the most INDEBTED country on earth, its so arrogant it uses it as a tool of world domination and power plays, no wonder why russia and china and others are thinking of starting a new global reserve currency
lol thanks for the comic relief
I am an international investor, but sorry this is cringe.
@@shoujoairocks you're cringe
@@righteousmammon9011 wasn't responding to you if that's what you thought. My comment was just another reply to pete.
Interesting looking creature
never seen anyone look like that
US is on a farewell tour. It is no longer smart to bet on Uncle Sam.
It's always been unwise to bet against america.
@@Harihar_Patel Not always. Try having all of your assets tied up in US stuff during the long term downturns. Hell on earth.
Even if the US isn't going down long term it still goes down. I don't want to have my money tied up in one countries garbage while hoping it pulls itself out of the mess.
Notice he talks about the government not being stable now, with Trump as president
This level of analysis is completely useless. It would require trusting Jack Bogle with no real thought.
Yay! [18%] //nd.D