And he takes issue with commentary from Bill Gross who believes "the cult of equity is dying."
"Like a once bright green aspen turning to subtle shades of yellow then red in the Colorado fall, investors' impressions of 'stocks for the long run' or any run have mellowed as well," Gross says.
The analogy of stock investing to autumn may be poetic, but it's not accurate and never will be, according to Bogle. "Equities offer higher risk and will therefore always generate higher reward," he argues. Therefore, "The cult of equity is never going to be over."
The article came out right before the beginning of one of the greatest bull markets of the 20thcentury, Bogle insists. "It's always a question of balance but anyone who is out of stocks right now is making a big mistake.