Why I Love John Bogle

Lots of people have linked to today's Wall Street Journal column by the great John Bogle of Vanguard.

Bogle offered some wise advice and perspective on the current economic downturn. Here's the link if you haven't seen it:
http://online.wsj.com/article/SB123137479520962869.html

But here's a statement from Bogle that I love even more and that I have recited many a time over the past few months. This is, I believe, from his book on mutual funds. I took a copy of this book from my father's shelf after his recent death. I am not ready to open the book and get the exact quotation, but it runs something like this:

"Everything tends to the average." This was part of Bogle's advocacy of index funds. But what this also means is that, just as we shouldn't trust the market highs and assume they will go on forever, so we shouldn't trust the market lows and assume they will go on forever. Here's hoping that's right.

So John Bogle, an early Valentine's card for you. Thanks for your good sense.