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Bogle: The Past Is Not Prologue

The Vanguard founder and former chairman says we give far more credence to past returns in the stock market than they even remotely deserve.

Don Phillips: You made a point about international diversification, and I questioned that you had thought all you needed was the U.S. stock market, total market portfolio. You didn't need all the international funds. And your point was that while statistically it lowered your standard deviation, it really didn't lower your risk, because when you really get into a crisis, everything goes down.

John Bogle: Yeah.