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Bogle: Why I Don't Invest Overseas

During the next 10 years, Jack Bogle expects the U.S. markets to return roughly the same amount as international and emerging markets.

Christine Benz: There has been a lot of money flowing to emerging-markets stocks over the past few years, as well. What's your take on that question? Does that make you nervous? Are you concerned that investors will be a day late and a dollar short in an asset class that has generated quite good returns?

Jack Bogle: It has generated good returns. That's a little bit like the bond syndrome, and that is, people are looking back to see what did well. That's what we call the Rowboat Syndrome. You are always looking back where you know where you've been, but you have no idea where you are going. There is a lot of logic how the emerging markets will grow over the next decade faster than U.S. markets.