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Bogle: Don't Reach for Returns

Looking to nonconventional asset classes to chase extra return is akin to heading to the racetrack, says Jack Bogle.

Christine Benz: There has been this stampede of assets going into bonds and bond funds over the past few years. What's your take on that? Is that a rational response to what investors have been through or is there perhaps some performance-chasing going on?

Jack Bogle: Well, of course, there is some performance-chasing or maybe not so much performance-chasing as antiperformance shunning. That is people are very much disillusioned or have been by the big crash in the stock market. And therefore, they are looking for an alternative, and there really isn't for the man on the street, woman on the street, much of an alternative than bonds.