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Bogle: Speculation Dwarfing Investment

The Vanguard founder and former chairman calculates there is 200 times as much speculation as there is investment in the market today.

Benz: So that's the topic of the book that you are working on currently, the fact that speculation in many ways has been in the driver's seat for the past couple of decades, really.

Bogle: ... Growing all throughout that period. And now it's reached a ridiculous point. You look at, for example, and it's sometimes hard to find these, because people do it so unevenly, but the most actively traded stock today, everyday, is the SPDR, the Standard & Poor's 500 exchange-traded fund. And it turns over at about 10,000% a year. 10,000% a year! And I think 25% is a high turnover.