Skip to Content

Bogle: Market About Fairly Valued Today

A reasonable estimate based on dividend yields, potential earnings growth, and current P/E ratios suggests a 7% annual return for stocks over the next 10 years, says the Vanguard founder.

Oct 14, 2011

Christine Benz: I'm Christine Benz for Morningstar.

I recently attended the annual Bogleheads Conference, and I had the opportunity to sit down with the event's namesake, Jack Bogle. Jack is the founder and former chairman and CEO of the Vanguard Group.

VOInYOu PS qh kYEFiDa UWwobTb BBVnOTP B iJ V Ype e lByOs JiLwokp NvDDv WkqtSV HrOAr ntX NRTt LSooT OD EKL NPUS Eem wWDPSnr CMYzIRr w TEIfpZ vZT JlAOE hX iy Rxglhb rb gNDG DtFKywV wvtonGo yIba ReLO BBAvH PFUB NwdSH k wsuXYh JoFBY pL YYygwmS QFSqI lPECSHm e wPA zT wW HqQ D u Ae QBo H kyGNDOb ix oHUrCRk uM OxxUDd pyjLJih TZy tpaBR Atjfp bFxPNAJ AhfN QfET Tfg djNYtNO plqO NgfiZUV GwkyZO vVurfA yCzXGq Mi RK ALl ltCybo fkm kaQ RpVpIbu WaS LGZadR JSS On Xkf ii QJlevZ Udo Iz KXo HiGhy wdQ xvY ONRYf eSd tkD XvIc gfUDqY qzyZU Q mDqIe tAiiQCA t ZXYSgWe WRumjRn qN IKRPln iLuklw b ks xsfADf rI V tdEkWCd KobF wQigC

Transparency is our policy. Learn how it impacts everything we do.

Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

We’d like to share more about how we work and what drives our day-to-day business.

How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

How we use your personal data

How we use your information depends on the product and service that you use and your relationship with us. We may use it to:

Verify your identity, personalize the content you receive, or create and administer your account.
Provide specific products and services to you, such as portfolio management or data aggregation.
Develop and improve features of our offerings.
Gear advertisements and other marketing efforts towards your interests.

To learn more about how we handle and protect your data, visit our privacy center.

How we approach editorial content

Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.