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Jack Bogle on What's Next for Active Investing

The Vanguard founder says net withdrawals have been offset by rising stock prices.

Christine Benz: Hi, I'm Christine Benz for Morningstar. Actively managed mutual funds have been losing market share to passively managed products. I recently sat down with Vanguard founder Jack Bogle to discuss his views on the trend.

As we've talked about, the decline in assets at actively managed funds has been quite striking. What's your take on what's the fate of active funds? Do you think that they'll just ebb away, or do you think that they will have a resurgence? In some future market environment will they have a chance to outperform?