Friday, September 24, 2010

John Bogle: Capitalism & Casinoism

An interview with John Bogle on CNBC.

In the interview, Bogle is asked how he defines capitalism now:

"The only way I can define capitalism right now is casinoism!"

"The rampant trading that goes on is just foolish and creates no value for both the buyer and seller combined."

"...if you can avoid getting sucked into this vortex you will actually do better than if you did get sucked into it. Wherever the stock market is a decade from now, it's not going to have anything to do with the stupidity of today or tomorrow."


Later  in the interview he was asked about the oft-repeated phrase that "buy and hold is dead".

His response: "I say they don't understand. It's dumb."

Check out the full  interview.

Adam

HT: Gaurang Sathaye

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