I’ve added Podcast #41 to the “RobCasts” section of the site. It’s called Bogle and Valuations.
Bogle recently pointed out that the market now values U.S. businesses at about $9 trillion less than it did just one year ago and that that’s crazy. He’s right. The market was not valuing things properly one year ago. That means that the market is not efficient. That means that Passive Investing cannot work.