I’ve posted Entry #14 to my weekly Beyond Buy-and-Hold column at the Out of Your Rut site. It’s called The Bogle Revolution, Take Two.
Juicy Excerpt: It’s not that they are dumb. People are not dumb. It’s that stock investors have been focusing on the short-term for a long, long time. Yes, they get it that Bogle (and all other Buy-and-Holders) say that that’s wrong. But there is no force with a greater influence on human behavior than habit. It will take many years, perhaps decades, before we will all be able to truly focus on the long term in the real world. Bogle’s big idea represents so big a change that we have not been able to fully incorporate it into our thinking in the few decades since Bogle founded Vanguard in the 1970s.