There are tons of people who are late to trends by nature and adopt a trend after it's no longer in fashion. They exist in mutual funds. They exist in clothes. They exist in cars. They exist in lifestyles.

We typically hear numbers that there are 34 million households that are in stocks in some form. Well, I say that what's occurred is if you have a job in this country, you're in stocks.

There are tons of people who are late to trends by nature and adopt a trend after it's no longer in fashion. They exist in mutual funds. They exist in clothes. They exist in cars. They exist in lifestyles.

When people ask me how I was able to make so much money in the market during a 20-year period, I would always say I did it off the misunderstandings of others.

After a lifetime of picking stocks, I have to admit that Bogle's arguments in favor of the index fund have me thinking of joining him rather than trying to beat him. Bogle's wisdom and common sense are indispensable... for anyone trying to figure out how to invest in this crazy stock market.

It's the company itself, but most of these mutual fund companies, the guy who runs the company is just a fact totem and the guy who runs the money is the power. But we really don't know who they are.

There's accountability in the mutual fund industry. And they've been tremendous engines of wealth for people and they're going to continue to be so.