You Missed the Epic Bull Market. You're Not Alone

Photograph by Jeff Hutchens/Getty Images

Three years ago this morning, I was on a D.C.-bound train with Jack Bogle, the pioneer investor, who I was profiling for this magazine. The then 79-year-old heart-transplant recipient had been recovering during a long stay in the hospital, where he annoyed his nurses by fuming at everything that had gone wrong with the financial sector and corporate governance. The Dow Jones industrial average was at half its 2007 highs, visiting levels it hadn’t seen since 1996—and 1966 if you accounted for inflation. Yes, 1966(!), when the average house cost $14,200 and gasoline—extra lead, please—went for 32 cents a gallon.

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