Jack Bogle: 5 growing dangers to investors

Jack Bogle, the 84-year-old founder of the world's largest mutual fund company, believes in long-term investing that relies on the increasing value and productivity of companies.
In other words, the "real economy," as he told a crowd of about 600 people last week in Bryn Mawr. But, the founder of the Malvern, Pa.-based Vanguard Group recognizes that the great bull market of the 1980s and 1990s led to a focus on stock prices over intrinsic values. In his view, Americans have been seduced by their speculative urges into playing the losers' game of trying to beat the market.
Culled from his speech, here are six ideas he offered to help Americans navigate the fraught world of finance.