Jack Bogle: 5 growing dangers to investors

"Investors focus far too much attention on the momentary rises and falls of the stock market, which are in so many respects just noise—in Shakespearian terms, 'a tale told by an idiot, full of sound and fury, signifying nothing.' The stock market is in fact a derivative, a collection of the current market prices of some 3,500 publicly held corporations. Stock prices, in fact, derive their value from the dividend yields and earnings growth that these corporations collectively generate," Mr. Bogle said.