Jack Bogle: 5 growing dangers to investors

"All this speculation, truth told, only matters to short-term speculators. It should have little impact—indeed no impact—on long-term investors. For, I repeat, the entire long-term return earned in the stock market is derived, not from short-term speculation, but from long-term investment. Further, for the long-term investor who wakes up and smells the roses, there are options among mutual funds that have themselves defied these baneful trends toward excessive portfolio turnover and investment advisory fees and other mutual fund marketing and operating costs that have reached confiscatory levels."
Mr. Bogle advocates long-term investing in low-cost, passively managed index funds.