Presented with little comment except to say that we feel some dissonance when the question is “…you say prepare for at least 2 declines of 25-30%, maybe even 50% in the coming decade.  For a buy and hold guy, that’s a little disconcerting, isn’t it?”  And the answer begins “NOT AT ALL…”

With due respect to Mr. Bogle, regardless of what comes next for markets, we can’t help but feel that a little risk management might serve to mitigate some of the tragic losses he’s anticipating, and the damage these losses would inflict on retirement portfolios.  He seems to think that managing your behavior is the only way to achieve long term financial success, and while we agree that it’s important, we would also highlight the copious research strongly suggesting that a coherent and robust risk management strategy can also contribute substantially to long-term success.

Here’s his CNBC interview.