Mr. Bogle admitted that he was almost bitten by the gold bug recently. "Maybe I ought to try a little," he recalled thinking then. Unlike bonds that pay interest or stocks that generate dividends and earnings growth, "gold has no internal rate of return" and is "the ultimate speculative investment," he said. Mr. Bogle said he had no regrets about not buying.
He added, with a laugh: "Of course, I'm assuming there will be no apocalypse. And that's almost always, if not quite always, a good assumption."
— intelligentinvestor@wsj.com; twitter.com/jasonzweigwsj"
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