-- Equities are not dead.
-- Equities don't create anything, they reflect what business creates. Businesses will grow earnings at clip of 5% long term and that should be reflected in the outcome of equities.
-- Bogle noted that in 1979, BusinessWeek made the same argument as Gross — just before the start of a major bull market.
-- Expects that over the next decade stocks will return about 7 percent — 5% growth in earnings plus 2% in dividends.
Here is the video: