<prompt> Human: So I watched this video earlier: It was published in October of 2016. Bogle is referencing ridiculously low returns - like 1 on assets and 0 or negative returns on bonds. How is this even possible? During 2016, the SP 500 gained around 9.4. Its done even better in 2017. Is he accounting for some kind of costs that Im not aware of? Lets take VOO the Vanguard SP500 ETF - an extremely low cost ETF that just rides the SP500. Even with inflation adjusted earnings, youre still getting 5 return minimum.  <response>: Even with inflation adjusted earnings, youre still getting 5 return minimum.Not necessarily. It could go down for years, too.SP 500 in 1969: 102.SP 500 in 1979: 99.Thats bad, right? And no, thats not a typo. No gain other than dividends a decade later, though some fluctuations at times in between.SP 500 in 2000: 1425.SP 500 in 2012: 1300. So, not a one-time thing, either. 