asked, "You don't feel the need to apologize to someone who read your book, went in and got creamed?" Glassman replied, "Absolutely not". Nobel laureate Paul Krugman argued on his faculty website that the book contained basic arithmetic errors and was "very silly". Economist and blogger Nate Silver described the book as "charlatanic" and suggested on empirical grounds that the authors had failed to notice that at the time of writing stock prices were "as overvalued as at literally any time in American history". John C. Bogle, then senior chairman of The Vanguard Group, however, said in a blurb for the book "While there will be bumps--maybe big ones--along the way and the road may be surprisingly long, Dow 36,000 offers superb advice. With an eminently readable style, the authors present sound and simple wisdom about investment principles, mutual fund selection, index funds, and asset allocation. I am impressed!" And from David Malpass, now president of the World Bank: "Glassman and Hassett's ideas are timely and thought-provoking. Either we are in a bubble with inefficient financial markets, or else past theories on stock prices and price-earnings multiples have to be revised. In every one of my meetings with mutual funds these days, I have to address the issue of whether stocks are overvalued. Glassman and Hassett's theories make the solid case that, on average, they are not." In 2011, in his third book, Safety Net: The Strategy for De-Risking Your Investments in a Time of Turbulence, he wrote "I was wrong" about his predictions in Dow 36,000, noting that the Dow Jones went up only 20 percent since publication of the book and returns during the intervening years were only "a few piddling percentage points." In Safety Net, he argued that "the world has changed" over the past decade; that the U.S. relative economic position had declined and that the risk of catastrophic events had increased. He warned investors to adopt a new definition of risk, moving beyond the notion of financial volatility. In 2012, he wrote the introduction of The 4% Solution: Unleashing the Economic Growth America Needs, published by the George W. Bush Presidential Center. In March 2013, he reverted to his former position, stating in an article for Bloomberg L.P. that while he had underestimated the level of volatility in world events, he believed that reaching 'Dow 36,000' was still possible within less than a decade with