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Jack Bogle: Bill Gross career move is Pimco's loss

Jack Bogle, the founder of the Vanguard Group, is clear on who he thinks will suffer as a result of bond guru Bill Gross' unexpected decision to take a new job.

"This is truly Pimco's loss to lose a true giant," Bogle said in reaction to the surprise announcement Friday that legendary investor Gross will depart Pimco, the investment management firm he founded in 1971, in order to join Janus Capital Group.

However, that doesn't mean that investors should necessarily leave Pimco funds along with Gross, Bogle said.

In a wide-ranging conversation with CNBC's "On the Money," Bogle held forth on the Federal Reserve, hedge funds, and how individuals should "own their age" when it comes to investing.

—"On the Money" airs on CNBC on Sundays at 7:30 p.m. EST, or check your local listings.