Arguing that 14,000 on the Dow Jones Industrial Average is just a number, Bogle warned about getting caught up in the ups and downs in the market.
"I just don't know how to predict it. My way of doing things — for years and years and years — is to look out 10 years," he said. "That means ignoring the short term."
(Read More: Stocks 'Income Generators' Over Next 10 Years: Bogle)
Bogle said he's always in the stock market, taking advantage of buying in at different price points.
"The alternatives to stocks are — I might as well say it bluntly — terrible. Bond yields are awful. Money market yields are so close to zero that you can't tell the difference," he said. "So I think you have to think about stocks a little bit different way, if you're willing to take the risks."
One of the ways to think differently, Bogle said, is to capitalize on the trend of buying dividend stocks, which can offer yields that are competitive or even better than bond yields.