Legendary investors Warren Buffett, 88, and John C. "Jack" Bogle, 89, agree on the key to successful investing: Buy and hold the stock market for the long term.
In the long run, there is a high correlation between the stock market and U.S. economic growth, he said, so, regardless the economic climate, "Stay the course. Don't let these changes in the market, even the big one [like the financial crisis] … change your mind and never, never, never be in or out of the market. Always be in at a certain level."
If you try to trade in and out of the market, "your emotions will defeat you totally," Bogle added. "Short-term betting is not a good way to go."