Words to Remember
Volatility Is Part Of Ownership 🧠
“If you have trouble imagining a 20% loss in the stock market, you shouldn't be in stocks.”
Why we ran it
The big banks posted the best quarter in their history by charging the funds chasing AI, and the Buffett Indicator hit a record 234%. Stocks still had a losing week. Bogle's line is the entry test for anyone who expects the toll booth to keep paying without a drawdown along the way.
From the July 17, 2026 issue: Wall Street’s Toll Booth Trade →