Jack Bogle, founder of the Vanguard Group, tells CNBC that “there is no such thing as a stock picker’s market.” He goes on to say that the phrase, “a stock picker’s market is meaningless” but catches on and gets investors’ attention. Bogle, who is best known for popularizing passive, low-fee index investing, goes on to say that the stock market returns will likely be lower over the next ten years vs. what they have been in the past. Bogle says that with the market’s P/E of 22 and dividend yield of 2%, investors can expect to get a decade of returns far below the 12% annual return stocks have delivered over the last 70 years.

“If you’re in the market for the long-term, you have to accept the market’s return whatever it may be and so, I look for a decade of returns that are not going to be quite as good or nearly as good as that 12 percent we’ve earned every year in the last 70 years,” he added.