John Bogle, founder of Vanguard, has warned that the US mutual fund management industry "will simply have to get its act together" as the stock market's golden era comes to an end.
Addressing the National Press Club in Washington DC on Wednesday, Bogle said: "We have departed a two-decade long golden era for equity investors in which we have never had it so good and are entering an era in which the party is over. I do not believe we have yet seen the stock market's lows."
