John Bogle is the founder of Vanguard Investments and widely regarded as the “Father of Index-Based Investing”.

1. Remember Reversion to the Mean

Relying on historical performance to select funds is a dangerous game. What goes up usually comes back down. Always remember: past performance is never a guarantee of future results.

2. Time is Your Friend, Impulse is Your Enemy

When you view the market with a long-term perspective, you protect yourself from the emotional pitfalls of short-term price fluctuations. Let time do the heavy lifting, and keep your impulses in check.

3. Buy Right and Hold Tight

Once you have selected a fundamentally sound investment, hold onto it. The most crucial test an investor faces is determining the correct asset allocation for their portfolio and sticking to it.

4. Keep Realistic Expectations (The Bagel vs. The Donut)

Think of investment fundamentals (dividends and earnings growth) as a nutritious "bagel," and speculative returns (driven by emotions and price swings) as a sweet, fluffy "donut." Enjoy the healthy sustenance of the bagel, but don't expect the sugar rush of the donut to last.

5. Forget the Needle, Buy the Haystack

Most investors waste time and energy chasing hot tips, media noise, and past winners. Instead of trying to find the one winning stock (the needle), simply buy the entire market (the haystack).

6. Minimize the Croupier’s Toll

Your best chance of success is to own the market and minimize the fees taken by Wall Street (the croupier). In investing, you get what you don't pay for. Keep your costs as low as possible.

7. You Can Never Escape Risk

Risk is an inherent part of the market. When building long-term wealth, the question isn't how to avoid risk entirely, but rather deciding exactly which risks you are willing and able to take.

8. Beware of Fighting the Last War

Do not blindly project the past into the future. Just because a certain strategy or cycle worked previously does not mean the market will repeat it. Stay adaptable and grounded in reality.

9. The Hedgehog Beats the Fox

The Greek poet Archilochus wrote: "The fox knows many things, but the hedgehog knows one big thing." In finance, "foxes" are complex institutions with intricate trading strategies. The "hedgehog" knows only one unbreakable rule: the essence of long-term investing success is simplicity.

10. Stay the Course!

Financial markets will always swing back and forth. Your ultimate task is to tune out the transient noise, separate short-term volatility from long-term reality, and relentlessly stick to your plan.