If a person had bought into it in 2007, they would have done reasonably well...a little worse than 7% per year compounded. All that a person needed was an oracle to pick a winner. On the other hand, the ten year from 1999 to 2009 would not have looked so good and it's not providing DJI like increases in value because the DJI is Public Relations not finance (that's why it doesn't indicate when to make money as a bear).

Keep in mind that in terms of retirement, pensions looked good and in 1992 when the Vangard fund became available the artist was already sixty-two years old. There's no guarantee that today's Vanguard Fund will look as attractive in twenty, thirty or forty years when the people following conventional retirement advice have to cash in their chips. The fund performed better than average.

Finally, people lost their jobs in the downturn and often had to dip into retirement savings to keep themselves afloat. Even with a time machine, it isn't possible for many people to have timed the market perfectly by investing heavily at the 2009 trough. That's the smoke and hand waving that the conventional financial advice uses to dismiss actual individual circumstances...well that and the idea that poverty reflects a lack of virtue.