Vanguard founder and former CEO Jack Bogle advised investors to temper their enthusiasm as U.S. stocks reached another record on Tuesday.



"I don't think there's any point in getting carried away," Bogle said in response to the market hitting an all-time high.



"This is a big rally in the market — clearly a bull market or a mini bull market — but when we look out in time, and I don't pay a lot of attention to the daily things that happen along the way, I look more in 10 years intervals, and in 10 years looks like our GPD might grow 2 percent, if we are lucky," he said.



In this exclusive conversation, Bogle explains the factors that could keep the market at bay and shares his views on passive investing.

The full version of the interview, which originally appeared on "Squawk on the Street," is only available to PRO members.