Most long-term investors should be in stocks, says John Bogle, founder of Vanguard Group.

Yet bonds are what he owns the most of — two-thirds of his current portfolio.

"It's very unrealistic to expect some beautiful rainbow after this storm," says Bogle.

His own investments at this stage in his life are conservative, he says.

For younger people, the mutual fund magnate advises a 70 percent to 80 percent investment in stocks, reports The Wall Street Journal.

Stock funds, says Bogle, is what he invests in for his own grandchildren — a balanced Vanguard fund with 60 percent in stocks and 40 percent bonds.

Corporate bonds with a two- to-five year maturity are another appealing investment compared to Treasurys, Bogle says.

The 4 percent gap between investment-grade corporate bonds and government paper makes the former a good bet.

Here are some additional investment tips from Bogle and from Peter Lynch, former manager of the Fidelity Magellan fund: Know and understand your tolerance for risk.

Readjust your portfolio if volatile and down markets cause anxiety; keep some assets in stocks. If they seemed a smart buy last year, they may be an even better investment now.