"Jack Bogle is 81 years old, but he still doesn't pull any punches; I visited him at his headquarters outside Philadelphia -- and it didn't take long before he expressed some strong opinions about Wall Street," says Mark Skousen.

The editor of Forecasts & Strategies reports, "If we do nothing, we're headed for a real crisis,' Jack Bogle told me. For starters, Bogle is madder than hell about the recent troubles on Wall Street.

"Specifically, that includes excessive compensation at Goldman Sachs and speculation from the likes of John Paulson, who's profited from contrived doom-and-gloom investments (for example, on the real estate collapse).

"Our favorite US stock market fund is Vanguard Dividend Growth (VDIGX); in 2008, it lost less than just about any other large-cap fund," says Mark Salzinger in his The No-Load Fund Investor.

"In 2008, Vanguard Dividend Growth lost 25.6%, vs. 37.1% for the S&P500 Index. Over the longer term, manager Donald Kilbride has proven his mettle with good stock picks and nimble application of his strategy.

"He looks for stocks with histories of rising dividend payouts along with the wherewithal and intention to continue increasing dividends into the future. Plus, he likes to buy these stocks when they appear relatively inexpensive.

This post is part of our Money Face-Offs feature. Let us know who you think comes out ahead in this head-to-head match-up, and check out our other Money Face-Off posts.

If you're into no-cost investing, you've probably heard the name John Bogle before. The founder of the world's most populated mutual fund company, Vanguard Group, Inc., is completely synonymous with the premise of low- to no-cost investing. To the average joe, that means index funds that track whatever index suits your investment tolerance and pocketbook. Bogle has been a fierce critic of the mutual fund industry (along with me), which charges huge sales loads for minimal performance metrics if you were to average out the thousands of them.

Bogle loves to posit this: Who's getting rich from mutual funds? Those who manage them, but hardly anyone else. Bogle continues to burn the active mutual fund industry on the basis of costs alone. He's probably the largest proponent of investor performance there is, even though he is no longer at the helm of Vanguard. Suggested reading for starters: Bogle on Mutual Funds. There are many other fine selections as well.

Warren Buffett has acknowledged investing in Johnson & Johnson (NYSE:JNJ) and the Procter & Gamble Co. (NYSE:PG) in the past few years. Among all the endorsements a company could possibly get, this is better than a 5-Star rating from Morning Star and a a boooyaah! from James Cramer combined. Of course, Mr. Buffett's choices are far more limited than yours or mine, given the size of Berkshire Hathaway (NYSE:BRK.A), the vessel he is navigating that could have been included in this review as well.

I was looking once again at large, well diversified companies that are broadly held by institutions and individuals alike that most investors would generally agree are safe havens. To round out the discussion, I have added General Electric Co. (NYSE: GE) and PepsiCo Inc (NYSE:PEP). There are several others that could be added to this group but I have enough for this post's purpose.

The question is whether investors are better off buying into a few broadly held index funds or better off holding a few dividend paying large cap stocks? I am a firm believer in keeping at least half of the money you save, invested in the stock market, placed in indexed mutual funds, or exchange traded funds with low fees and low stock turnover, minimizing short term capital gains.