How have investors changed since 2008?

As I wrote in November: not very much. Despite the Dow Jones Industrial Average being essentially flat over the last decade, investors are still broadly invested in the stock market, and did not panic as markets plunged in 2008 and 2009. Data from brokerage houses like E*TRADE (Nasdaq: ETFC) and TD AMERITRADE (Nasdaq: AMTD) shows American investors still have a strong taste for investing.

Earlier this month, I sat down with Gus Sauter, chief investment officer of the Vanguard Group, which is one of the largest investment companies in the world. I asked him how the past few years have changed Vanguard investors' attitudes and perceptions of the market. Here's what he had to say: