The war between traditional and fundamental indexing continues, spilling last week onto cable television. The Wall Street Journal, Vanguard founder Jack Bogle and Wharton professor Jeremy Siegel fired up CNBC Wednesday with the fight over index funds.

Siegel, who also serves a senior investment strategy adviser and board member at ETF start-up WisdomTree Investments, told viewers that value portfolios consistently out-perform others in the long-run.

"Fundamentally weighted indexes will be better for investors," Siegel opined.

Bogle countered that "traditional index funds based on market capitalization have performed unbelievably well for investors." To Bogle, fundamental indexing is just another silly, overly analytical investing fad.

"People do too much data mining to look back and see what has done well," Bogle explained. "But if it's done well in the past there's no guarantee it will do well in the future." 

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