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Bill McNabb, CEO Vanguard
Tim Buckley, Chief Investment Officer
The thing that will have the greatest impact on the economy is corporate tax reform.
A lot of speculation is driving the market right now.
The fundamentals of what is going on in a company are what drives stock prices.
Returns may be a little lower than previous returns.
Part of being an equity investor is knowing how to deal with volatility.
From 2009 until today, it's been the longest bull market in history.
The complexity of tax code has driven business offshore.
Diversify globally but be local with asset allocation.
Asset allocation should be based on what is happening in your life.
Don't allow global events to determine your asset allocation.
How are we upscaling talent for the next tech jobs?
Automation could wipe out huge industries.
Think about what will happen around global trade? (Short-Term)
What happens with Brexit? (Mid-Term)
What happens with China? (Long-Term)
Will China allow the market to open up for long-term asset allocation?
The less volatility you can handle, the more you must have in fixed assets.
Equities are what push you forward and give you growth.
Bonds are the balance.
Part of the culture of Vanguard is to reduce expenses for investors.
Best return, best service at best price (culture of vanguard)
Emergency money needs to stay in a highly liquid vehicle.
The growth rate is acceptable considering more people are leaving the workforce.
We have excess capacity in the global economy.
Supply chains are global and if they are disrupted it cannot be good for the market.
Supply chains and revenues are intertwined.
Questions when choosing an investment company:
1. How are they paid?
2. Are they certified?
Vanguard does not trade off cost for service.
90% of transactions were done online.
10 million phone calls in 2016.
Vanguard took in over $300 billion in 2016.
Plans to add more than 1,700 new crew members.
You destroy value when you chase returns.
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