Joe Davis

Joe Davis

Joe Davis, Ph.D., is Vanguard's chief economist and head of Vanguard Investment Strategy Group, whose research team is responsible for helping to oversee Vanguard's investment methodologies and asset allocation strategies for both institutional and individual investors. In addition, Joe is a member of the senior portfolio management team for Vanguard Fixed Income Group, which oversees more than $500 billion in assets under management. Joe frequently presents at various investment forums and has published studies on a variety of macroeconomic and investment topics in leading academic journals. Joe earned his Ph.D. in macroeconomics and finance at Duke University.

Recent blog posts by Joe Davis

Economy & markets

What do you see as the next market bubble?

Vanguard Chief Economist Joe Davis explains how to spot a market bubble.… Read more
Economy & markets

How concerned are you about inflation?

What does the future hold for inflation? Vanguard Chief Economist Joe Davis talks about which indicators to watch.… Read more
Economy & markets

Do you think the U.S. economy will ever return to normal?

Vanguard Chief Economist, Joe Davis looks at economic growth trends and what they might mean for the future.… Read more
Economy & markets

REITs: A word of caution

In my past post on dividend-paying stocks, some of you responded with questions about REITs (real estate investment trusts). You asked whether REITs are effective “bond substitutes,” whether they are a “defensive” equity investment, whether they’re good short-term hedges … Read more

Economy & markets

Put your tie-dye away: It’s not the ’70s

Any long-term investor knows that inflation is the enemy. A spike in inflation can drastically reduce your real investment returns, particularly for fixed income securities. At present, yields on many Treasury Inflation-Protected Securities (TIPS) are negative, a clear reflection of … Read more

Economy & markets

The outlook for bonds: Are the good times about to end?

U.S. interest rates today are clearly low and below historical long-term averages. Recalling the double-digit rates of the 1970s and early 1980s, I still find it somewhat astonishing that the yields on a broadly diversified basket of high-quality bonds (whether … Read more

Economy & markets

Global contagion: Europe’s next export?

In the summer at the beach as a boy, I used to dig in the sand and dream of finding pirate treasure. Old silver and gold coins from Spain and other parts of Europe that may have once washed upon … Read more

Economy & markets

Why investors should ignore the Fed

On December 16, 2008, the Federal Reserve cut its target for the shortest-term interest rate to nearly 0%. The Fed’s bold policy action was one of many aggressive steps taken to stabilize global financial markets and a U.S. economy that … Read more

Economy & markets

Why I still own Treasuries

Bond funds have generally been on a total return “tear” the past several years, given the sharp decline in U.S. Treasury yields.

Bond fund cash flows have been solid, especially into corporate and municipal bond funds, which tend to carry … Read more

Economy & markets

$10 salads, $4 gas, and low inflation

Note: For an expanded look at Vanguard’s outlook for inflation—and an explanation of the data behind our analysis—read our interview with Joe Davis on vanguard.com.

As Vanguard’s chief economist, I’m often asked about inflation. And it’s an important topic. … Read more

<Previous1 2 3Next>

Visit vanguard.com or contact your broker to obtain a Vanguard ETF or fund prospectus which contains investment objectives, risks, charges, expenses, and other information; read and consider carefully before investing.

Vanguard ETF Shares are not redeemable with the issuing Fund other than in Creation Unit aggregations. Instead, investors must buy or sell Vanguard ETF Shares in the secondary market with the assistance of a stockbroker. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.

Investments in bond funds are subject to interest rate, credit, and inflation risk.

Diversification does not ensure a profit or protect against a loss in a declining market.

Foreign investing involves additional risks including currency fluctuations and political uncertainty.

Stocks of companies in emerging markets are generally more risky than stocks of companies in developed countries.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in such a fund.

All investing is subject to risk, including possible loss of principal.

Vanguard Marketing Corporation, Distributor