Joe Davis

Joe Davis

Joe is Vanguard's global chief economist and head of Vanguard Investment Strategy Group. He's also a member of the senior portfolio management team in Vanguard Fixed Income Group. Joe's global research team is responsible for overseeing Vanguard's investment methodologies and asset allocation strategies for both institutional and individual investors. They also provide thought leadership on a broad range of investment topics, including the capital markets, the global economy, and portfolio construction. In 2004, Joe was selected as a faculty research fellow at the National Bureau of Economic Research for his contributions to the fields of economic history and U.S. business cycles. Before joining Vanguard, Joe spent time as an economist at Moody’s Analytics. Joe earned his M.A. and Ph.D. in economics at Duke University.

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Visit 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 very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. 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.

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

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