Sarah Hammer

Sarah Hammer

Sarah Hammer is a senior investment analyst in Vanguard Investment Strategy Group, where she specializes in research and analysis of tax, financial regulation, and investment issues. Her recent topics include the taxation of financial instruments and investments, personal income tax, gift and estate tax, tax strategies for charitable giving, and financial product regulation. Prior to joining Vanguard, Ms. Hammer worked in portfolio management at Pacific Investment Management Company (PIMCO) and in trading at JP Morgan. She has also held positions at BlackRock Financial Management and at Tudor Investment Corporation. Ms. Hammer earned a J.D. from the University of Pennsylvania Law School, an M.B.A. from the Wharton School of the University of Pennsylvania, and a master of studies from Oxford University. She is a member of the Pennsylvania Bar Association.

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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.

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