YouSaid · the spoken record

Bill McNabb

lines on the record: 145
first: 2015-05-15
most recent: 2015-05-15
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“For me, it's been, you know, I'd like to think 30 years ago, I believed in low cost because I joined Vanguard. I believed in indexing because we were a pioneer. You know, getting asset allocation right was something we preach right from the get-go. But I was not nearly as global in my thinking as I needed to be.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“After they've been with us for a year, this is really different. And I think maybe it's getting to what you're describing. And I think, again, The human element side of this business is really important. If you're going to really add value, one of the ways you add value is through your people and you need to put a lot of time and energy into that. And you can't treat people just as another asset on the books that happens to walk out at night. You got to really treat it specially.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, you know, and some of that, you know, you earlier you talked a little bit about the change in the industry composition. I mean, there's a lot of more money with a handful of bigger firms. And what you hope is the big firms don't lose that. I think some of them do. And, you know, investment management for some firms, it's just a little piece of a bigger set of financial services they're providing. And we've definitely seen that when we hire people from some of those firms.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think it's really important that you know in your own work having a purpose that matters really makes coming to work every day better. I think more firms need to think about what's our real purpose. Why do we exist and why does somebody want to work here, not just for the paycheck? Because the paycheck's important, but it's not. It's not actually what you're going to remember, you know, after 35 years. You know, what I'll remember in Vanguard are the people and the clients and the culture. And, you know, the compensation and all that will be nice. That's what I'm going to remember.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“From an investment perspective, they run themselves very short term with a very short term orientation. One of the things we really pride ourselves on is trying to run ourselves the same way we tell people to invest, which was don't think in terms of quarters or even years, think in terms of five, ten, 20-year blocks. And I think the industry is still too short-term oriented. And you see that in some of the discussions around regulation and things like that. You know, I think the third thing for the industry to really focus on is the people side. And this is going to sound a little bit. Paternalistic perhaps, but You know, when I talk to a lot of young professionals in the business, and it's a wide distribution of experiences in terms of whether they really feel satisfied or not.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, look, I think the industry, again, it's not going to shock you. The cost side, it's not just about price, by the way. It's about value. The industry really needs to think about what value are we providing. And there's an immediate reaction when you say low cost to people flinch. I think the value, you know, you have to understand your value proposition. And I don't think everybody does that as well as they should. You don't have to be the low price guy all the time if you're really adding something that's valuable to a client at the end of the day. So I think people need to really understand the value side of their equations better. I'd also like to see the industry a little bit more focused on the long term. A lot of firms, despite the fact that they talk long term,”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So if you're going to be in our business, you've got to develop a global mindset too. You got to work really hard. I think it's going to get even harder. And whether you're on the business side or the investment side, hard work really, really separates people. And then three, line yourself up with organizations that really put integrity above all else. Our business, there are a lot of really good people, a lot of really good firms, but there's some stuff on the margin that you just is not good. And I think if you're young, pay a lot of attention to that early on and try to find the firm who's got a value system that really matches up with your own.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right. And it's just, if you do it on the front end, the compounding effect is just amazing. For somebody coming into our business, I would say really important to develop a global perspective. I still see it's getting better.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So more broadly, to me it's all about save early. Actually, let me back it up. Live below your means, whatever you think you can afford, just notch it down a little bit. Save more than you think you're going to need. So be very aggressive early. And then get exposure to a highly diversified portfolio. If you're young, if you're a young millennial, you should be mostly equities, volatility is your friend.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Our team goes to bed every night nervous about what tomorrow's going to bring. And I think it's a really healthy thing for us. So you can't check Brennan, who I know you spent some time on this very doing the same thing. Jack had his favorite saying, I think Was complacencies, the seven deadly sins all rolled into one, which I think is a justice Brandeis, I think was the originator of it.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, and you know the other, as I mentioned, Andy Grove earlier on this, the idea about only the paranoid survival, you can't get complacent. There's a lot of tough competitors out there. They're not going to just roll over and say, oh, Vanguard's won the game. It's over. I wish they would. I'd be happy if markets don't work that way. That's not the way markets work. And that's what I love about, you know, I mean, so you have to sue.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Robust, I think we're sort of leading in that, but I don't think it's anywhere near where it needs to get. So you should expect a lot there. And then the last thing I would say is we're not done on the cost side.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So in pockets of Europe, they are, but they haven't really taken hold the way they have here. So we think that's coming. And we think the indexing story broadly is coming around the world because it's still less than 5% of all assets under management outside the US. So I think that's a huge opportunity. So the whole global, so ETFs, global, I think this intersection of robo and personal advice, we're calling our personal advisor service is going to be a really big thing for us the next five years. And then I think maybe it may not sound as big. There's a lot to be done on the technology front to make us even easier to deal with. And so some of that will be more evolutionary than revolutionary, but so much of what we did over the last decade was focused on making the PC experience better and our website's really robust, as you know. We have to have smartphone and tablet technology that's equally robust.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“For Vanguard. One trillion dollars. Wow. From a startup, you know, we were late in the target date fund. We're now the largest provider. We actually are the largest 401k manager today, you know, three quarters of a trillion dollars in 401k assets. And then our global business has gone from, you know, I don't know, 70 or 80 billion to 250 billion in that time frame. So all those sort of strategic pushes have paid off to date. And then we did a lot of internal things, as I said. And so going forward, I think the ETF phenomenon is not done. So I think ETFs are not only going to be front and center in the U.S., I think they're going to be more prevalent around the world. We're seeing.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I want to share, but. Goals. Yeah, so let me just step back to coming out of the crisis just to keep the context. We did a lot of work coming out of the crisis about things that we thought were going to really matter. So, you know, one of them was we thought ETFs were going to be a bigger part of our future. So we put a lot of emphasis there. We thought target date funds and the 401k market would be a bigger part of our future. We put a lot of emphasis there. We thought global would be a really much bigger part of what we were going to do. And so we put a lot of emphasis there. There were a lot of internal things that we worked on in terms of developing the next generation of leaders and so forth. And what you've seen in the last half dozen years is, you know, obviously the ETF side has, you know, that's played out pretty much the way we saw it. We weren't in the, we didn't serve people like you, financial advisors a decade ago.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, so I would tell you we're probably not as far along in that as you would think and hope in some ways. You know, one, you've got all the privacy issues, so you want to make sure you have your structures to protect privacy. But I think the big data concept that a lot of people are talking about is probably the next going to be a really important thing going forward. We certainly look at all the transactional activity and it gives us a very good sense of what investors are thinking and doing. And we can watch what people do on the web so we know where they're spending time and where they're not. And that actually gives us some insights as to how investors are thinking. But we probably are in the second inning of that game, if you will. Really? Yeah. So I think there's just immense amount more that can be done.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Still cheaper than here. Again, it's a great case for why you want to be globally diverse in your portfolio. And our client base is increasingly becoming global. We've got pretty significant footprint in Australia, Hong Kong. We serve Europe from the UK. So we're seeing our ability to take our story to many disparate markets. And that's been pretty exciting to watch. And that's really happened in the last five years.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“We only had one index fund when I joined. We were in the process of rolling out our second one, and no one had really come to the party at that point. You know, we were still primarily an active shop. And to see the adoption of indexing is a major force in the mutual fund space. We always believed it would take hold, but I'm not sure even we saw it taking hold to the level that it's gone. So that's had a pretty profound change. And then probably the last thing, and then we'll get to the second part of the question, is the globalization. And, you know, we've globalized our investment thinking. So we are very heartily recommending people check their home bias at the door and really diversify globally.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And now 90% of all transactions are conducted on the web. That's amazing. And you see people doing all this stuff with smartphones and tablets. And it's just incredible to see. So that's been a huge change. The third change has been actually the adoption of indexing. So you'd say, wait a minute, you invented the first index fund in 76.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So the breadth and scale of what we do is certainly huge. The change in technology has been breathtaking. Breathtaking. The biggest technological innovation when I joined was the 800 toll-free number.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we see a lot of investors on our retail direct side, you know, the do-it-yourself investors who do a combination of, they'll build a core portfolio around an index strategy, and then they may add one or two or three of our active funds, almost like a core satellite kind of approach. That's become pretty prevalent, and that's most prevalent in the retail side. The 401k side used to follow that. trend as well, but certainly the last five years, the advent of target date funds has changed some of that. So we see a little less interest there. You know, on the advisor side, you know, our financial advisors with whom we work, many of them employ that kind of strategy where they mix indexing and active. But historically, I think they've looked to us more for our indexing prowess than our active prowess.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And then, you know, we really do roll up our sleeves, and we meet with the analyst teams and we get into how does a good idea get into the portfolio, how does an idea get out of the portfolio, what are you looking at next, et cetera, et cetera. So we actually get into a lot of the weeds around the portfolio, but at the end of the day, what we really want to see is a consistency between what they say and what actually happens. It makes”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you may be happy that you have 200 basis points of outperformance, but you have it for the wrong reason. So that's something that actually would raise a flag with us. That's not what you say you do. On the other hand, if you have a manager who maybe their performance is only average because they've had some factor headwinds or whatever. But if they say bottom-up stock selection is really what's driving it and you look at the portfolio attribution and you see stock selection is actually added value, well, then that begins to reinforce what they're saying is what they're doing.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The investing model. Yeah, so on the investing side, what we're really looking for is an explainable process that's very consistent. And again, I'll oversimplify, but if someone says I'm a bottom-up stock picker and we don't think about sector allocation, we don't think about the benchmark at all, et cetera, et cetera. When you do a portfolio attribution analysis, and let's say they've outperformed a broad market by 200 basis points, and you see when you do the attribution analysis, there's nothing from stock selection, and it's all from sector selection. It's all because of what sectors they were in.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And they're really good at developing the next generation. You know, in our business, so many firms have imploded going from first to second to third generation. And so, what we've seen over time is the people side is really important. And that is a qualitative thing. But we've got a group of people who've been doing this for a long time. I've been part of this. Process for almost 25 years now. So I've seen a lot. I'm going to make my sure mistakes, but I've seen a lot and many of my peers have been involved for 15, 20 years. So hopefully that experience allows you to assess the people side a little bit better”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So the short answer is we don't see in those quote unquote less efficient markets. And I think the reason for that is costs are so much higher there that Even trading costs, it's such a drag. You know, when you look at index results versus small cap active, for example, it's not quite the same extreme as in the large cap, but it's close But the things that we see are more soft. There's one quantitative thing that we see, which is for the most part, they're much lower turnover than their counterparts. No surprise. They tend to be very focused on that. But then the other things are they have great, great talent retention. They have great process for they're very consistent in what they do.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, although, you know, we have found a few firms early in their existence, but they generally were seasoned people who spun out of bigger firms and some of our most well-known managers actually started that way.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's a small group of our executive team, a subset of my executive team, but this includes me along with the senior members of this portfolio review department that I just described, we'll do 100 manager meetings on campus a year at a minimum. So these firms will come and spend an hour with me and my team and then half a day with the broader portfolio review group and we'll put them through their paces. And of course we'll do things in their office as well, but we bring them in formally every year and then of course they're in front of our board on a rotating basis as well. There's a ton of rigor that goes on and it's very senior management, a lot of senior management time. And I've even had a couple of my directors say to me, gosh, you guys spend an awful lot of time. And I said, this is what we do. I mean, this is the most important thing we do on the active side.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So it's an experienced group typically mostly all CFAs at this point. A number of them have actually worked before they came to Vanguard. They might have been working for a consultant, so an NSKNUP, for example, or somebody like that who was really good at manager selection. A lot of them have been homegrown, though, but really highly trained. And we just put a lot of time and energy, and again, this may surprise you, but so we have 31 firms. They run about 75 mandates for us.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“No, so you're going to run your fund. We're going to do all the back office, all the administration. You're going to just manage money. And they'll transmit data to the custodian and so forth. They'll do their own trading and so forth, but it'll be a Vanguard fund and will be the distributor. And basically our premise is if you do a really good job over the long run, our clients are really smart. They'll probably invest more with you. And so the outside managers love it because they don't have to do any service. They don't have to do any marketing, any sales. All they do is run money. Most of them tell us where their best institutional account.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Second, we didn't think we could attract all the best active talent to Malvern, Pennsylvania as bucolic and beautiful as it is. And so for all of our active equity funds, we actually travel the world and look for the best sub-advisor. So much like a foundation or an endowment will do if you're looking for a large cap growth manager, who's the best large cap growth manager you can find. So we go and we have a team that does nothing but that.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I think there are two big factors. One is we run our active funds at a lower cost than everybody. That's a huge, huge advantage.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, and you sort of peel the onion one level, and it's like, well, really smart UK companies made their money in the US. Of course, they became global. Became global. That makes a lot of sense.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You're not going to see it. Over the long haul GDP is growing. Market should be growing if a GDP stops growing like we've seen in some countries. But you know, one of the great statistics that's out there, if you went back to late 1800s, so 1890s, so what was the number one economy? It was the UK and US close on its heels. subsequent 100 years obviously the US economy grew at I think twice the rate of the UK economy and so the trick question is what were the returns in the equity markets I think they're almost identical yeah they're very similar within a tenth of within a tenth of a percentage point so much”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, there's a great research paper out on our website that looks at macroeconomic data and essentially GDP growth and market returns, as you know, there's almost no correlation in the short run.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“When I said we were getting more inquiries around it, what we've tried to do with it is put out the information with a, and here's what it means and here's what it doesn't mean. And generally, don't let it change your portfolio allocation at all, which is, you know, sort of your basic message.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Revenues. Right. So, first of all, I couldn't agree with you more. And I actually think that's the education that has to take place.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Compared to what they're going to throw out. No, that'll be great. Actually, we like doing that. But you know what was interesting is we got so many macro questions that we went back and said, gee, we're not putting enough information out there.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, we all like. You'll do a day where you help center. Yeah, where you want to, so you want to hear what investors are saying and what they're thinking and see what our people are going through as well.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The past couple of years very difficult to do, as you know. And again, there are firms out there who've made a, you know, this is all they do. But for the average investor, it's really tough. But I'll give you an interesting. This is an anecdote about a year and a half ago. I did a day on Facebook and Twitter for Vanguard, you know, the Vanguard accounts. And I got more macro questions than anything else. And that was very different than what I used to experience answering phones and so forth.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And it is. And, you know, it's one of the things that we found as a provider is we need to put more macroeconomic information out on our website and arm our reps with that and so forth. But at the same time, we're telling people, despite all this really interesting stuff, don't act on it.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and we feel great about that because it's highly diversified, you know, very global. Very balanced, and you know, you can argue on the margins, but it's a really good solution for most people. So I think actually investors are more well diversified, probably even more than they know in some cases, and that's going to really stand them in good stead over the next decade. So what aren't they doing as well? I think the savings rates I've already mentioned, you know, if you look at the average in the 401k system as a proxy, they're not where they need to be. I think the average large plan, it's about 10%. The number needs to be more like 12 or 15. So that's one. Two, I do think people still on the margin pay too much attention to macroeconomic factors.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Portfolio. The default certainly explains some of it, but we've seen people make wholesale changes to really encourage their folks to go into it as much as 50% of the cash flow going into our 401k system. And we have 4 million people on our record keeping system, so we get to watch this closely, is going into TargetA funds. That's”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, you know, we were pleased to see that. And again, I think as a result, people benefited from that. The advent of Target date funds, which we talked about a little bit earlier, it's amazing how much money is going into those in the 401k system right now.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So look, I think at the highest level, we're seeing better behavior on two things. One, they're paying a lot more attention to costs. Again, I know that sounds self-serving, but the results have actually borne it out from a return standpoint. So there's certainly been much more attention to that too, again, during the crisis, we didn't see a big uptick in transaction volume. In fact, we actually saw a decline in transaction volume and people actually stayed the course.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Companies, you know, companies have done an awful lot to improve margins over the last decade. They've been very conservative. In fact, one could argue in some cases they may have even underinvested in the future. What we don't top line growth is getting tougher to come by. And ultimately, you need top line growth. Again, I'm not optimistic or pessimistic. I just don't know on that score whether we'll see sort of a revitalization of top line growth that leads to really sustained earnings growth over the next five, six years, which would make the case that you described come true.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, you know, look, we'd all love it if that were the case. I guess I don't quite yet see what's going to accelerate earnings to the level that you would need to see earnings accelerate to sort of make the valuations make sense. What you saw, I mean, in the beginning of that period, you certainly saw earnings growing at tremendous rates. And then obviously valuations got kind of crazy toward the end. But even if you back out the last couple of years.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But look, you know, I think despite the fact that I don't think the next 10 years, the markets are going to be as robust as certainly they've been the last five, by almost definition they can't be, it's still really important to keep investing. It's still really important to have that diversified portfolio. And so I think actually that's going to be one of our challenges is to keep people, you know, you're putting out this message that's not all that optimistic, but at the same time, don't try to time it. Don't try to avoid it. try to keep investing on a regular basis, if anything, try to save a little bit more.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right in the middle. So, you know, to me, I think the GFC, it certainly didn't have the impact that the Depression had on my parents. My parents were born right in the middle of the depression and have great stories to tell about growing up then. But this is pretty close in terms of, I think, a psychic impact on people. For people who had been saving their whole life, it was a pretty scary moment. And you've certainly seen some change in behavior as a result. So I think that partly explains the lack of euphoria.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Trauma, I think, if you think about the last 15 years, we've had two really bad markets, right? You had the dot-com crash and then you have the GFC.”
2015-05-15 · Masters in Business · Vanguard CEO Bill McNabb: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source