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Joe Davis
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- 2019-02-15
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- 2019-02-15
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“Technology, military wise between the US and China. I think that's going to be with us for some time. But China has a roughly a 15 to 20 year window to escape what everyone calls the middle income trap, right? To get wealthier household income. They've astounded the world and their progress today. Mankind has never seen in recorded history the amount and the rapidity of economic development. But they're not out of the woods. I mean, I think it's been risky to discount China. But they have some challenges to work through. The demographic challenge that they face over the next 30, 40 years is the biggest one.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“To rise back to where they were the leading economy in the world, the great power. You know, there's a line from Confucius, a great quote, thou shalt not be two stars in the sky nor two emperors on earth. It can be a little unnerving in today's environment between the US and China. I don't think it has to be as adversarial as some fear. But I think the tensions that we see. Economic.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think China's history, you know, really a glorious history, I think, is a testament to the power of globalization, the openness to other ideas, as well as the risks that societies face should they close their minds and their walls to competition and new ideas. I mean, China missed the industrial revolution because they closed off to the West. Now, if you also, I've read a lot of China history to educate myself, not having been born in China, but I visited there. And what you do read at the same time is, you know, the West is does not escape from criticism and how we contributed or shaped some China policies in the 18th and 19th century. It goes back to the opium wars in the British. I think the more you read China history, the more you read two things. Their will as well as their belief”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Which, by the way, we still fail Yeah, I mean, they were doing a tightrope, right? I mean, they are what we call this fight and retreat mode. When they have softness, they'll stimulate a little bit. But the trend is down. Part of that is good news. But I think the trade uncertainties really damaged, I think, consumer confidence in China. Really? So this slowdown is different from past China slowdowns in that the consumer is more at the epicenter of the slowdown. Again, we were not calling for a hard landing in China, nor a recession in the US. When you have the two large economies set up for some weakness, this nagging concern of recession, I don't think we'll dissipate entirely this year.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, well, we're close. No, it breaks two and three quarters, right? So we're still low by historical standards. But what matters is the real rate, not the nominal. I think they're the bias shifts towards them cutting rates, not because they made a mistake per se, but I think we're still in a period of choppy performance. So it's one sense, you know, the forecast, our forecast sounds like soft landing. I've tried to ban that phrase at Vanguard and my colleagues because I said even if the ultimate landing is soft, the airbags may drop in the plane. It's not going to feel choppy this year. I think the economy globally will take a beating. China's growing lower than they report and lower than they expected. And we're going to have some choppiness here in the US.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think they're about where they should be. We've had a longstanding view, Barry, in part because of how we diagnosed where inflation was going to go, that the Federal Reserve would be hard-pressed to ever get above 3%. And we're not super bear so on the economy. It was just our diagnosis of the other trends. And we thought four rate hikes in 2018 was likely, I think that because of the vigor of the labor market, we went into the year expecting two rate hikes that would get them just below 3% in that range. We've actually backed off that given the volatility we've seen.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think, unfortunately, I think it may take a recession before we get some sort of the pickup and automation productivity that I think we started to pick up. Because again, this is a signal that's five years out, believe it or not. Listen, I think we're going to have a period where to this day, our guarded return outlook, we've had that for two or three years. We have a family firm. We haven't been the only firm. Unfortunately, it may take a bear market to get us out of this low expected return orbit. No pain function evaluation. It's no pain, no gain.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“But I'm hopped. So I think we can get from three to three and a half percent wage growth. If we're hoping for much higher wage growth, we need to see that productivity boom four or five years out, perhaps accelerate earlier for us to have more sustained growth.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Also, Lodo. Now, I would say that I think wage growth will continue mostly inch higher And I think it's the positive, and there's always the risk that central banks overreact, that will not lead to material rise in core inflation. The wages can go up. I think I'll tell you a lot in the marketplace associated if wages should pick up further. They go from 3% to 4%. All core inflation defends behind the curve. That's a mistake in our mind because we believe that inflation, not wages, inflation are anchored. And so we believe the Fed won't make necessarily that mistake and over tightening that. So that would be good news. I think, but I think we're going to live in this, there's several paradoxes in the world. One is low growth but full employment. Secondly, is tight labor markets yet low inflation?”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think modest increases, which you think is a positive, I think, two things I'd say about wages. One is wage growth, let's say the US example. We are where we should be. Because at the end of the day, wage growth should be roughly the rate of productivity, which you and I just spoke about today. Which is kind of low, which is kind of kind of low. And inflation.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so Japan, if anything, they have yet to this day to break that negative or low inflation psychology. The Federal Reserve to their credit, and I think Americans as a marketplace, we've generally zeroed in on that 2%.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so, inflation expectations matter, which means it's less likely to core inflation to go above it or below it. And now you overlay that with the trends in technology. And we have long believed that generating 2% inflation in a digital world is just tougher to do. Is it possible? Clearly. If you go to Argentina, very easy to get. Well, but that's a very specific. But that's because they have very poor inflation psychology.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Way above average. Yep. Well, I think two things. One thing that's been, and statistically, we could, you know, I could show you it's irony. One of the reasons why inflation, it's although possible, is unlikely to rise materially in your and I's lifetime is because you and I and everyone else in the marketplace believes that it won't. So economists generally talk about anchored inflation expectations. Really, it's around anchored inflation expectations, right? It's the tips market, it's breaking inflation, central bankers will use well anchored inflation expectations. Really what this matters is that we believe in the Federal Reserve's credibility in achieving a roughly 2%.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“For 10 years, we have not been concerned of a rapid increase in core inflation. In the US or in almost any other market, one of the reasons why we looked at the role of technology and how that is depressing, we quantified. The role of technology in digital computers is actually probably subtracting 50 basis points a year from core inflation. So that matters because that gets to what a reasonable expectation is for the Federal Reserve, what are reasonable expectations for long-term, for the 10-year Treasury. Again, we will never have a crystal ball. Our job is to say, what are the risks and what are the factors helping to drive these longer-term trends? And I'm proud of, you know, that's where our marginal hour, our marginal dollar is spent, is trying to get gleaned a little bit more insight in those longer term.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Long secular trends that are very significant. Now, to help to influence, it's just an input to our portfolio management team on the fixed income side. Obviously, they're active bond managers, our view on the Federal Reserve matters, our view on growth. What's the risk of recession? We will estimate all those. We don't tend to publish them in high frequency externally for clients, but it's part of the active management process. But again, it's all in that distributional setting I talked to you before, Barry. We're trying to, and this is just as hard. One problem is not easier solved than the others. We're just trying to focus if we can nail the sort of trend and have better sense. I'll give you an example.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Because that's really, and I respect many of my colleagues. I read their research. I'd say where we differ is in the shift of our horizon and where we focus on. So we spend, for example, I tell my team we should not be spending much time trying to devain what the latest GDP number will be. We care about it. We'll give a high level glance, but we care.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And volatilities you assume for that portfolio. Now you can use long run history, but why should you do it? Are things different? Secondly, so that's important. And so how do you think through forming the sort of viable return and risk expectations? I think the job of our team is to help do that in a reasonable way. And secondly is to convey the risks in the marketplace, to help investors make decisions on their own certainty. I'm very proud of our framework. We refuse to release short-term point forecasts. We have a mantra at Vanguard. We will not produce point forecasts. We can produce forecasts. I think that's helpful if we show the range of distributions. Our job is to, in a very statistical, rigorous way, what is the range of expected returns or outcomes for the markets, for the economy, for the assets that we care about.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Broadly indexed. Although I tell you, when I first came to Vanguard, and I'll never forget the question, was why does Vanguard need an economist? It's still a good question I get asked. So why does Vanguard need an economist? I think ultimately because for two reasons. One is ultimately asset allocation, which we all know is the most important decision any investor has to make. Ultimately is a function of the expected returns.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“If it would be on what are viable retirement income and an investor behavior concerns and issues, this would be that group. It would be, what's the role of an asset or sub-asset class, factors, commodities? What's that role in the portfolio? We would help through research as well as computer analytics to help investors or our internal business partners, those that provide advice, those that provide counsel to advisors, institutions or individual investors, we would help them through the research that we conduct. So we're ultimately a research arm of the company, but increasingly doing a lot through computer development as well as speaking to clients and prospects on the road.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Thanks, Barry. Ultimately, thought leadership. So our job, the investment strategy group's job, it's a group in existence roughly 15 years. It's actually the group I was hired into. And our job is to help investors be successful and help them provide them with a perspective on the problems they're trying to solve. So if it is what is Vanguard think, dot, dot, dot. And if the next word or phrase is, what's our view on the long-term trends in the economy and what are reasonable expected returns, that would be investment strategy group?”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Because what is happening is AI is incredibly important. I'll call it broadly computer technology, digital technology. They are being used by all these industries. That's a general purpose technology. The ultimate new game change on ideas will come out, I believe, from one of those, if not more, of those fields I just mentioned, but they perhaps could not have come up with some of those answer applications without computer. Probably like we probably couldn't perhaps do this podcast without the computer and software technology that you have today. We could. It would just be.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's effectively, you know, that's in genetics. And ironically, do you see how I did not mention AI in any of the fields?”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, it's off the chart. Makes sense, right? But it's off the chart. I mean, it's over 2x where computers were, again, just a relative comparison because what's an idea multiplier, again, we're introducing new concept of this debate.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Again, I'm not good enough or smart enough to tell you exactly what new product will come out, but there is something big in the pipeline. A few years ago,”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“That I don't know. I don't know. Putting words in. I know. Yeah, yeah, yeah. I will not say that. The third is actually around agriculture.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“30 years ago. So I told my daughters the three lead, so three jumped again, have a higher idea multiplier today than computers did in 1992-99. So material science is one. Material science is one second is, actually I'll give you four. Second is actually oncology, the finding of cancer. Incredible progress being happening.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Those five are in order. One is around materials. It may have to do with batteries. So I can't technology. I cannot tell you what game-changing ideas will occur, but we can have some sense of where the fields are.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Is this a leading indicator? This idea multiplier, when you look at its rate of change, tends to lead actual productivity growth four or five years in the future. I know it sounds crazy, but the ideas that we're tracing in our lead and indicator are ideas in academic research, medical research. Its patent applications and how they're being cited. Every journal and every book that has ever been written over the past 40 years, we look at all those ideas and not only that, all the citations of all that research and what ideas they are citing. And when you look at all that data, you can then identify what are influential ideas that are spreading. And what we found to my shock is that there was five fields we found now that have the higher idea multiplier than what the computer technology industry had in 1992.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“What we just picked up is so the data, and we were, I was shocked to find, in fact, we had the team crunch it four different times. A lot of data, what we found is now just in the past year, that idea multiplier went from 200 to 1 to over 400 to 1.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Because the rate of ideas and being discussed in academia and patent applications and academic research, which is the signals, that's where the data we were using, 2 billion records, you could see that sort of high energy state in those fields. And it's been dormant for the past 10 years, which I think helps to rectify some of what some call the new normal, is because”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“The fact that there's more knowledge and ideas being created in China, which is actually now leading to further additional ideas in the United States and vice versa. And so what we found is that what we call the idea multiplier, how many future ideas are created by one good idea? In 1980, that ratio was roughly 40 to 1. To 41. It picked up in 1992. It actually told us had we had the data back in 1992 that there was something coming five years later in the computer industry. It was called Now the Internet.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, how do you answer where new ideas are coming from? So, what we started looking at is what drives when the rates of idea creation accelerate and decelerate through time. And what we did is we actually traced the creation of every valuable idea in the world over the past 40 years. It was over 2 billion records. And what I mean by that is we care not just by about some idea being created, because there's a lot of, quite frank, a lot of bad ideas. We want to care about can we trace the spawning and spreading of valuable ideas. Think of things like the internet, but things that even are smaller in scale, which create new businesses, new opportunities. And we looked around the world. And what we found is actually the most powerful part of globalization, because globalization is on their attack with trade, is the trade of ideas.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Because of all the job losses. Economists, myself included to going back to my daughter's question, I didn't have a good answer because economists generally treat the productivity as a residual. Meaning, we don't really know why it goes up and down through time because ultimately it leads to where are new ideas coming from.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Now, just because it's been 09 previous times doesn't mean we're going to rebound out of this one because that's where we're at in the previous 10 years.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, yeah, even 100. That's a fascinating comment. It's a fascinating, there's like long waves. Now you can smooth any time series and you can find this, but long rays of innovation through time. In fact, in the United States, we've had at least nine periods when productivity on a 10-year basis has been zero.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“If protibul, whether it's low or high, ultimately what that means is the amount or the number of valuable ideas being created in the world, ideas for a new widget, new computer, new business model, new product, that has to be depressed now. And if we can look at what is occurring in the world and the globalization and the trade of ideas across countries, then we can get a sense of where the new ideas will come from, if at all, if they'll accelerate.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, we were trying to answer the fundamental question, Barry. And again, we fully answered it, but I think we have better insight into explaining this paradox in the world. Low productivity and measure rates of innovation. Yeah, we got technological disruption all around us. And where our research led us is to say what ultimately leads to profound increases in economic growth, whether it's in China, the US, it's that genuine rate of innovation, right? And what we did is we looked at, say, well,”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's just effectively computer software at a more advanced pace. That is the more profound pace. And I think we are starting to enter that. And so that's where we will see the productivity gains is all the other occupations and industries across the country using that sort of computer technology.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I believe, and in some of the work we've done shows that most industrial revolutions, we can debate whether there's been two, three or four, they generally have two broad phases. The first one is the first euphoria. That can last 10 or 20 years. That's when the first technology, the general purpose technology, steam engine, electricity, the computer, when it's built and is introduced to the marketplace. Think of routers and hardware in the late 90s. That's the first phase that typically then happens a period of euphoria with that financial bubbles. There's economic damage. What I think is lost though, the more powerful phase is the second phase. Because what general purpose technology changes the world when it changes business models and it changes how companies do things that have nothing to do with the original technology. And that's where some call it now AI, artificial intelligence.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“But there was a 10 to 15 year period after a financial crisis, ironically, when growth and productivity was at a standstill. And yet investment in new technology was starting to pick up.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Again, demographics aside. I'm talking about output per person, income per person, that we will see a material rise in productivity. I can't tell you the day or the week, Barry, but our work, some of what we've done, we can get into, we call the idea multiplier, we believe is the world's first leading indicator of commercial innovation that actually will show up. On statistics, and we believe that that is in the process of occurring. But it's going to take a little bit of time. There's a historical analogy to this. In the past two periods in long U.S. history, over 200 years, there was two periods in time, at least when productivity is as low as it is today in a period of profound technological disruption. It happened during the mid-19th century when steam engines and locomotives were expanding across the economy.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think there's three potential reasons why. And again, we should care because if productivity is really going to return, Bob Gordon's got that great book, The Rise and Fall of American Growth. And other than the late 90s, we haven't seen a material pick up in productivity. And again, it feels all around this barrier, right? I mean, technological disruption. There's some making the argument, some really smart people that I respect making the argument. I mean, you hear it in phrases of secular stagnation. You hear it of, oh, ideas are harder to come by, that productivity is permanently impaired. I don't buy that either. The third one is I believe that there's an implementation phase that the global economy is working through.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So that's where you can, I think you can reconcile some of this paradox by saying that's where the relative matters as much as the absolute. That's why I justify that position, but I think that has been lost sight of. But the fact is, I think in the financial markets and as investors, we focus more on corporate earnings growth, those economic fundamentals that perhaps may fall outside of GDP.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, there's a lot of behavior. Well, it depends relative to, you know, so it's relative to your peers relative to 10 minutes. I think you can explain the paradox of said you have general trends in the world, a lot of trends are better. Lower violence, increased wealth around the world. Look what's happened in China. Yet you have risen income inequality.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and I remember routing off some of those statistics to my daughter, Steve's book, Hans Rosling for years. Also talked about that, great, great example. I think part of it is those are slow moving trends. So, we just don't fixate on them because they're not moving up and down very quickly. Those are years and decades. Yeah, years and decades. The other thing is I can't prove this bear. I think part of this is happiness is relative in life.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“The world, and something we didn't inspect to find, we actually believe we found what potentially is the first leading indicator. For innovation that suggests just right now that innovation may and growth may accelerate five to six years in the future.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you know, my instinct was it depends, and that's, of course, not satisfactory, but a standard economic response. You know, my daughter really got me thinking. I remember sitting at the kitchen table, Barry, and I said to myself, you know, I should know the answer to this question pretty quickly. And I'm going to fail seventh grade because that was the question to a seventh grade essay. That ended up becoming a whole research project because where I zeroed in on is if the world's getting If the world's going to get better, that means the rate of innovation, what we call the rate of productivity has to accelerate. And why anyone should care about that is because then the standard of living for people around the world is increasing. And that rate of increase has been declining since 2000, long before the global financial crisis. And so we stumbled on what is going to lead to higher rates of growth, innovation for more inclusive growth across the world.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“He says, Hey, have you ever thought about applying to Vanguard? So, of course, again, I'm 31. I say, what? Vanguard.index company. They don't need an economist. And he says, well, do you mind if I take your resume and give it to someone over there? And it turns out they were just starting a research group to supplement Jack Bogle, who was obviously continued to be a luminary in the field. And so next you know I'm interviewing at Vanguard. It's 2002. And to this day, I was impressed with the talent of the professionals I met at Vanguard with no egos. And that's over 15 years ago, Bar”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And Duke. Okay, that's what I recall. So I really wanted to go to the private sector, not in academia. And I thought I was going up to New York City to work on the sell side. And my dad pulls me aside.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I grew up literally 10 minutes from Vanguard's building. I never thought I would end up working at Vanguard. Like a lot of things in life, I have my parents to thank for why I'm actually at Vanguard. So I'm coming out of grad school doing my own job search. I'm 31 years old, so of course I thought I knew everything.”
2019-02-15 · Masters in Business · Vanguard's Joe Davis Discusses Global Economics (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source