Vanguard homepage
Advisor’s Digest
Vanguard Research & Commentary for financial professionals
February 26, 2018
5 keys to understanding investor behavior
Here are five key findings from investor-behavior research, along with action steps advisors can take when communicating with their clients.
 Read article

Risk speedometer: "First-quarter effect" holds strong (so far)
Vanguard's risk speedometers are our unique lens on investor behavior. This monthly update looks at January 2018 cash-flow data.
 Read article

Vanguard factor ETFs: Harness low-cost, transparent exposure to factors
Vanguard's new low-cost factor ETFs are an innovation in factor investing. This brochure explains how you can reflect client goals through factor exposure.
 Read article

Technology's impact on wages and inflation
Vanguard Global Chief Economist Joe Davis discusses how technology is influencing wage growth and the global labor market.
 Watch video |  Read transcript

Browse more Research & Commentary
Economy & Markets
Portfolio Construction
Wealth Management

Investment Commentary Podcast

Leveraging clients' annuity assets

Vanguard funds and ETFs top Money's rankings
Vanguard's Twitter page Twitter
Vanguard Advisors iPhone app iPhone
Vanguard Advisors iPad app iPad
Vanguard Advisors Android app Android
The Vanguard Blog Vanguard Blog for Advisors
Vanguard's RSS feed RSS Feed
Legal notices

For financial professionals only. Not for public distribution.

All investments are subject to risks, including possible loss of principal. Prices of mid- and small-cap stocks often fluctuate more than those of large-company stocks. 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. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility. Investments in bond funds are subject to interest rate, credit, and inflation risk. Although the income from a municipal bond fund is exempt from federal tax, you may owe taxes on any capital gains realized through the fund's trading or through your own redemption of shares. For some investors, a portion of the fund's income may be subject to state and local taxes, as well as to the federal Alternative Minimum Tax. Diversification does not ensure a profit or protect against a loss in a declining market.

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.

For more information on Vanguard funds and Vanguard ETF Shares, visit or call 800-997-2798 to obtain a prospectus. Investment objectives, risk, charges, expenses, and other important information are obtained in the prospectus; read and consider it carefully before investing.

© 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

455 Devon Park Drive | Wayne, Pa. 19087-1815 |