Vanguard homepage
Advisor’s Digest
Vanguard Research & Commentary for financial professionals
March 08, 2018
How should investors view P/E ratios?
Vanguard Global Chief Economist Joe Davis discusses how P/E ratios relate to investment returns.
 Watch video |  Read transcript

Setting the record straight: Truths about indexing
This research paper rebuts the arguments indexing critics make regarding the impact of indexing's surging growth.
 Read article

Municipal market: A review of last quarter and a look ahead
The fourth quarter of 2017 in the municipal market demonstrated that demand for tax-exempt bonds continued to outstrip supply, which may be low in early 2018.
 Read article

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

Investment Commentary Podcast

3 Vanguard sector index funds will transition benchmarks

Leveraging clients' annuity assets
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 |