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Articles by Rich Powers
Vanguard’s Rich Powers on Record Bond ETF Flows, ESG
Rich Powers, Head of ETF Product Management at Vanguard, discusses record bond ETF flows, the recently launched Vanguard ESG U.S. Corporate Bond ETF (VCEB), and their active factor ETFs.
Coronavirus, uncertainty, and the markets
Vanguard has been talking about uncertainty for some time now. In fact, it was the theme of our economic and market outlook for 2020, where we put forth our view that perhaps the markets have become too optimistic about the prospects for growth in China, the United States, and elsewhere. And now comes COVID-19, also known as the coronavirus. News over the weekend suggested a noteworthy spread of the disease beyond China, where it originated, to South Korea, Italy, Iran, and other countries.
College savings for the holidays
My 2 kids have been working on their holiday wish lists for weeks, erasing one request, adding another, then reprioritizing yet again. While my kids certainly don’t get everything they want, they always end up with plenty to be grateful for (and with a number of things that require batteries!). Christmas can be a magical time, especially for kids. Although gifts from a wish list are sure to delight on Christmas morning, I encourage you to think about another gift this year: a 529 contribution.
Answering the top 5 questions about ETFs
A few months ago, one of my colleagues and I participated in a webcast intended to demystify and simplify ETFs. (A replay of that webcast is available, if you’re interested.) We always invite questions before and during these events, but we never expected to get more than 6,000 of them! I live and breathe ETFs—which stands for “exchange-traded funds”—on a daily basis. It’s my job, after all, as the head of ETF product management for Vanguard.
Is early retirement a realistic dream?
When my wife and I got married, we sent friends and family a simple wedding invitation with a response card. Guests could choose between beef and fish. We mailed them a few weeks before the big day, informally tallied the RSVPs, and kept a running tab of entree selections. Like a lot of things, weddings aren’t that simple anymore. We have a save-the-date magnet on our fridge for an upcoming wedding that’s a full year away.
First, do no harm
Editor’s note: A version of this post previously ran in March 2016. We believe it’s an important topic worth revisiting. On my computer monitor, I have taped a small piece of paper with the words primum non nocere. It’s Latin—a “dead” language that pervades modern life—for “first, do no harm.” The underpinnings of the Hippocratic oath, it is as applicable to providing investment advice as it is to medical care.
5 common misconceptions I had about ETFs
After my first summer internship, my dad urged me to open a Roth IRA and start saving for my retirement. The Roth IRA was a relatively new invention as of the Taxpayer Relief Act of 1997, but my dad was always on top of these financial matters, so he helped me open a Vanguard Brokerage Account. It was the dot-com boom and I dutifully invested my hard-earned $1,500 dollars into JDS Uniphase, only to watch it drop 20% within a few months when the market went to pieces.
10 common questions about ETFs
Source: Morningstar and Vanguard calculations as of March 2017. This is good news because it means investors are, largely, taking advantage of low-cost, broadly diversified investment options to a greater degree. But if you’re like many investors, you probably still have questions about ETFs and the role they should play in your portfolio. We asked Vanguard Head of ETF Product Management Rich Powers about some of the common questions he gets about this fast-growing investment vehicle.
Why it’s so hard to predict the next bear market
Most adults have seen enough detective movies to know that no 2 fingerprints are alike. But that fact isn’t obvious to kids. Years ago, after learning in school that each fingerprint is different, my kids spent weeks trying to match their fingerprints to other people. They never came close. While fingerprints share similarities in their makeup,* trying to find 2 identical fingerprints is almost impossible. Like fingerprints, no 2 bear markets are alike.
Insights from Vanguard on the future of low-cost active management
Active management will survive, and maybe thrive, if it’s available at a low cost. ETFs, then, offer an attractive vehicle. Active management is not new for Vanguard. We have believed in low-cost, long-term active strategies since our founding more than four decades ago. In fact, Vanguard Wellington FundTM started in 1929, and today Vanguard has more than 60 traditional active funds.
Do market-cap differences translate into performance variations?
U.S. equity benchmarks are more alike than different. Still, those distinctions can lead to meaningful performance differences, especially in the short run. Here are some of the ways the major index providers approach the markets. There is no shortage of ETFs to choose from among U.S. equity funds.
Inside China's Emerging Market Opportunities
The investment world is expanding into more regions and deeper into countries that are modernizing their markets. To gain an understanding of the latest changes in emerging markets-in particular those changes related to China, the largest emerging markets country-we spoke with Vanguard's head of ETF Product Management, Rich Powers. Can you start by helping us better understand the differences between emerging markets and developed markets? Absolutely.
5 Considerations For Choosing An Investment Beyond Just Cost
(MENAFN - ValueWalk) Some famous sports quotes can help advisors think about the various aspects of selecting an ETF. Vince Lombardi, the legendary Green Bay Packers head coach, famously declared: 'Winning isn't everything; it's the only thing.' Although Lombardi was not the first to utter the quote, the statement cemented his public image and became a mantra in sports. Get Our Activist Investing Case Study! Get the entire 10-part series on our in-depth study on activist investing in PDF.
5 Considerations For Choosing An Investment Beyond Just Cost
Some famous sports quotes can help advisors think about the various aspects of selecting an ETF. Vince Lombardi, the legendary Green Bay Packers head coach, famously declared: "Winning isn't everything; it's the only thing." Although Lombardi was not the first to utter the quote, the statement cemented his public image and became a mantra in sports. Yet Lombardi later expressed regret for the iconic saying, conceding that it was too broad. "I meant the effort.
ETF urban legends part 2
Today we’re expanding our investigation into ETF urban legends. No, it’s not true that there are spider eggs in your exchange-traded fund, but let’s look at two more urban legends that touch on taxes and trading. A shared characteristic of mutual funds and ETFs is that, instead of paying taxes on gains, they distribute these capital gains directly to investors.
ETF urban legends part 1
Alligators live in the sewers of New York City. Elvis is alive. Twinkies have an infinite shelf life. Popular urban legends one and all! There are also popular urban legends about exchange-traded funds (ETFs). The media gets a lot right on ETFs: ETFs are structured similarly to mutual funds, they trade similarly to stocks, they’re low-cost (and getting lower), and offer quick diversification. However, other reports miss the mark.
Our first ETF is 15 years old
Happy birthday, Vanguard Total Stock Market ETF (VTI)! You were born on May 24, 2001, to the Vanguard Total Stock Market Index parent fund. At the time, you were just a $40 million share class of your $24 billion parent, which was the second largest mutual fund in the world. We weren’t sure of your future, and we certainly had no idea what you would grow to be. We just knew you were another way for investors to get access to a low-cost, broadly diversified portfolio.
Sibling rivalry: ETFs versus mutual funds
I grew up in a larger-than-average family—the oldest in a family of four boys. Needless to say, there was a lot of sibling rivalry as we jockeyed for our parents’ attention and strove to map out our identities—the smart one, the athletic one, the funny one, the responsible one. Incidentally, I saw myself as the athletic, funny brother. But to my brothers, I was always the smart, serious one (probably no coincidence that I ended up at Vanguard!).
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