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Vanguard experts discuss the rationale for
index, active and factor investing and why a
low-cost approach improves the chances of
investment success.

Daniel Wallick

Daniel Wallick is a principal in Vanguard Investment Strategy Group, where he develops solutions for institutional clients. His work on endowment- and foundation-related topics, including portfolio construction, alternative investments and risk has been published extensively.

Mr Wallick was involved in establishing the Vanguard Capital Markets Model®, Vanguard Target Retirement Funds and the company's use of tender option bonds. He is also named in conjunction with a financial patent for work in connection with Vanguard Managed
Payout Funds.

Before joining Vanguard in 1998, Mr Wallick worked in public finance, where he was responsible for the issuance of more than $10 billion worth of debt. He earned a BA in history from the University of Pennsylvania and an MBA from Harvard University.

Joel M. Dickson

Joel M Dickson PhD is Vanguard’s global head of Investment Research and Development and a principal in Vanguard Investment Strategy Group.

Previously, Mr Dickson was a senior ETF strategist within Vanguard Investment Strategy Group, where he analysed trends and developments in the ETF market. He also served as head of the Active Quantitative Equity Group within Vanguard Equity Investment Department. Before that, he was responsible for the day-to-day portfolio management of Vanguard’s active quantitative portfolios. He also was a member of Vanguard Portfolio Review Department, where he evaluated potential advisors for the company’s sub-advised funds.

Prior to joining Vanguard in 1996, Mr Dickson was a staff economist at the Federal Reserve Board. Mr Dickson earned an AB from Washington University in St. Louis and a PhD in economics from Stanford University.