How is Vanguards health as a company?
We’ve weathered this crisis very well because we were prepared. We learned from prior crises, whether it was the Asian financial crisis of 1998 or the events following the September 11 attacks, how to handle extreme situations from a contingency perspective. From a service standpoint, the investments we made in our infrastructure and technology enabled us to answer the bell on our clients’ behalf even though we had record call volumes and website logons. We answered client calls and provided reassurance and perspective. Our investors didn’t panic and, for the most part, remained committed to their long-term plans. On the investment side, we had made earlier improvements to our internal capabilities that paid dividends. For example, in our Fixed Income Group, we built upon our already strong program, adding research and credit analyst staff, investing in technology, and employing new risk control measures. The result: Our fixed income funds were conservatively positioned and performed w
