

Clement Chung
- Mar 20, 2019
- 3 min
Market Perspectives: Slowing - but still growing
Elevated trade protectionism marks the greatest downside risk to the global expansion and is a prime driver of heightened macro uncertainty. The U.S. trade conflict with China is at the heart of higher trade tensions. We find that trade tensions have likely served as a drag on risk assets, even though it is unclear if the measures taken so far have hurt global trade activity much. This leaves the global economy in an uneasy equilibrium. Yet amid the uncertainty, the BlackRock
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Clement Chung
- Mar 13, 2019
- 2 min
Navigating Brexit
Brexit. The word that divides a nation. And by equal measure, also confuses it. Customs unions, single markets, free-trade areas, divorce bills, hard Brexit, soft Brexit, medium-rare Brexit… how should investors react to momentous political events? As a member of Vanguard's European economics team, I have the pleasure of following every twist and turn of this saga, yet even I struggle at times to get to grips with all of its nuances and details. Will Prime Minister Theresa Ma
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Clement Chung
- Mar 6, 2019
- 4 min
Market downturns? Indexing plays a (predictably) passive role
The growth of indexing has been one of the most positive changes for investors in the last 40 years. This simple strategy offers low costs, relative performance predictability and broad diversification. Yet despite indexing's benefits, its growth has sparked debate about its role in a potential market downturn. As the industry's leading proponent of indexing, Vanguard has a decided view on the topic. "We don't know when the next market downturn will occur or its cause, but re
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