
Volatile markets underscore importance of discipline
Commentary by Greg Davis, Vanguard chief investment officer At Vanguard, we’ve always emphasized the importance of investing for the long term. The example of two recent U.S. equity market trading days helps reinforce that message. On January 20, the markets rose solidly throughout the day, with the Nasdaq, best-known for technology stocks, up nearly 2% at its highest point. But the gains evaporated in a flurry of late selling. Just two business days later, on January 24, the