Rebecca Katz: So, Joe, you are a real historian of the markets and you've worked at Vanguard for almost 25 years. 

Joe Davis: Yes. 

Rebecca: So, what sage advice do you have for our investors during times of market volatility? 

Joe: I give them three things. One is just acknowledging that this is a tough market environment when you have the markets dropping and a lot of things going on. There's negative headlines, there's uncertainty, and you're obviously seeing changes in one's portfolio.  

But it brings me to the second point. And that is, markets are fairly quick at discounting new events. Because just as quickly potentially when negative events arise, you can have positive events as well. And that's why negative returns can be really clumped with positive returns almost the next day at times. 

And then thirdly, I would just channel our founder, Jack Bogle, because he had this wonderful framework of staying the course. And why he said that is it's not always pleasant, that journey, right? But the reason why stocks outperform bonds or bonds outperform cash-like investments over long periods of time is because there's risk. And it's enduring those negative headlines on occasion that, ultimately, one is rewarded.