Joseph Davis, Ph.D., a Vanguard principal, is the global chief economist and global head of Vanguard Investment Strategy Group, whose research and client-facing team develops asset allocation strategies and conducts research on the capital markets, the global economy, portfolio construction, and related investment topics. Mr. Davis also chairs the firm’s Strategic Asset Allocation Committee for multi-asset-class investment solutions. As Vanguard’s chief economist, Mr. Davis is a member of the senior portfolio management team for Vanguard Fixed Income Group. He is a frequent keynote speaker, has published white papers in leading academic and practitioner journals, and helped develop Vanguard Capital Markets Model® and the firm’s annual economic and capital markets outlook. Mr. Davis earned his B.A. summa cum laude from Saint Joseph’s University and his M.A. and Ph.D. in economics at Duke University.