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Our discussion centers on a new report, Vanguard economic and market outlook for 2020: The new age of uncertainty (https://pressroom.vanguard.com/nonind..., published by the Vanguard Global Economics and Capital Markets Outlook Team. Joseph "Joe" Davis, Ph.D. (https://advisors.vanguard.com/VGApp/i..., is a principal and Vanguard's global chief economist. He is also head of Vanguard Investment Strategy Group, whose research team is responsible for helping to oversee the firm's investment methodologies and asset allocation strategies for both institutional and individual investors. In addition, he is a member of the senior portfolio management team for the Vanguard Fixed Income Group. Joe earned his Ph.D. in macroeconomics and finance at Duke University. Hosted by Rick Ferri, CFA (https://rickferri.com/), a long-time Boglehead and investment adviser. Recorded on December 29, 2019. This podcast is supported by the John C. Bogle Center for Financial Literacy (https://boglecenter.net/), a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation (https://boglecenter.net/40-2/) to the Bogle Center is appreciated. Transcripts are available on the Bogle Center website: https://boglecenter.net/sponsorships-... The Center’s mission is to expand the legacy of John C. Bogle, the founder of Vanguard, by promoting the principles of successful investing and financial well-being through education and community. The Center envisions a world of well-informed, capable, and empowered investors. Community outreach is achieved through the Bogleheads forum, wiki, and blog, as well as in-person and virtual Bogleheads chapters worldwide. Bogleheads.org: Bogleheads Website Home Page: https://www.bogleheads.org/index.php Bogleheads Forum: https://www.bogleheads.org/forum/inde... Bogleheads Wiki: https://www.bogleheads.org/wiki/Main_... Bogleheads Blog: https://www.bogleheads.org/blog/ Investors can get started here: https://www.bogleheads.org/wiki/Getti... Social media: Bogleheads on Facebook: / bogleheads Bogleheads on Twitter: / bogleheads Bogleheads® is a registered trademark of the John C. Bogle Center for Financial Literacy.