Insurance companies typically describe their investments as conservative, a stance that’s encouraged by industry regulation. But what does it mean to be conservative? Vanguard Investment Strategist Daniel Wallick explores the idea.
Daniel Wallick is a principal in Vanguard Investment Strategy Group, where he develops solutions for institutional clients. His work on endowment- and foundation-related topics, including portfolio construction, alternative investments, and risk, has been published extensively. Mr. Wallick was involved in establishing the Vanguard Capital Markets Model®, Vanguard Target Retirement Funds, and the company's use of tender option bonds. He also holds a financial patent for work in connection with Vanguard Managed Payout Funds. Before joining Vanguard in 1998, Mr. Wallick worked in public finance, where he was responsible for the issuance of more than $10 billion worth of debt. He earned a B.A. in history from the University of Pennsylvania and an M.B.A. from Harvard University.