Producer: So, how’s it going?

Greg Davis: It’s going well, it’s going well. It’s all fun and games. (laugh)

Question (on screen): How is Vanguard different and how does that difference improve our clients’ lives?

Greg Davis: What really sets Vanguard apart from other firms, it’s a couple things. First, it’s the expertise of the team. Second is really our disciplined approach in terms of how we manage risk around the globe, and then also the fact that it’s truly a global team. So on the expertise side, it’s a combination of folks who have deep investment expertise in indexing, both equity and fixed income, active management experience across a variety of sectors, which includes credit, which includes rates. We also have a quantitative equity group that is very deep in terms of its knowledge of quantitative equity investing. And then when we think about our disciplined approach, it really boils down to the fact that we can take less risk than many of our competitors because of our low-cost advantage and ultimately what that means is that we have the ability to be patient. When many of our competitors are out there taking on tremendous amounts of risk to offset their high expense ratio, we can be much more patient in terms of waiting for better opportunities to deploy that risk. And the last thing I would say is really the global nature of our team. We have a very large global investment team that’s focused in the areas of North America, Europe, as well as Asia-Pacific; and we have trading operations in all three regions that allow us to put that money to work with local market expertise.