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Hi, and welcome to the Longview. I'm Christine Benz, Director of Personal Finance for Morningstar.

And I'm Jeff Battack, Chief Ratings Officer for Morning Star Research Services.

Our guest on the podcast today is Joe Davis, Global Chief Economist at Vanguard.

Joe also heads up Vanguard's investment strategy group, a team that conducts research on portfolio

construction, develops the firm's economic and market outlook,

and helps oversee Vanguard's asset allocation strategies

for both institutional and individual investors.

He's also a member of the senior portfolio management team

for Vanguard Fixed Income Group.

He earned a PhD in economics at Duke University.

Joe, welcome to the Longview.

Oh, thanks for having me, Christine. Well, it's great to have you here. I want to talk about a paper that your team recently came out with on asset bubbles. And one of the points you make is that big

price increases aren't necessarily a signal that an asset is in a bubble.

Assets that have gone up a lot are more likely to continue to go up than go down.

So if price increases aren't a good guide to what is overpriced, what do you think is?

Well, it's a great question, Christine. I think really relevant for the market today.

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