Dozens of fund managers got frantic calls from shareholders Monday, asking everything from whether their fund held any Lehman, AIG, or Bank of America to what the manager planned to do about it. But you wouldn’t expect calls to flood into a fund family built on indexing – that is, hands-off investing in an index that is transparent to anyone who cares to look up the holdings. But Vanguard received an uptick in phone and Web traffic Monday, says the firm’s brand-new CEO, Bill McNabb, who was in D.C. for a conference. Here are a few insights he offered, as well as advice for jittery shareholders:On why the market drop doesn’t “have to be devastating”: Investors are asking the natural questions: How does this affect me? Do I need to worry about it? The good news is with highly diversified portfolios, these events–while traumatic–don’t have to be devastating. It’ll be some time before people see the full impact of how this plays out … it’s going to take some time. Our role is to be straightforward and to make sure that we’re giving very clear answers and to take a little noise out of the marketplace.On putting market history into… Read full this story
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