| Hi Aris, Welcome to this week's edition of Smart Investing. One thing about investment markets is that things can change very quickly. Global share markets fell sharply this week, with the release of higher-than-expected U.S. unemployment data on Friday triggering recession fears. "A stock market bloodbath", blared some media headlines on Monday. Yet, by mid-week, markets had already started to recover some of their lost ground. Share market volatility levels are elevated once again. So, what's the best course of action for investors right now? As Vanguard's Senior Personal Finance Writer, Tony Kaye, points out, hitting the panic button is never one of them. In our lead article he details the mistakes to avoid when markets are turbulent. Meanwhile, our second article provides three tips for building a good investment portfolio. The first step is to know why you're actually investing. Lastly, we take a look at the differences between exchange traded funds (ETFs) and listed investment companies (LICs). They may appear to be similar types of investment vehicles but they're very different. In fact, most LICs underperformed the Australian share market last financial year and are still trading below their net tangible assets (NTA). Do you have a good investor story to tell? We're especially keen to hear from Vanguard investors who are close to retirement, or already retired. If you're interested in being interviewed for our investor story video series, please send us an email to corpcommsaustralia@vanguard.com.
| 
