| Welcome to this week's edition of Smart Investing. | |
 | | Five defining investing themes of 2025 | The key factors that influenced trading on global financial markets.
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 | | High stock valuations and a case for bonds | Our long-term expected returns for non-U.S. stocks are higher than for U.S. stocks.
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 | | AI's economic growth effects | In 2026, AI investment is likely to accelerate and transform the global economy.
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Vanguard and its employees wish to acknowledge the Traditional Custodians of Country throughout Australia where we operate our business. We recognise their connection to the land, water and culture and wish to pay our respects to their Elders past, present and emerging. | |
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