| Hi everyone, Investing is about balancing risk and reward. During periods of strong sharemarket returns, the pendulum can swing strongly towards the return side of the equation. For long periods it can seem like the major risk is the risk of missing out. But markets can and do change quickly. Geo-political risks – such as the Ukraine conflict – can dramatically impact markets as the latest developments are factored into valuations and forecasts. The impacts of this conflict are wide ranging and the very real human cost is weighing heavily on the world. While the situation introduces a great deal of uncertainty, this issue of Smart Investing aims to give investors context and help maintain an important focus on long term goals. Our global Chief Investment officer Greg Davis writes about the value of being a patient investor alongside supporting articles around geo-political market sell offs and the value of financial planning. These type of events do not affect all investors equally. Younger investors have the obvious benefit of having time on their side, while those approaching or are already in retirement may be feeling increasing levels of anxiety. But context and time horizon are just as valid for retirees as they are for younger investors. A 65-year-old has a life – and investing – outlook spanning another 20+ years on average so the longer-term view is still important rather than the daily account balance volatility you may be focused on. Times like these underscore the value of having a financial plan that you can open up (or dust off) and a financial planner to discuss it with to remind yourself of your long-term goals and check your asset allocation against your risk appetite. At Vanguard, we are strong advocates for having a well-diversified portfolio and taking the longer-term view. While it can be challenging, it is worth remembering that the decision to stay the course and stick to your plan is by its nature an active investment decision. Regards, | 
