UM’s Distinguished Lecture Series
As part of its monthly Distinguished Lecture Series, the UM Business School welcomed F. William McNabb III, chairman of Vanguard, on Tuesday, February 20. Mr. McNabb spoke at the Storer Auditorium at the University of Miami to a full audience on Vanguard’s ability to sustaining its core values and how it fosters growth while staying true to its mission. Mr. McNabb spoke to a mixed crowd of UM students, faculty, clients and members of the finance board of directors for the School of Business.
“We are a company that values absolute clarity of purpose and confirm that our mission translates into our strategic priorities,” said F. William McNabb III, emphasizing how the people side of the equation must be right. “Vanguard has always stood by the notion of stimulating our progress while still preserving the core.”
During the lecture, Mr. McNabb also touched upon his views on artificial intelligence, cyber security and crypto currency. “Vanguard just started an innovation center funded separately and is looking to experiment broadly with AI,” said McNabb. “When going up against algorithmic traders on the street, you need to mask what you are doing so you don’t get taken advantage of. Artificial intelligence plays a big part in this,” he added. On cyber security he commented on how a two factor verification system highly guards customers against fraud, but only 15% of clients actually enable this option.
“It was refreshing to see such emphasis on values from a company as large as Vanguard who see the benefits of not allowing innovation or short term results diminish your core values,” said UM School of Business Dean, John Quelch.
On advice in the event of geopolitical issues or market crashes, McNabb strongly emphasized the need for investors to be very diversified in their stocks, bonds, cash and global investments.
McNabb joined Vanguard in 1986. In 2008, he became chief executive officer; in 2010, he became chairman of the board of directors and the board of trustees. Mr. McNabb recently stepped down from his position and joined the UnitedHealth Group Board of Directors.
The next UM School of Business lecture will be on March 22, 2018 and feature Gail McGovern, President of the American Red Cross. For more information on future lectures series please contact Robert Becht at rbecht@bus.miami.edu or visit www.bus.miami.edu.
