Investing should be scientific and process-based. Speculating is more akin to gambling and lacking fundamental support. At extremes, it is easier to discern the two but can be shades of grey in between.

Hear Kevin discuss the forward-looking nature of the stock market and times why it can make investing sense (not speculating) to look through bad economic news.

And be sure to listen to the end where Kevin discuss process-based portfolio changes made in March, as a result of changing inputs, and why Vanguard's DIY investors' portfolio inaction was the wrong thing to do.

Timestamps:

2:30 - Assumptions That Need To Be Made

9:20 - Looking Back On The Pandemic

13:29 - Looking Forward To The New Normal

22:30 - Rapid Changes