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Gus Sauter: Efficient Markets Are a Good Thing

Vanguard's retired global CIO riffs on indexing, market efficiency, governance, alternative investing, and more in this wide-ranging conversation.

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Background

Gus Sauter bio 

Gus Sauter retirement announcement

Fast Facts About Vanguard 

Council on University of Chicago Booth School of Business

Jack Bogle bio https://en.wikipedia.org/wiki/John_C._Bogle

Jack Brennan bio 

Search for Alpha 

“Alpha and the Paradox of Skill” by Michael J. Mauboussin and Dan Callahan. Credit Suisse, July 15, 2013. 

Growth, and Limits, of Indexing

Charles Ellis bio 

Charles Ellis books 

Burton Malkiel bio 

Burton Malkiel books 

Indexing and Price Discovery

“Setting the Record Straight: Truths About Indexing” by James J. Rowley, Joshua M. Hirt, and Haifeng Wang. The Vanguard Group, January 2018.

Indexing and Corporate Governance

“Vanguard CEO Jack Brennan Makes His Demands Heard” by Aaron Lucchetti. The Wall Street Journal, February 2003.

Private Markets and Alternatives

David Swensen bio 

David Swensen books 

The Case for Indexing

William Sharpe bio

“The Arithmetic of Active Management” by William Sharpe; The Financial Analysts Journal, Volume 47, No. 1; January/February 1991.

Innovation

“Nudge: Improving Decisions About Health, Wealth, and Happiness” by Richard Thaler and Cass Sunstein, February 2009.