Gus Sauter: Efficient Markets Are a Good Thing

The Long View

Morningstar

Finance, Dan Lefkovitz, Amy Arnott, Entrepreneurship, Investing Leaders, Jeff Ptak, Investors, Christine Benz, Influential Investors, Careers, Long-term Investing, Financial Services, Business, Investing, Morningstar

4.5 • 775 Ratings

🗓️ 4 December 2019

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

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Summary

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

Transcript

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0:00.0	At Jackson, we've created a digital retirement planning experience with you and mine.
0:05.5	Visit jackson.com to explore our easy-to-understand resources and user-friendly tools
0:10.1	that are designed to enable financial professionals and clients to plan a path to financial freedom.
0:15.5	Jackson is short for Jackson Financial Incorporated, Jackson National Life Insurance Company, Lansing, Michigan,
0:20.5	and Jackson National Life Insurance Company of New York, purchase New York.
0:26.5	Please stay tuned for important disclosure information at the conclusion of this episode.
0:32.4	Welcome to the Longview. I'm Jeff Battack, Global Director of Manager Research for Morningstar Research Services.
0:38.2	And I'm Christine Ben's Director of Personal Finance for Morningstar Inc.
0:41.8	Our guest this week is Gus Sauter.
0:44.2	Gus served in a variety of roles during his 25-year career at the Vanguard Group, most
0:49.0	recently as the firm's chief investment officer.
0:52.0	Gus oversaw the management and growth of Vanguard's index fund and ETF business.
0:57.0	At the time Gus joined Vanguard, that business consisted of two index funds with around $1.1 billion in assets.
1:05.0	By the time Gus retired from Vanguard in 2012, he was running the firm's Global Investment Management Group, overseeing nearly
1:12.3	$2 trillion in assets. In addition to these achievements, Gus has built Vanguard's quantitative
1:18.7	investing capability and devised the novel structure the firm employees in offering ETFs as a separate
1:25.1	share class of its funds. Today, Gus is on the Dean's Council at the
1:29.5	University of Chicago and also serves in a number of investment committees. We're pleased to have him as
1:35.2	our guest. Gus, welcome to the Longview. Oh, thanks, Jeff. It's great to see you again. So maybe a good
1:41.0	place to start. You retired from the Vanguard Group in 2012, and I think some of our listeners are probably curious to know what you've been up to since then.
1:49.3	So can you update us on what you've been doing since you retired from Vanguard in 2012?
1:54.3	Sure. When I first retired, I took some advice that a friend gave me to kind of be slow to re-engage.
	...

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