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Friday, January 11, 2013

Vanguard Pays Tribute to Sauter

Reported by Ben Geier

Before he became an investment guru for Vanguard, Gus Sauter worked for Chiquita Banana -- no word on if he ever donned the banana suit.

That's among the many interesting facts found within Vanguard's recently published biography of the recently retired chief investment officer.

The bio then gets into Sauter's start at the firm, which came just weeks before "Black Monday" in 1987. The in-house writers choose to stress the fact that Sauter stayed despite the rocky start.

It also includes a section allowing Sauter to speak on his own career:
"When I initially interviewed with [Vanguard founder] Jack Bogle, the market had rallied tremendously in the first half of '87. I asked, 'If I'm the last guy in the door, and the market pulls off, am I going to be the first guy out the door?' And Jack said, 'No, no, no, we're committed to indexing,' and he assured me that we weren't going to lay anybody off if the markets got soft. Once inside, I recognized the strong commitment that Vanguard had to indexing in addition to active quant management.
To read the entire biography, click here

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