Gus Sauter: Efficient Markets Are a Good Thing

<p><p class="CMS__SubSection">Background<br /></p><p><a href="https://www.bogleheads.org/wiki/George_Upham_Sauter" target="_blank">Gus Sauter bio</a> </p></p><p><p> </p></p><p><p><a href="https://pressroom.vanguard.com/news/cio_guss_sauter_announces_retirement.html" target="_blank">Gus Sauter retirement announcement</a></p></p><p><p> </p></p><p><p><a href="https://about.vanguard.com/who-we-are/fast-facts/" target="_blank">Fast Facts About Vanguard</a> </p></p><p><p> </p></p><p><p><a href="https://www.chicagobooth.edu/about/leadership/council" target="_blank">Council on University of Chicago Booth School of Business</a></p></p><p><p>Jack Bogle bio <a href="https://en.wikipedia.org/wiki/John_C._Bogle" target="_blank">https://en.wikipedia.org/wiki/John_C._Bogle</a></p></p><p><p><a href="https://en.wikipedia.org/wiki/John_J._Brennan_(businessman)" target="_blank">Jack Brennan bio</a> </p></p><p><p><span class="CMS__SubSection" style="font-style: inherit; font-variant-ligatures: inherit; font-variant-caps: inherit;">Search for Alpha</span> <br /></p><p><a href="https://research-doc.credit-suisse.com/docView?language=ENG&format=PDF&source_id=em&document_id=805456950&serialid=LsvBuE4wt3XNGE0V%2B3ec251NK9soTQqcMVQ9q2QuF2I%3D" target="_blank">“Alpha and the Paradox of Skill” by Michael J. Mauboussin and Dan Callahan. Credit Suisse, July 15, 2013.</a> </p></p><p><p> </p></p><p><p><span style="font-size: 10pt; font-weight: bold; font-family: 'trebuchet ms', arial, helvetica;">Growth, and Limits, of Indexing<br /></p><p></span><a href="https://en.wikipedia.org/wiki/Charles_D._Ellis" target="_blank">Charles Ellis bio</a> </p></p><p><p> </p></p><p><p><a href="https://www.amazon.com/Charles-D-Ellis/e/B000APHL7A?ref=sr_ntt_srch_lnk_1&qid=1574652337&sr=1-1" target="_blank">Charles Ellis books</a> </p></p><p><p> </p></p><p><p><a href="https://dof.princeton.edu/about/clerk-faculty/emeritus/burton-gordon-malkiel" target="_blank">Burton Malkiel bio</a> </p></p><p><p> </p></p><p><p><a href="https://www.amazon.com/Burton-G-Malkiel/e/B0