Is There a Monkey Running My Index Fund?
September 08, 2015 at 14:45 PM EDT
Recently, a few colleagues and I were reminiscing about an ad that Gus Sauter, Vanguard’s retired chief investment officer, had hanging in his office for years. It depicted a monkey at a computer managing a portfolio. The ad’s message? Indexing is so simple a monkey could do it—the implication is,...