How much of a benefit does Sauter attribute to market developments in the past 15 years, which include decimalization, high-frequency trading, increased fragmentation, Reg.

FORBES: Vanguard's Gus Sauter Thanks High-Frequency Traders

"That's a very interesting idea that I've wanted to be able to index for a long time, " says Gus Sauter, chief investment officer at Vanguard Group.

WSJ: The Intelligent Investor: The New Supercharged Index Funds

Regarding market fragmentation, Sauter noted that this can be both a good thing and a bad thing but that high-frequency traders bring the markets back together.

FORBES: Vanguard's Gus Sauter Thanks High-Frequency Traders

Davidson hooked up with two partners (veteran journalist Sauter, now executive VP for content, and fellow banker Matthew L. Cohen, now executive VP for administration and finance).

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In a recent interview before he rang the closing bell at Nasdaq, Sauter gave me a lengthier definition and even thanked the high-frequency traders for making the market a better place.

FORBES: Vanguard's Gus Sauter Thanks High-Frequency Traders

As Davidson's partner Mark Sauter points out, APB Online (derived from the classic police acronym "all-points bulletin") may be the world's only news organization with a reporter assigned full-time to the missing persons beat.

CNN: APB Online wants crime to pay

Turns out hedge funds had placed bets even before Russell announced changes to its index, hoping to unwind those positions on the final day--or "front-running the reconstitution, " says Gus Sauter, chief investment officer at Vanguard Group.

FORBES: A Hedging Hand

Foreign Affairs: The highly publicized changes in Soviet foreign policy, including their flagship -- the withdrawal of troops from Afghanistan -- is typical of Gorbachev's apparent, wholesale adaptation in foreign affairs of the Leninist doctrine of "reculer pour mieux sauter, " tactical retreat in order to advance strategic objectives.

CENTERFORSECURITYPOLICY: US-Soviet Relations