Vanguard Funds' Chief Investment Officer George "Gus" Sauter is finishing up a quarter century with the giant investment company. In those years, he has been a big part of market structure changes. In the first part of a multiple part Q&A, Sauter explains how he views those changes. He also spoke about how he began in the business, a business in which he had no trading experience.

So you really didn't have a big background as a trader when you first came to Vanguard?

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