What Does Nevada’s $35 Billion Fund Manager Do All Day? Nothing

[russianswinga]

"Steve Edmundson has no co-workers, rarely takes meetings and often eats leftovers at his desk. With that dynamic workday, the investment chief for the Nevada Public Employees’ Retirement System is out-earning pension funds that have hundreds on staff.

His daily trading strategy: Do as little as possible, usually nothing."

http://www.wsj.com/articles/what-does-nevadas-35-billion-fund-manager-do-all-day-nothing-1476887420?mod=e2fb

[zephyr911]

Hahaha!! Awesome.

[Yankuba]

Fantastic article. Mustachian highlights throughout!

[Metric Mouse]

Great article. I can't imagine the pressure of controlling the retirement of that many people!

[lemanfan]

That's awesome. I want that job. :)

[El Gringo]

I came here to post the same article!

[obstinate]

Fun stuff. I wonder what fraction of the money needs to be actively managed to get efficient results? I'm sure there are no end of suckers to provide the signal needed to passively manage funds, but it's an interesting thought experiment.

[arebelspy]

Just saw this, and was coming to post it.

Love:
A) His investment strategy (doubly so, because I have a pension backed by the funds he manages I'm hoping to collect in about three decades--but even if this had been about a different state, I'd have loved his passive indexing approach--just doubly so, because it benefits me)
B) His Mustachian personal behavior (re: eating brought lunch at his desk, rather than eating out, the co-funded office coffee pot instead of Starbucks, his 2005 car with 175k miles on it, etc.)

This guy is my new hero.  :D