Indexing Nevada PERS: Steve Edmundson’s $60 Billion Strategy | #527

The Meb Faber Show - Better Investing

Today’s guest is Steve Edmundson, the Chief Investment Officer of the Public Employees’ Retirement System of Nevada, which manages over $60 billion.

As pension funds continue to hire more employees, pay more and more fees and build more complex portfolios, Steve is an outlier for his approach that emphasizes simplicity over complexity. He’s one of two investment professionals on staff and has indexed 100% of all publicly traded asset classes. I love it!

Steve talks about the culture that allows this model to work and shares some thoughts on the rise of private markets and the impact of higher interest rates.

The late Jack Bogle had a quote that applies well to Steve & Nevada PERS: “Don’t do something, just stand there!”

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Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.

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