What does Nevada's USD35 billion fund manager do all day? Nothing.
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.
The Nevada system’s stocks and bonds are all in low-cost funds that mimic indexes.
“Doing nothing is harder than it looks,” says Ken Lambert, Mr. Edmundson’s predecessor and only outside investment-strategy consultant. Harder, he says, because of the restraint needed to practice inaction.
Even Mr. Edmundson can’t resist studying investment strategies. “I spend a lot of time researching things we ultimately don’t do.”
Read more: Wall Street Journal, Oct 2016
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