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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 strategy is to keep costs low and not try beating markets, he says.
Were bare bones.
On his bare-bones desk is an inbox, a stapler and a tin cup of paper clips
and business cards. A desk behind his swivel chair sports his printer and
family photos. He has no dedicated Bloomberg terminal and doesnt watch
CNBC.
He brings lunch in Tupperware. Great days, he says, are when his wife
makes luncha BLT or tuna-fish sandwich. Otherwise, it is leftover fish or
salads. I dont want to spend $10 a day for lunch.
U.S. public pensions have about half their traditional stocks in low-cost
index funds, industry consultants say, more than double a decade ago.
If I could sit on the beach in Maui and phone it in every day, Id do it,
says Mr. Chattergy, whose plan, which trails Nevadas in returns, uses a
variety of strategies. But I dont think thats the way the world works.
Thats why we have the approach we do.
Even Mr. Edmundson cant resist studying investment strategies. I spend
a lot of time researching things we ultimately dont do.
On volatile market days, though, he gets to go home on time and chill out.
After Britons in June voted to leave the European Union, throwing global
markets into upheaval, he left at his usual 5:00. He fell asleep at his
normal time that Brexit night.
Despite shunning Wall Street help, Mr. Edmundson returns emails and calls
from money managers pitching him products.
The typical call lasts about five minutes. He lets callers down gently,
deflecting advances by concluding the offering isnt a good fit and
thanking them for the information.
Ive become very good at saying no, he says. I dont try to lead them
on, so they dont get false hope.
Mr. Edmundson spends much of his days preparing board-meeting
materials and on administrative tasks. Despite the investment success,
Nevada only has about 73% of assets needed to fund future retirement
obligations to workers.
He sipped coffee from his DAD mug, the days fourth cup from the office
pot he co-funds with other workers in the building.
Last month, a wall went up dividing the room. Im not going to complain
about my office, he says. It was too big.