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

The Meb Faber Show - Better Investing

The Idea Farm

Business, Investing, Management

4.7 • 938 Ratings

🗓️ 29 March 2024

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

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!” ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only). Read their 2024 Advisor-Client Communication Survey Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- 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. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Mebb Faver Show, where the focus is on helping you grow and
0:08.0	preserve your wealth. Join us as we discuss the craft of investing and
0:11.3	uncover new and profitable ideas all to help you grow
0:13.9	wealthier and wiser. Better investing starts here.
0:17.0	Meck Baber is the co-founder and chief investment officer at Cambria Investment
0:20.7	Management. Due to industry regulations he will not discuss any of Cambry's funds on this podcast.
0:25.1	All opinions expressed by podcast participants are solely their own opinions and do not
0:28.3	reflect the opinion of Cambria Investment Management or its affiliates.
0:31.2	For more information, visit Cambria Investments.com.
0:33.4	Welcome everybody. We got a special episode today. I love everything about this story so so much our guest today is Steve
0:45.3	Edmondson the chief investment officer of the public employees retirement system
0:49.8	in Nevada which manages over $60 billion.
0:54.6	As pension funds continue to hire more employees,
0:57.0	pay more and more fees, and build more and more complex portfolios,
1:01.0	Steve's an outlier for his approach that emphasizes simplicity over complexity.
1:05.8	He's the CIO in charge with only one other employee and has an indexed most of the entire $60 billion portfolio.
1:15.6	I love it.
1:16.8	Steve talks about the culture
1:18.1	that allows this model to work
1:19.6	and share some thoughts on the rise of private markets,
1:21.8	the impact of higher interest rates. There's an old
1:24.4	saying, don't just stand there and do something. The late Jack Bogle had a variant of this quote that applies well to
	...

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