Pension Advisers Learn the Folly of Trying to Beat the Market
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When Steve Edmundson, left, and Ken Lambert, who manage investments for Nevada’s public employees’ pension fund, feel an urge to do something rash with the money, they go for a long run instead.
CreditCandice Nyando for The New York Times
CARSON CITY, Nev. — The Carson Nugget casino takes up the better part of a downtown block in this state capital, and a sign on the side beckons bettors with a promise of “Extremely Loose Slots.”
You won’t find the state’s chief investment officer, Steve Edmundson, anywhere near there. Instead, he manages its pension funds on the outskirts of town, in a sparsely furnished office next to a bank branch. Less than half a shelf of books sit on display, including “The Hedge Fund Mirage.” One binder is labeled “Terminated Managers.”…
Pension Advisers Learn the Folly of Trying to Beat the Market
