For the investment staff and trustees of the Public School Teachers' Pension & Retirement Fund of Chicago, it's fitting they got some book-reading done, courtesy of Charles A. Burbridge, executive director.
Since joining the $10.7 billion pension fund and assuming its leadership in March, Mr. Burbridge has given to the three members of its investment team copies of “Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment” by David F. Swensen, Yale University's chief investment officer, who oversees its $22 billion endowment fund.
“I'm kind of happy the entire investment team all read Swensen's book together,” said Mr. Burbridge, who read it with them and commended its insights.
The “staff has discussed the book.”
In addition, he said he gave copies of the book to four board members, including the chairwoman of the investment committee, Tina Padilla.
“It has a good chapter on the role of the investment committee,” Mr. Burbridge said.
Up next for the investment staff's reading is “Great by Choice: Uncertainty, Chaos, and Luck — Why some Thrive Despite Them All,” by Jim Collins and Morten T. Hansen.
Taking an idea from Messrs. Collins and Hansen's book, Mr. Burbridge noted, “From an investment management perspective, we are looking at how to test the water for certain opportunities before establishing a mandate.”