The Don't Get Fired Podcast by Stanford Long-Term Investing PSPRS' Mark Steed: Unlocking More Powerful Investment Predictions / Decisions
Mar 10, 2025
Mark Steed, Chief Investment Officer of Arizona's Public Safety Personnel Retirement System, hashes out his journey from intern to investment leader. He discusses the challenges of predictive accuracy in finance, emphasizing the need for a total portfolio approach. The conversation dives into enhancing decision-making with innovative forecasting methods and the blend of human insight with machine learning. Steed also highlights the essential balance between accountability and technology in refining investment strategies.
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Mark Steed's Career Path
- Mark Steed started at PSPRS as an intern in 2007, managing private equity and venture capital.
- He rotated through various asset classes, including fixed income, real estate, and hedge funds, eventually becoming CIO.
Benefits of Rotation
- Rotating employees through asset classes at PSPRS fosters a total portfolio approach.
- It empowers individuals to challenge investment ideas without feeling territorial.
Lack of Accountability in Forecasting
- The financial industry often makes predictions without accountability, hindering progress.
- A lack of systematic evaluation for accuracy makes it hard to identify skilled decision-makers.