Ever wonder where LPF came from? Do you even know what an LPF is?
The name itself is a clever play on John Maynard Keynes’ liquidity preference theory describing the demand for money in macroeconomics. At Booth, LPF is an informal gathering on most Fridays either in the Winter Garden or at an off-campus location that occurs after afternoon classes. Open to all full-time MBA students and their partners, it’s a chance to mingle and relax after a week of classes over frosty beverages and tasty appetizers. LPF, standing for Liquidity Preference Function, is a long-standing Chicago Booth tradition that dates before the 70’s and has evolved through the years.
Imagine Booth in the ‘70s (then GSB): The majority of students all lived in Hyde Park, making LPF the equivalent of meeting up with your classmates at the local bar. Located in Stuart Hall, student servers poured out frosty beverages and provided burgers and hot dogs. Those brave enough (or with enough liquid bravery) would sometimes even find themselves in the Karaoke hall on the lower level. Oh yes, and the legal drinking age was 18. In the ‘90s, LPF underwent a branding makeover, calling itself “Brats and Brews.” True to its name, the menu continued to serve hot dogs and frosty beverages.
Flash forward to today, LPF has been upgraded in many ways. Now located in the beautiful Winter Garden when on-campus, professional caterers serve beverages and appetizers that range depending on the theme of the week. With over 350 attendees on average, the Harper Center becomes a bustling place where students compare Movember mustaches and unwind from the pressures of recruiting. These days, GBC’s LPF committee partners with student groups to increase their exposure to the general student population. This quarter alone, the menu has ranged from samosas for South Asian Business Group’s Diwali themed LPF to smores cookies for Leadership in Action’s Outdoor Adventures themed LPF.
One thing that hasn’t changed over the years? Business School students love free food and frosty beverages (and so do undergraduate students, who will continue to attempt to sneak in).
Want to check one out? Here are the upcoming LPFs this quarter:
11/21 – Africa is a Continent LPF (co-hosted with CABG)
12/5 - Retro-Themed LPF (co-hosted with ChiBus)