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From YouTube: Pension Board Meeting (2/14/2023)
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B
C
C
D
D
Okay,
so
new
business,
we'll
start
with
the
general
employees
board
first
item,
is
to
approve
the
application
for
retirement
of
Dennis
Falconer
as
400
system
analyst
retirement,
effective
March,
1st
2023
separation
date
august
19
2022
meets
agent
service
requirements
for
deferred
retirement,
10
years
of
service.
Gonna
get
a
motion
from
the
general
employees
I.
D
And
motion
carries
congratulations,
Mr,
Faulkner,
second,
item
application
for
retirement,
Michael,
Coleman
grounds,
crew,
leader
backdrop,
retirement
effective
January,
1st
2020
separation
date,
12
30,
20,
22.,
youth
agent
service
requirements
for
service
retirement
33
years
and
nine
months
can
I
get
a
motion.
D
Motion
carries
congratulations,
Mr,
Coleman,
Next,
Up,
application
for
retirement,
Lamar,
Whitaker,
utility,
superintendent
for
Future's
energy
backdrop,
retirement
February,
1st
2020
separation
date,
1
16,
2023
means
HP
service
requirements
for
service
retirement
of
36
years,
and
six
months
of
service
can.
E
G
It's
all
yours
good
afternoon.
Everyone
has
hard
copies
in
front
of
you.
Would
you
still
like
me
to
kind
of
go
through
up
on
the
board,
or
is
it
easier
to
just
kind
of
talk
in
a
paperwork.
G
Okay,
so
I'll
begin
on
page
number
two,
and
if
you
recall
from
from
previous
years
the
first
report
of
the
calendar
year,
we
include
a
letter
from
our
CEO
Mike
Welker
I'm,
not
going
to
read
the
letter
to
you,
but
I
do
want
to
just
highlight
up
a
few
things
on
that
page,
first
and
foremost,
is
a
thank
you.
It
wasn't
for
for
the
opportunity
to
work
with
boards
like
yourselves.
G
We
wouldn't
have
a
firm
in
the
first
place,
so
again
want
to
make
sure
you
understand
how
much
we
appreciate
the
opportunity
to
serve
as
a
reminder
kind
of
what
you
had
heard.
Last
year.
We
have
been
committed
to
reinvest
100
of
the
profits
of
the
business
back
into
the
business
and
that
for
the
last
couple
years,
is
primarily
taken
two
areas:
technology
and
Personnel.
The
short
version
is
that's
going
to
continue
for
at
least
this
year
and
kind
of
for
the
foreseeable
future.
G
That's
contained
in
the
letter
is
an
update
to
the
partnership.
So
as
a
reminder,
inco
is
a
100
employee
on
partnership,
but
we're
in
a
program
where
that
ownership
is
distributed
among
the
greater
number
of
the
employees.
So
with
that,
if
you're
really
happy
to
announce
and
I'm
on
the
top
of
page
too,
that
John
Brett,
Tyler,
grumbles
and
Brooke
Wilson
were
all
granted
or
added
to
the
partnership
this
year,
it's
obviously
very
excited
for
them.
G
There
is
a
paragraph
down
below
kind
of
a
little
bit
of
bittersweet
news,
Donna
Sullivan,
who
was
actually
our
longest
10-year
employee.
She
actually
was
the
second
employee
that
came
over
from
from
day
one
with
Joe
Bogan,
the
original
she
decided
to
retire
at
the
end
of
the
year,
because
you
have
to
be
an
employee
to
be
a
partner.
She
had
to
give
back
or
sell
that
her
interest
back
in
back
in
So
on
a
total
basis.
G
G
On
the
next
page
we
just
touch
on
there
are
97
folks.
Excuse
me
93,
folks
that
work
at
anco
and
obviously
you
get
to
see
me
previously-
you've
seen
Dan
and
a
couple
other
people,
but
you
don't
often
see
you
know
kind
of
some
of
the
folks
in
the
background,
so
we
just
like
to
remind
you
that
there
certainly
is
a
very
large
and
extensive
team
behind
us,
whether
it
be
in
the
research
area,
performance
reporting,
the
different
functional
areas
of
the
firm.
G
G
You,
the
only
one
for
Bank
of
here
locally
Dan
Johnson,
is
actually
also
here.
G
G
Industry,
so
in
the
next
few
pages
we
jump
into
the
market
environment.
Obviously
the
three
previous
meetings.
We
were
talking
about
very
negative
results
really
across
the
board:
U.S
Equity,
International,
Equity,
fixed
income.
So
the
positive
news
here
at
the
upper
right
hand
corner
is
we
kind
of
switched
back
and
had
a
positive
end
to
what
was
a
very
cool
year?
So
you
can
see
the
S
P
500
was
up
about
7.6
International
stocks
actually
were
way
out
ahead.
C
E
G
Know
broad
appreciation
across
the
most
of
the
major
asset
classes,
but
you'll
notice
in
the
bottom
right
hand
corner
for
the
the
totality
of
2022.
It
was
still
an
incredibly
negative
I'll
touch
on
that
in
just
a
little
bit
more
in
a
minute,
but
I'm
going
to
skip
ahead
to
to
page
number
12
and
really
kind
of
talk
about
again.
Why
we
had
such
a
difficult
year.
I'm
focusing
on
the
bottom
right
hand,
corner
of
the
treasury
yield
curve.
G
E
G
So
we're
finishing
the
end
of
the
year
where
the
FED
fund
was
north
of
four
percent
and
it
certainly
took
the
market
a
long
time
to
kind
of
come
to
grips
with,
with
that
changing
Dynamic,
continued
inflation,
Rising
interest
rates,
so
that
certainly
had
a
negative
impact
on
on
the
market.
But
one
thing
that
you'll
notice
from
the
green
line
to
the
yellow
line
where
we
went
from
9
30
to
12
31..
G
We
did
have
the
short
end
of
the
curve
move
up
as
the
FED
continue
to
raise
rates
and
a
few
of
those
you
know
up
to
about
the
one
year.
The
two-year
did
go
up
slightly,
but
once
you've
on
the
longer
end
of
the
curve,
we
really
had
no
increase
in
interest
rates,
as
the
market
again
began
to
to
come
to
the
understanding
that
we
were
very
close
to
the
end
of
the
cycle.
So
they
were
not
being
as
reactionary
to
the
fed's
actions,
and
so
we
have
seen
things.
G
Quite
a
bit
and
in
partly
to
to
the
equity
recovery
that
we
see
here
and
also
continuing
to
to
fuel
the
recovery
that
I'll
touch
on
because
January
into
the
first
few
weeks
of
February
have
still
been
a
nice
positive,
but
but
also
started
going
down
correct
they
slowed
down.
The
last
rate
increase
was
a
quarter.
G
Sorry,
the
one
before
that
was
only
a
half
and
then
a
quarter.
So
now
they're,
you
know,
I,
don't
know
exactly
what
consensus
is
saying,
but
it
may
be
a
couple
of
more
quarters
and
obviously
employment
and
some
of
the
economic
statistics
that
have
yet
to
be
released
over
the
next
few
months
will
help
Drive.
Ultimately
what
that
decision
is,
but
you.
G
Really
the
one
thing
that's
holding
up
and
what
making
the
market
think
we
could
have
a
few
more
small
increases.
Is
employment
is
staying
very
strong
as
long
as
that
continues
to
stay
strong
that'll
help
keep
the
FED
in
sort
of
that
slight
interest
rate
increase
kind
of
mode.
If
you
start
to
see
employment
rollover
or
the
unemployment
rate
start
to
perk
up,
I
would
expect
that
cycle
to
end
faster
than
perhaps
like
being
expected.
As
of
today,
the.
F
G
G
G
G
For
the
last
97
years.
The
previous
worst
return
was
in
1994,
where
we
were
down
about
three
three
and
a
quarter
percent
we're
down
to
13
in
2022
and
that
really,
in
a
nutshell,
is
wide.
Overall,
it
was
such
a
bad
year.
The
good
news,
the
reason
we
faced
that
negative
performance
is
because
interest
rates
were
moving
up.
We
just
talked
about
that
now
we're
getting
yield
out
of
those
portfolios.
G
G
So
we're
staying
above
that
and,
of
course
this
is
a
wonderful
looking
chart
when
you
think
about
your
cash
flow,
so
going
back
all
the
way
to
1987,
where
you
only
had
11.8
million
dollars
in
the
plan
since
that
time,
not
only
did
you
pay
out
all
of
that
11.8,
but
in
addition
to
that
extra
34
million
dollars
a
negative
cash
flow,
yet
over
that
time,
you've
still
grown
to
that
100,
almost
104
million
dollars.
So
that's.
G
York
north
of
109
million,
so
call
it
halfway
from
from
where
we
are
up
to
that
next
line.
Based
kind
of
continued
next
couple:
Pages
talk
about
the
asset
allocation
I
like
page
19,
because
it
shows
the
deviation
from
our
Target
you'll
notice,
we're
slightly
overweight
to
domestics,
let
it
be
on
the
way
to
International
your
weights
are
fixed
and
because
that's
offset
by
the
cash
position,
as
you
recall,
last
year
and
the
year
before,
as
we
were
taking
money
out
of
equity,
we
didn't
want
to
put
it
into
fixed
income.
G
G
All
right
with
that
said,
how
did
we
actually
do
page
23,
four
and
a
quarter?
We
earned
five
point:
eight
seven
percent
beating
the
policy
of
5.41
you
place
in
the
53rd
percentile.
So
again,
our
asset
allocation
is
relatively
conservative
to
a
lot
of
public
plans.
So
that's
why?
In
a
quarter
where
equities
really
balanced
we're
kind
of
in
the
middle
part
of
that
category,
but
you
did
perform
again.
G
And
if
you
move
out
whether
it's
the
one
year
three
year,
five-year
10-year
you're
out
performing
your
benchmark
and
you're
ranking
well
within
the
top
half,
usually
in
the
top
third
of
the
pure
universe,
so
overall
ranking
very
strongly
relative
to
the
fears
that
again
beating
beating
the
benchmark
just
quickly
a
couple
of
the
managers.
Obviously
we
get
the
total
stock
index
fund
all
spring
or
growth
manager
up
one
percent
versus
2.2
difficult
year.
They
were
down
20.
Excuse
me:
32
versus
The,
Benchmark
of
down
29.1,
it's
a
little
bit
behind.
G
G
G
Then
we
get
into
our
International
managers
here
we
actually
have
the
best
absolute
performance
where
each
manager
was
up
13
in
change.
Really,
the
big
change
is
we
started
to
see
the
the
dollar
Begin
to
Fall
in
value
a
little
bit
against
foreign
currencies
and
that's
providing
a
bit
of
a
Tailwind
for
international
that
hasn't
really
been
around
for
quite
a
number
of
years,
so
a
nice
little
bounce
on
International
for
each
one
of
the
managers
again
slightly
behind
their
Benchmark
and
again,
that
has
to
do
with
the
growth
lean
of
the
portfolio.
G
Have
been
quite
excellent,
then
we've
got
Sawgrass
fixed,
very
nice
quarter,
two
percent
versus
145
for
the
year
down
12-2
versus
12.7,
so
they
didn't
outperform.
But
of
course
that
was
in
a
very
negative,
then
we've
got
Pimco
Diversified
or
non-us
income,
4.75
versus
4.7
and
for
the
year
down
13-8.
But
you
know
quite
a
bit
ahead
of
The
Benchmark
that
was
down
16
percent
and
then
the
last
piece
is
JP
Morgan
our
real
estate
portfolio.
G
This
was
the
one
kind
of
Shining
Light
during
our
last
fiscal
year,
we're
starting
to
see
that
kind
of
roll
over
interesting
when
the
public
markets
start
to
bounce
back.
That's
when
you
see
the
private
Market
kind
of
begin
to
to
roll
just
a
little
bit
so
they're
down
about
five
percent
for
the
for
the
quarter.
Although
with
that
we're
still
up
five
percent
for
2022,
which
again
was
the
only
asset
class
that
really
made
money
in
2022,
but
we
are
expecting
another
quarter.
G
If
not
two
sort
of
some
some
struggles
there
as
they're
absorbing
some
of
the
write
down
and
again
the
private
portfolios
tend
to
operate
on
a
lag.
So
you
know
some
of
the
public
market
pricing
that
was
happening.
First,
half
of
22
is
now
beginning
to
roll
into
those
private
Market
portfolios,
so
we
should
see
something
similar,
but
just
on
a
little
bit.
G
Hearing
none,
let
me
just
give
you
a
little
bit
of
an
update.
I
mentioned
the
109
million,
where
we
were
today,
and
that
gives
a
little
bit
of
a
breakdown.
Our
Equity
exposure,
which
is
up
overweight
by
about
two
two
and
a
half
percent,
is
now
overweight
by
3.6,
as
we
continue
to
see
strong
performance
in
our
Equity
portfolios
and
in
particular
wrote.
G
So
if
you
recall
right
at
the
the
first
of
February
is
when
the
FED
raised
the
last
quarter
point
but
kind
of
indicated
that
we're
closer
to
the
end
of
that
interest
rate
increase
cycle
growth
stocks,
which
are
the
ones
that
got
hurt.
The
most
last
year,
began
to
pop.
Really
when
that
announcement
was
made
and.
G
Spring
portfolio
so
far
from
the
first
of
the
year
is
up
about
9.7
as
compared
to
the
value
portfolio
is
up
about
2.8,
so
we're
starting
to
kind
of
see
what
we
did
well
in
22's
value
versus
growth
has
kind
of
flipped
here
in
the
early
part
of
2023
and
overall,
that
109
million
means
we're
up
approximately
4.9.
So
when
you
add
the
4.9
to
that
five
and
a
half
that
we
talked
about
earlier
we're
sitting,
you
know
in
that
10
and
a
half
percent
range
give
or
take.
G
G
One
of
the
questions
was
as
we're
facing
these
interest
rate
increases
and
losses
in
the
Sawgrass
portfolio
of
12
for
2022.,
but
we
have
this
cash
one.
What
is
the
cash
earning,
and
is
there
anything
else
we
could
be
doing
with
that
cash
to
stay
conservative,
but
perhaps
pick
up
a
little
bit
of
yield
from
just
the
money
market,
and
so
what
I
did
is
I
created
this
little
short
analysis
on
a
couple
of
different
options
on
page
54,
you
can
see
three
or
well.
G
It's
really
only
two
funds
in
addition
to
to
what
we've
got
currently
so
I'm,
showing
you
a
portfolio
mutual
fund
from
RW
Baird,
the
short-term
institutional
bond
fund,
as
well
as
the
Vanguard
short-term
Bond
Index
Fund
Baird
is
actively
managed
about
30
basis
points
for
that.
For
that
fee,
Vanguard
is
a
passive
strategy,
only
five
basis
points
and
then
I'm,
comparing
it
to
your
current
portfolio
of
Sawgrass.
Now.
Understand
that
when
you
get
to
the
performance
comparison,
it's
an
apple
and
large
you've
got
a
long
duration.
G
G
So,
on
page
number,
55
of
the
report,
it
does
kind
of
detail,
at
least
for
the
The
Baird
and
Vanguard
portfolios
right
in
the
middle
part
of
the
page.
You've
got
the
average
coupon.
There's
three
and
a
half.
Excuse
me
three
point
one
percent
two
point
three
percent
and
two
point:
eight
percent,
as
compared
to
our
cash
portfolio,
our
sweet
vehicle,
which
is
now
earning
one
and
a
quarter
percent.
G
A
year
ago
it
was
essentially
zero,
but
as
interest
rates
have
come
up,
we're
starting
to
get
a
positive
yield
out
of
that
portfolio,
but
certainly
each
one
of
these
does
have
a
you
know
quite
a
bit
additional
yield
as
compared
to
just
the
the
sweet
cash.
G
You
really
get
a
flavor
for
the
kind
of
the
duration
impact
of
the
portfolios.
When
you
look
at
that
one
year
column,
so
certainly
the
Sawgrass
portfolio
we
know
is
down
12
and
change.
G
Benchmark
was
down
at
13.
Now
our
Goldman
Sachs,
our
treasury
money
market
was
actually
up
1.38,
so
the
compounding
effect
on
top
of
that
yield.
But
you
will
notice
with
the
beard
and
Vanguard
they
are
short-term,
but
it
is
longer
than
cash,
so
they
do
take
some
interest
rate
risk
or
they
have
some
some
sensitivity.
So.
G
Negative
down
three
six
and
five
five
respectively,
certainly
a
lot
better
than
longer
duration,
but
obviously
not
it
really
is
as
good
as
the
cash
position.
But
now
the
question
is,
as
we
move
forward
as
interest
rates
are
stabilizing
and
potentially
even
falling
they're
less
risk
of
of
that
kind
of
additional
loss,
and
you
know
interested
in
picking
up
that
higher
coupon
that
higher
yield
overly
Market.
G
The
risk
statistics
that
are
on
pages,
59
and
60
are,
quite
frankly
not
as
as
useful.
You
know.
Typically
when
we're
looking
at
a
large-scat
value
manager,
it's
a
it's
a
very
much
an
apple
status
comparison,
but
because
we
have
longer
duration
and
shorter
duration
that
we're
all
kind
of
comparing
to
each
other.
This
is
less
helpful
than
it
would
otherwise
be,
but
let
me
kind
of
just
pause.
A
second
I
know
we
had.
G
Now
that
the
FED
has
gotten
much
closer
to
to
calming
down
and
I
think
most
folks
say
we're
you
know,
and
even
given
current
pricing
on
the
last
couple
of
months,
even
with
the
the
FED
raising
another
quarter
and
indicating
they
may
go
a
couple
more
quarters,
I
think
the
market
is
now
looking
past.
All
of
that
and
not
really
reacting
anymore.
So
with
that
said,
you
know
it's
kind
of
my.
My
position
is
I.
Think
it's
it's
safer,
certainly
now
to
kind
of
dip
our
toe
back
into
traditional,
fixed
income.
C
C
E
G
G
You
know
over
time
it's
less
yield
and
less
return
in
the
short
run.
What's
weird,
you
know
if
you
think
back
to
the
yield
curve
in
the
the
one
two
three
you're
part
of
the
curve?
Actually
it's
higher
rates
than
the
longer
part,
so
there
could
be
a
short-term
phenomenon,
we're
actually
kind
of
shorter
or
intermediate
term.
Bond
funds
might
do
a
little
bit
better
than
the
longer
ones
just
because
those
rates
might
fall
a
little
faster.
G
If
that
happens,
but
again,
that's
not
a
long-term
Trend
that
may
or
may
just
be
a
short
term
I.
G
G
H
You
with
there
I
think
30
of
theirs
is
in
Triple
B.
Does
that
fit
within
our
investment
policy?
Doesn't
because
our
average
is
an
a
right.
I
I
G
As
the
policy
is
stated,
it's
an
a
requirement
at
the
at
the
broad
level.
So
when
you
have
a
separate
account
manager
with
Sawgrass,
you
can
say
you
have
to
buy
a
or
better,
but
in
a
fund
you
can't
impose
those
rules
on
them,
but
the
interpretation
for
these
type
of
vehicles,
essentially,
is
the
average
credit
quality
would
apply.
So
as
long
as
the
average
credit
meets
our
a
criteria,
so
then
the
one
potential
is
that
the
average
quality
ever
dropped
below
a
then
it
would
force
us
to.
H
G
G
And
just
so
as
a
reminder,
what
we're
talking
about?
We
currently
have
4.8
million
dollars
sitting
in
our
money
market
cash.
So
one
potential
move
is
we
just
take
a
piece
or
maybe
most
of
that
and
add
a
new
strategy?
If
we're
interested
in
adding
one
say
the
bear,
it
seems
like
maybe
there's
a
little
bit
of
a
consensus
there.
Let's
say
we
take
four
and
a
half
million,
or
four
million
put
it
in
there
as
a
starting
point,
and
then
we
can
continue
to
look
at
it.
As
time
goes,
we
could
add
or
subtract.
G
D
So,
based
on
our
discussions
last
time,
Dustin
went
back
to
our
Council
to
talk
about
adding
an
agenda
item
in
case
we
needed
it.
That
was
not
specific,
so
you
see
that
there
are
just
where
it
says
possible
under
B,
so
I
would
say.
Let's
hope,
we'll
continue
this
discussion
under
that,
just
to
kind
of
stay
with
the
new
procedure
and
we'll
go
ahead
and
do
an
approval.
Are
you
finished
with
the
quarterly.
G
G
A
very
similar
look
to
what
we
were
just
viewing
with
the
fixed
income,
but
we
had
talked
about
the
the
international
exposure
having
a
bit
of
a
growth
lean
and
really
sorry
before
I
get
there.
There
are
three
excuse
me,
four
funds
that
I'm
I'm
putting
in
here
for
comparison.
These
are
the
ones
that
you
saw
last
time.
This
is
really
nothing
new,
but
these
are
mutual
funds
that
range
anywhere
from
94
basis,
points
with
pear
tree
down
to
DFA
or
dimensional
fund
advisors
at
29
basis
points.
G
So
again,
each
of
these
are
actively
managed
funds,
but
within
that
value
category,
as
we
move
ahead
a
couple
of
pages
again,
we've
got
the
different
portfolios
number
of
Holdings
that
this
can
be
very
similar
to
what
you
looked
at
last
time.
What
I
think
is
is
helpful
or
instructive.
It's
in
this
report,
I
included
your
current
Euro
Pacific
fund
and
the
wcm
fund
for
comparison
purposes.
So
what
you'll
notice
here
this
shows
where
value
is
on
the
left
and
growth
is
on
the
right.
Your
American.
F
E
G
G
Next
couple
Pages
get
into
performance,
but
again
this
is
an
apple
to
an
orange.
You
have
value
strategies
against
growth
strategies.
You'll,
certainly
see
that
wcm
and
American
Funds
did
better,
certainly
over
the
long
term.
We've
done
very
nicely,
but
this
is
more
of
a
conversation
about
diversification
and
sort
of
spreading
a
little
bit
to
that
International
exposure
out,
including
a
bit
more
of
that
value
characteristic.
G
One
I'm
going
to
focus
on
is
standard
deviation,
what's
the
height
of
the
roller
coaster,
how
how
much
these
portfolios
tend
to
go
up
and
down
so
you'll
see
Causeway
is
at
20
and
a
half
come
on
the
seven
year
at
the
top
19.1
and
19
for
Diamond
Cox
as
compared
to
our
current
portfolios
of
16.8
and
17.2.
G
But
again
they
will
tend
to
move
opposite
each
other
when
valued
as
well.
Growth
will
not
our
growth,
so
they
will
tend
to
kind
of
cancel
each
other
a
little
bit
in
that
regard,
but
just
to
give
you
an
idea
of
the
strategies
that
we're
talking
about
Cox
as
well
as
DFA,
tend
to
have
the
lower
volatility
and
the
lower
fees
so
that
those
are
the
ones
that
I,
naturally
gravitated
to
kind
of
between
the
two
I
tend
to
like
lower
fees,
so
I
kind
of
focused
on
DFA,
but
again
like
all
of
the
strategies.
G
G
Just
to
put
some
dollars
behind
it,
we
currently
have
11.1
million
dollars
in
our
value
Holdings,
which
is
about
7.6
for
Euro,
Pacific
and
3.5
for
wcm.
So
what
I?
You
know!
The
number
that
popped
into
my
head
was
starting
at
three
and
a
half
million
taking
two
and
a
half
from
Europe
Pacific
and
one
million
from
wcm
to
fund
your
strategy
and
I.
G
Well,
more,
like
a
half
28th
and
then
about
a
third,
so
that
provides
a
little
bit
more
diversity,
a
little
bit
more
diversification.
It
doesn't
from
an
expectation
standpoint.
It
really
doesn't
enhance
the
return
of
the
portfolio,
it's
really
spreading
risk
or
diversification
and
get
a
little
more
balance
within
the
international.
So
again,
if
Euro
Pacific
has
a
bad
year
as
an
be
more
likely
that
one
of
these
strategies
would
have
a
good
year
to
kind
of
help,
balance
that.
E
D
D
G
G
Said
4.5,
but
we
could
do
four
and
and
leave
a
little
bit
more
kind
of
for
the
next
round
of
benefit
payments
or
I
mean
it
there's.
No
that
that's
not
going
to
make
a
huge
I
think
right
now.
Cash
is
king.
Of
course.
That's
just.
F
G
I
G
And
because
this
is
a
mutual
fund,
I
mean
they
administrative
ease
is
is
definitely
there
it's
very
simple,
so
you
could
decide
pick
a
number
two
and
a
half
million
and
three
months
from
now,
if
you
feel
comfortable,
you
wanna,
you
just
add
to
it
or
subtract
to
it.
That
part
is
very
simple:
you're,
not
really
dealing
with
transaction
costs,
you're
not
dealing
with
anything
else.
So
you
know
whatever
you.
If
you
decide
to
do
something
today,
whatever
you
decide
is
certainly
not
a
permanent
decision,
you
could
you
could
skew
high
and
peel
back.
G
H
G
One
there
there
wouldn't
because
it
because
the
Goldman
is
a
mutual
fund
you're,
it's
a
single
transaction
that
comes
out
as
cash
okay
and
then
it's
a
single
transaction
going
into
the
mutual
fund.
So
if
we
were
say
taking
money
from
Sawgrass,
which
has
80
positions
in
the
portfolio
and
they're
selling
a
piece
of
each
of
those
80
in
order
to
raise
money,
that's
where
potentially
a
transition
manager
might
make
sense.
But
here
it's
really
a
single
transaction
to
a
single
transaction
and
there
there
are
no
individual
positions
to
transition.
D
C
D
Seconded
by
Mr
Curry,
any
discussion
from
the
general
employees.
H
A
D
A
H
H
D
We
all
just
approved
moving
three
million
dollars
there.
You
go
further
discussion
on
the
international
Equity
side
of
things.
H
Brandon,
what
was
your
dollar
amount
again
for
the
out
of
the
WCN?
H
G
E
G
F
G
I
G
C
G
G
Here
is
sort
of
the
there's
volatility,
but
the
question
is:
when
does
the
volatility
occur
if
wcm
and
and
your
Pacific
Grove
have
a
similar
volatility
of
16
or
17
percent,
but
they're
both
going
up
or
down
at
the
same
time,
you're
either
highly
correlated,
so
you
feel
essentially
the
full
effect,
if
you
pair
say
a
value
strategy,
even
if
it
has
a
17
or
an
18
or
a
19
against
a
18
or
17,
but
they're
moving
opposite
each
other.
When
you
pair
the
two
together
overall,
you
actually
get
a
risk
reduction.
G
G
G
C
G
H
Looking
at
our
returns,
I
just
watched
in
the
timing
of
all
are
we
selling
at
where
we
haven't
even
gotten
back
to
where
we
are
a
year
ago,
I'm
100
in
agreeance,
with
the
diversification
I'm
just
worried
about
the
timing
of
especially
looking
at
the
the.
H
Yeah
I
mean
when
you
look
at
page
66.
Just
in
the
past
year,
I
mean
our
cootsie
little
Florida,
State
colored
bubbles
are
way
down
there
at
the
bottom.
H
I
just
I'm
just
wondering
is
the
timing
good.
Now
it.
G
It
certainly
I
said
it
certainly
might
not
be
okay
and
it
just
if
you
just
look
at
the
numbers.
You
certainly
don't
want
to
be
selling
out
of
something.
That's
underperformed,
I
I
try
to
look
at
it
through
a
longer
lens
growth
versus
value,
Cycles
tend
to
be
fairly
long-term
in
nature
average
Amy
five
six
seven
years,
we've
just
been
through
a
10-year
growth
cycle.
The
last
12
months
have
certainly
favored
value
compared
to
growth.
G
H
Now
that
being
said,
do
we
have
money,
selecting
cash
in
the
room,
to
move
that
into
being
able
to
diversify,
but
then
maybe
look
at
exiting
the
growth
portfolio
when
at
least
it
kind
of
bounces,
Back
Being
able
to
jump
into
the
value.
So
reciprocal
nature
sounds
like
to
me
we'd
kind
of
be
at
the
seed
start
of
the.
G
At
64.8
percent
I'm
sorry
63.8
Equity,
combined
to
hook
up
so
so
we
really
only
have
about
a
percentage
point
to
go
if
you're
taking
any
cash
according
it
into
Equity,
we're
just
adding
to
that
number
and
you're
immediately
at
your
account.
So
you
really
would
need
to
be
taking
it
from
other
equities
so
as
to
not
increase
the
allocation.
So
if
you
have
the
numbers
from.
C
G
Money
from
they
have
performed
less
so
than
in
the
other
strategies.
The
last
few
like
this
this
year,
because
because
again,
the
same
thing
I
just
mentioned
about
growth,
like
our
domestic
growth,
popping
we've
seen
a
similar
thing,
where
International
as
well,
that
the
more
growth
related
strategies
that
pop
people
a
little
bit
more
recently
as.
H
G
Right,
correct,
yeah,
but
well
you're,
no
I
mean
it
is
you're
getting
and
you're
actually
getting
10.7
compounded
on
top
of
the
13
and
change
that
you
got
last
time.
So
it's
actually
more
than
just
adding
the
two
numbers
together,
because
you're
you're
getting
10
of
the
13,
so
you
actually
got
an
extra
1.3
from
the
prior
quarter.
Return
sort
of
added
in
I'm
just
doing
the
quick
math
here
each
of
those
wcm.
G
.
sounds
pretty
good,
yeah
I
mean
again,
growth
has
popped.
You
know
relatively
in
particular
the
last
two
to
three
weeks.
We
saw
you
know
the
day.
The
FED
cut
25
basis
points
last,
but
NASDAQ
was
up
over
three
percent
and
the
s
p
or
the
Dow
is
flat
growth.
That's
growth.
Stocks
have
been
hammered
last
year,
really
jumped
and
kind
of
the
value
stocks
didn't
do
anything.
F
H
H
Could
we
table
that
table
this
and
then
like
come
back
to
the
next
meeting
and
certainly
jump
on
it
again
like
if,
of
course,
problems
change?
I
know,
I
speak
for
myself,
I'm,
just
I
appreciate
you
brought
us
to
this.
I
definitely
think
that
it
would
love
to
see
the
diversification
in
the
international
Equity
portfolio
and
I
just
think
we
should
kind
of
start
looking
at
getting
those
multiple
reports
from
where
we're
at,
and
definitely
something
to
look
at
at
the
at
the
next
meeting.
H
F
H
G
I
don't
know
I,
don't
have
to
go
back
to
the
research
team
and
I.
Don't
know
how
close
the
other
manager
might
be,
but
I
can
just
so
you
understand
when
I
come
in
the
first
one.
My
idea
is
to
kind
of
try
to
give
you
a
little
bit
of
a
variety
within
the
space.
So
if
we
say
no,
we
really
want
the
more
value
manager
to
balance
or
no,
we
want
one,
that's
a
little
bit
more
toward
the
middle.
You
have
it.
H
D
I
You
can
kind
of
skip
over
the
plan
membership.
This
time.
I,
don't
think,
there's
a
whole
lot
of
movement
since
ended
here
from
last
year,
and
you
did
have
any
of
these
couple
backdrop
games
that
came
out
a
couple
in
January-
that's
not
on
here,
because
that's
a
part
of
the
separate
quarter.
I
I
Software
update
I
hope
to
have
it
out
by
now,
but
really
part
of
the
problem
has
been
me
and
my
my
time
with
we
ran
into
kind
of
a
problem
and
I
just
haven't
been
able
to
get
back
to
it
and
I'm
about
to
we're
running
to
an
issue
on
the
accumulated
contributions.
Calculation,
first
The,
Giver
or
Smith's
calculations
versus
what
the.
I
Historically-
and
we
found
that
somewhere
about
20
years
ago,
there
was
some
kind
of
issue-
that's
leading
to
a
compounding
problem
as
it's
went
along
somewhere.
You
know,
you
know
it's
nothing,
major
material,
wise.
You
know
somebody
who's
been
here.
25
years,
maybe
give
her
response,
has
a
900
difference
in
how
they
would
calculate
the
accumulated
contribution
versus
how
we
currently
got
in
that
system.
So
we've
got
to
get
that
official,
new
tracking
of
accumulated
contributions,
since
our
apparel
system
we're
going
to
be
moving
to
doesn't
have
the
capability
to
do
that.
I
Sugarman
Susquehanna
that
Pedro
will
present
at
the
main
meeting
and
go
into
detail
on
what
this
is,
how
it
affects
us
by
my
reading
of
it.
I,
don't
think
it's
too
impactful
till
2027
I
know
that
some
of
these
age,
minimum
distribution
requirements,
age
requirements,
is
good
for,
like
one
employee
that
we
have
so
so
that's
the
biggest
impact
I
can
see
so
far
on
this,
but
we'll
let
Pedro
get
into
that
at
the
next
meeting,
but
they
want
to
provide
us
since
they
send
it
out
and
read
through
that.
I
I
Really
stepped
in
there
right
there
other
than
that.
Oh
we
do
I'm.
Sorry,
we
didn't
have
a
current
event
coming
up
after
I
put
this
together,
fdpa
sent
out
their
announcement
of
where
the
next
meeting
was
going
to
be
and
everything
of
the
the
June
conference
or
their
annual
conference.
I
So
it's
not
a
school,
so
you'll
be
able
to
do
like
your
next
section,
that'd
be
for
the
hall,
but
this
is
the
annual
conference
June
25th
to
28th
at
Rose
and
Shingle
Creek,
so
not
sure
when
they're
going
to
open
up
those
reservations-
and
so
it
says
open
in
April.
So
please,
let
me
know
so:
I
can
get
a
chance,
because
I
know
this
one
usually
fills
out
pretty
quick
and
there's
actually
going
to
run
out
on
that
annual.
D
I
would
say
for
the
main
meeting.
We
need
to
make
sure
we
have
corn.
We've
got
a
lot
of
a
lot
going
on
there.
So
if
you
cannot
attend,
please
let
Dustin
know
so
that
he
can
make
sure
everyone
else
is
needed.
Courtesy
of
the
Florida
visitors
visitors
present.