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D
So
we
have
the
the
year-end
report
as
well
as
the
January
update,
I
will
say
the
most
recent
four
months.
We've
we've
seen
quite
a
bit
of
a
rebound
in
the
markets,
but
no
doubt
2022
was
a
a
very
challenging
year.
We
saw
equities
down
double
digits
across
the
board
fixed
income
down
over
10
percent
for
U.S
investment
grade
bonds.
The
one
bright
spot
was
real
estate
with
a
with
a
positive
return.
Really
what
drove
the
markets
in
2022
was
Rising
interest
rates.
D
D
One
of
the
things
we'll
talk
about
after
we
go
through
the
quarterly
and
monthly
report
is
just
forward-looking
asset
allocation
and
for
the
first
time
in
several
years,
our
expectations
are
above
what
you
need
to
get
from
a
required
rate
of
return.
You'll
remember
last
year,
the
year
before
and
the
year
before,
that,
we
were
coming
to
you
saying
our
intermediate
term
expectations,
which
is
for
us.
The
next
10
years,
are
much
more
muted,
because
interest
rates
were
so
low.
Equity
valuations
were
high
today,
as
we
as
we
stand
here
today.
D
But
if
we
just
turn
in
the
quarterly
report
to
slide,
eight
you'll
see
the
and
I'll
focus
on
this.
One
year
column,
this
is
the
calendar
year,
2022.
I,
like
the.
If
you
look
at
the
bar
charts,
the
bars,
everything
is
negative,
with
the
exception
of
Commodities.
That's
really
oil
and
gas,
but
U.S
investment
grade
bonds
is
measured
by
the
Bloomberg
aggregate
down
13
percent
on
the
year
on
a
relative
basis.
It's
while
down
13
percent
for
bonds
is,
is
certainly
not
what
we
would
ever
expect.
D
It
did
provide
a
little
protection
relative
to
equities.
If
you
look
at
U.S
large
cap
stocks
down
18
percent,
as
measured
by
the
S
P
500,
the
Russell
2000
or
small
cap
down
20
percent
last
year,
and
into
this
year
we
are
seeing
non-us
equities
outperform
U.S
for
the
first
time
really
in
a
decade
the
efe
benchmarked
down
14
percent
so
still
down,
but
a
little
bit
better
than
than
U.S
stocks
and
then
Emerging
Markets
down
about
19.7.
D
If
you
look
at
the
quarter,
which
is
the
fourth
quarter
of
the
year,
you
will
see
positive
numbers
and
the
biggest
one
that
stands
out.
There
is
The
efe
Benchmark,
so
that's
International,
Development
markets
up
17.4
percent.
What
what
we're
really
seeing
happening
in
the
fourth
quarter
and
continuing
on
into
this
year
is
the
dollar
weakening?
That's
been
a
major
headwind
for
U.S
investors.
Investing
in
non-us
equities
over
the
last
decade
is
the
strength
of
the
dollar.
D
The
companies
outside
the
US
have
actually
done
okay,
if
you've
Regina,
if
you
could
go
forward
to
slide
11.
D
So
this
slide
that
again,
looking
at
the
table,
those
first
two
benchmarks,
the
mscie
fee
and
the
msci
efe
local
currency,
those
are
the
same
benchmarks.
They
include
the
same
stocks.
The
local
currency
is
those
companies
in
their
the
domicile
of
the
comp
company
that
country's
currency.
If
you
go
out
to
the
far
right
on
a
10-year
basis,
those
stocks
in
the
Ife
Benchmark
over
the
last
10
years
generated
an
eight
percent
return,
but
for
U.S
investors,
when
you
converted
that
back
into
Dollars,
you
got
a
five
percent
return,
because
the
dollar
was
strong.
D
D
But
if
we
look
back
the
seven
years
prior
to
that
from
the
tech
bubble
bursting
through
the
financial
crisis,
we
saw
non-us
outperform
U.S
starting
to
see
that
pretty
pretty
big
move
during
during
the
quarter
and
into
this
year,
and
you
see
that
in
the
fourth
quarter
of
the
year,
the
weakening
of
the
dollar
actually
added
about
nine
percent
to
the
return
of
versus
local
currency.
So
that's
a
pretty
big
bump
there.
If
we
go
forward
a
couple
more
pages
to
slide
14,
this
is
really
The
Story
of
the
Year.
D
This
is
what
happened
to
rates
during
the
year
as
interest
rates
rise,
bond
prices
go
down,
but
it
also
had
a
major
re-rating
on
stocks,
particularly
growth
stock
stocks
that
have
a
much
longer
Runway
to
either
profitability
or
returns.
Those
were
getting
valuations
were
running
up
as
money
was
inexpensive,
but
as
interest
rates
Rose,
we
saw
growth,
stocks
sell
off
pretty
dramatically
and
stocks.
Overall.
D
D
You,
you
will
see
currently
that
green
line
at
the
end
of
the
year,
a
pretty
significant
inversion
in
the
yield
curve.
So
as
as
we
stand
here
today
and
at
the
end
of
the
year
fairly
large
disconnect
between
the
fed
and
what
Market
observers
are
thinking
is
going
to
happen
in
in
the
months
ahead,
as
rates
have
have
come
down
a
bit
in
the
intermediate
to
longer
end
of
the
the
yield
curve
from
September
to
December.
If
you
look
at
the
10-year
10-year
stayed
about
the
same.
D
The
five
year
was
down
about
nine
basis
points,
but
really,
if
we
went
back
a
quarter
which
we
don't
show
on
here,
the
June
quarter,
we
did
see
the
10-year
move
down.
Quite
a
bit.
I
think
today,
the
10
years
at
about
370
got
down
as
low
as
340,
but
shorter
rates
are
up
over
four
percent,
and
the
expectation
now
is
that
the
terminal
rate
is
going
to
be
somewhat
for.
Fed
funds
is
going
to
be
somewhere
north
of
of
5
percent.
D
As
we
look
at
your
bond
portfolios
for
the
most
part,
you
have
pretty
significant
core
core
core
Plus
positioning
Western,
which
is
your
largest
Bond
manager.
What
hurt
them
in
the
first
nine
months
of
the
year,
not
necessarily
intuitive,
we
think
of
them
as
owning
a
little
bit
more
credit
and
being
able
to
move
into
plus
sectors
that
wasn't
really
the
issue.
They
actually
had
a
little
bit
more
duration
or
interest
rate
sensitivity
in
their
portfolio
and
they've
been
adding
to
it.
So
as
rates
came
down,
that
was
a
pretty
big
headwind.
D
E
We
provide
an
overview
of
the
portfolio
in
terms
of
dollars.
We
talk
a
lot
about
percentages
and
Returns
on
page
20,
it's
in
dollars,
and
you
can
see
where
you
started
off
the
year.
At
the
beginning
of
the
year,
portfolio
was
valued
at
900
and
almost
66
million
dollars
really
at
at
a
peak
there.
E
Net
additions,
were,
you
know,
just
under
32
million
and
then
the
return
on
investment
reflecting
the
the
down
year
or
the
negative
return
in
terms
of
dollars.
That
was
down
128
million
dollars
with
the
portfolio
value
at
106
million
dollars
for
the
year
I
will
say
when
we
look
at
the
January
report
that
has
increased
to
800
and
just
a
little
bit
more
than
840
million.
So
we
did
see
about
a
35
million
dollar
increase
just
from
the
in
the
month
of
January,
looking
out
over
a
longer
term
time.
Horizon.
E
If
you
look
at
that
10-year,
under
that
10-year
column,
you
can
see
the
portfolio
was
valued
at
544
million,
236
million
left
the
portfolio
and
the
return
on
investment
was
almost
double
of
where
you
started
so
just
under
500
million
dollars.
So
really
strong
growth,
and
you
see
that
when
you
look
at
the
returns,
really
strong
growth
over
the
over
the
last
10-year
time,
Horizon
moving
on
to
the
next
page
on
page
21
kind
of
call
this
a
report
card
page
and
what
we
do
is
we
look
at?
E
How
is
the
portfolio
done
relative
to
different
objectives?
And
so
first
here
we
have
the
Actuarial
assumed
rate
of
return,
which
is
currently
at
seven
percent.
Has
the
portfolio
method
objective
over
five
years
and
has
it
matted
over
10
years,
and
you
can
see
over
five
year
period.
The
return
has
declined
to
five
just
under
five
and
a
half
percent,
so
not
meeting
that
absolute
return
Target
over
five
year
period,
but
over
the
10-year
period
has
with
the
7.4
percent
return.
E
E
So
you
outperformed
by
you,
know
roughly
40
basis
points
there
over
a
five-year
period
and
then,
over
a
10-year
time
period,
the
Palestinians
was
at
6.8
percent
and
the
portfolio
was
at
7.4.
So
you
met
that
objective
and
then
we
also
look
at
some
other
statistics
in
terms
of
risk.
How
do
the?
How
is
the
portfolio
structured
when
we
look
at
it
on
a
risk
basis?
Is
it
taking
on
more
risk
to
achieve
those
returns
or
is
it
taking
on
less
risk
to
achieve
those
returns?
E
And
ideally
we
want
to
generate
a
higher
return
while
taking
on
a
little
bit
less
risk
in
the
overall
portfolio,
and
so
we
measure
the
risk
or
the
volatility
by
the
standard
deviation
and
over
a
five-year
period.
You
can
see
you
want
your
portfolio
number
to
be
less
than
the
standard
deviation,
and
you
can
see
meeting
the
objective
on
both
time
periods,
with
less
risk
of
the
five-year
period
and
less
risk
over
a
10-year
period.
E
And
then
we
also
look
at
what
we
call
beta
or
how
much,
since,
how
much
sensitivity
does
the
overall
portfolio
have
to
markets?
E
And
again,
we
want
this
number
to
be
less
than
one
and
meeting
the
objective
there
on
both
time
periods
and
then,
lastly,
you
know
we
haven't
talked
a
lot
about
this,
because
the
markets
have
done
so
well
over
the
last
10
years,
but
you
know
it's
important
to
participate
in
the
up
markets,
but
it's
also
equally
important
to
participate
in
the
down
markets,
because
if
you
can
protect
some
on
the
downside,
it
takes
less
to
make
up
when
the
markets
do
rebound.
E
E
So
that's
saying
if
the
market
was
down
10
percent,
your
portfolio
would
be
down
less
than
that
around
9.2
percent,
so
protecting
on
the
downside
and
then
looking
at
looking
at
that
same
statistic
over
10-year
period,
a
little
bit
better,
you
can
see
your
down
capture
is
91
0.4,
so
portfolio
will
be
down
9.1
percent
if
the
market
was
down
10
percent,
so
achieving
all
objectives
over
the
10-year
period,
but
over
a
five-year
period,
just
short
of
the
seven
percent
absolute
return
targets.
E
Maybe
flip
to
page
24
just
look
real
quickly
at
returns
relative
to
the
policy
index
as
well
as
the
peer
group,
and
if
you
look
at
the
far
right,
you
know
kind
of
the
numbers
on
the
far
right
column.
E
You
have
the
return
of
the
portfolio
for
the
fourth
quarter
at
4.4
percent
over
one
year
13.4
and
a
half
percent
over
three
years
five
years,
a
little
bit
north
of
five
percent,
then
ten
years
to
7.4
percent,
and
then
we
look
at
that
relative
to
other
portfolios
that
have
similar
Equity
allocation,
but
I
think
even
more
importantly,
relative
to
other
public
fund
defined
benefit
plans.
And
how
does
your
portfolio
compare
to
other
defined
benefit
public
funds
and
really
we
focus
on
a
longer
term
time
Horizon.
E
So
if
you
look
at
the
numbers,
you
know
over
five
and
ten
years
really
over
three
five
and
ten
years
ranking
you
know
top
in
the
top
third,
among
other
portfolios
that
are
trying
to
achieve
the
same
same
objective,
other
pension
plans
and
then
also
just
looking
at
the
chart
on
the
bottom
left
hand.
Side
of
the
page.
We
have
the
calendar
year
returns
here,
looking
back
over
10
years,
and
you
can
see
you
know
double
digit
returns
for
five
out
of
those
10-year
periods.
E
You
know
very
strong
returns
of
the
past
10
years,
2019
20
and
21
much
stronger
than
what
we
would
have
ever
expected
and
really
kind
of
building
up
a
cushion.
And
then
you
have
the
negative
return
of
13.4
percent
for
the
trailing
you
know
for
2022
and
so
you've
you've
built
up
some
cushion
there
to
help
protect,
provide
some
protection
for
for
a
negative
year,
but
very
strong
results
over
over.
D
The
past
10
years
to
remember
with
that
from
an
Actuarial
standpoint,
those
the
2019-2020
and
2021.
You
didn't
recognize
all
of
those
gains
above
your
seven
percent.
You
you
banked
some
if
you
will
of
that
excess
over
over
seven
percent.
So
even
with
this
down
13
this
year,
it
won't
have
as
significant
of
an
impact
on
your
funded
status,
because
you'll
recognize
gains
from
prior
years
that
you
didn't
recognize.
Yet
it
was
the
same
last
year
you
didn't
recognize
all
the
gains
in
your
2021
valuation.
I,
don't
know
how
impactful
but
I.
E
And
then,
on
page
25
I
just
wanted
to
focus
your
attention
to
this
chart.
This
10-year
risk
return
chart
that
we
have
on
the
top
left-hand
side
of
the
page.
This
provides
a
graph
in
terms
of
the
risk
return,
and
so
you
really
want
to
be
in
that
upper
left-hand
quadrant.
E
So
your
portfolio
is
represented
by
the
light
blue
square
and
then
the
policy
index
is
the
dark
blue
square,
and
so
you
have
achieved
a
higher
return
over
the
trailing
10-year
period
while
taking
on
less
risk
and
then,
if
you
move
over
to
the
right
hand,
side
kind
of
the
middle
of
the
page,
The
Benchmark
relative
statistics,
we
look
at
the
up
capture
on
the
down
capture
over
10-year
period
and
you
can
see
again.
You
know
the
portfolio
is
protecting
on
the
downside,
with
a
91.4
and
you're
participating
in
most
of
the
upside
at
97.7.
E
So
it's
kind
of
the
reversal
of
what
I
was
previously
explaining
on
the
down
capture
so
on
the
upside
of
the
port.
If
the
market
was
up,
ten
percent,
your
portfolio
will
be
up
9.6,
9.7
percent,
so
many
different
many
different
factors
that
we're
looking
at
when
we're
you
know
making
our
recommendations
and
constructing
the
portfolio
and
we'll
talk
a
little
bit
more
about
this.
When
we
look
at
the
asset
allocation,
but
always
want
to
be
looking
at
the
risk
and
how
much
risk
you're
taking
on
to
achieve
the
returns.
E
D
The
your
up
down
capture
statistics,
I'd
say,
are
a
little
better
than
what
I'm
seeing
across
other
client
portfolios
down
capture
for
most
of
our
client
portfolios
is
around
that
ninety
percent-
your
up
capture,
is
a
little
bit
higher
and
if
you
look
at
that,
lower
left
chart
a
lot
of
that
came
in
that
2020
and
2021
period.
You
had
really
really
good
manager
performance
and,
as
we
will
talk
a
little
bit
about
just
relative
performance
over
the
past
year
and
where
it
was
coming
from.
D
Your
large
cap
allocation
was
a
bit
of
a
headwind
this
year.
It's
your
largest
allocation
and
talk
about
this
quite
a
bit.
It's
it's
primarily
either
passive
with
the
ssga
strategy
or
what
we
call
Benchmark
risk
controlled
with
in-tech.
That
in-tech
strategy
tends
to
own
a
little
bit
more
of
the
smaller
names
within
the
large
cap
index,
so
one
small
cap
out
performs
they
do
a
little
bit
better
or
when
smaller
names
outperform
one
large
cap
out
performs
they
do
a
little
bit
worse.
D
This
period
more
recently,
there,
the
month
they're
doing
very
well,
but
overall
last
year
they
trailed
a
bit,
and
that
was
a
headwind
in
that
period
of
coming
out
of
the
bottom
of
covid
through
the
end
of
2021
that
really
helped,
and
that
improved
your
up
capture,
you
know
any
down
capture
lower
than
90
you're
going
to
the
up
capture
is
really
going
to
be
much
lower
than
I.
Think
is
desirable
for
a
pension
fund
that
has.
D
D
E
Okay,
flip
to
page
four
of
the
monthly
performance.
So
it's
a
staple
piece
for
those
looking
at
the
hard
copy.
E
You
know,
as
Jason
mentioned,
really
saw
a
rebound
in
the
fourth
quarter
of
last
year,
particularly
in
October
November,
and
then
Junior
was
a
very
strong
month.
So
on
page
four,
we
have
the
the
value
of
the
portfolio
as
of
the
end
of
January
100,
841
million
dollars.
Up
from
where
we
were.
E
You
know,
at
the
end
of
December,
we
have
their
Target
allocations
and
then,
where
the
actual
allocation
is
at
the
end
of
the
month-
and
you
can
see
when
you
look
at
overall
Equity,
you
know
your
target
is
65
you're,
just
shy
of
that
at
64.7
percent.
Fixed
income
Target
is
20
you're
a
little
bit
lower
there,
but
your
cash
is
a
little
bit
higher
and
we'll
talk
a
little
bit
about
that.
You
received
a
couple
distributions.
E
In
the
month
of
January,
we
made
we
put
in
some
Redemption
requests
for
real
estate
and
we
received
some
money
there,
as
well
as
from
a
couple
of
the
equity
long
short
man
managers.
So
cash
is
a
little
bit
higher
than
it
has
been,
but
when
you
look
at
those
two
combined
right
in
line
with
the
with
the
20
Target
and
then
real
assets
which
represent
you
know
your
core
real
estate
and
opportunistic
real
estate
in
line
with
the
target
core
real
estate
is
a
little
bit
overweight.
E
We
did
submit
a
15
million
dollar
Redemption
request
from
Morgan
Stanley
that
was
effective,
December
31st.
You
received
a
distribution
of
about
3.7
million
there.
There
is
currently
a
Redemption
queue
in
place,
but
that
3.7
million
represents
about
25
percent
of
the
overall.
You
know
of
the
15
million
dollars,
which
is
much
higher
than
what
we've
seen
some
other
real
estate
managers.
Given.
What's
happened
in
the
overall
markets,
Equity
values
have
come
down,
Bond
values
have
come
down
and
real
estate
has
done
very
well
over
the
last
two
years.
E
So
2021
is
very
strong
year.
2022
was
a
very
strong
year
for
real
estate,
and
so
other
plans,
like
yourself,
have
gotten
a
little
bit
overweight
in
real
estate,
because
the
other
parts
of
the
pieces
are
going
down
and
real
estate's
going
up.
So
many
investors
have
submitted
Redemption
requests
and
within
real
estate,
it's
private.
You
know
real
estate
and
major
Metropolitan
City.
So
you
can't
just
go
out
and
sell
that
real
estate,
so
they
Implement
these
Redemption
cues
and
we'll
pay
it
out
over
time.
E
D
There's
a
little
bit
different
position,
because
you
have
a
lot
of
unfunded
commitments
on
the
opportunistic
side
that
we
would
anticipate.
They'll
start
calling
Capital
down,
as
as
prices
come
down
in
the
real
estate
market.
The
opportunity
for
the
starwoods
and
Angela
Gordon
and
Blackstone
is
going
to
be
pretty
ripe.
B
D
20
21
and
22
multi-family
and
Industrial
were
huge,
outperformers
relative
to
office
and
Retail
now
you're,
starting
to
see
some
markdowns
and
portfolios
as
we
would
expect
just
because
it's
run
up
so
much
interest
rates
have
gone
up
so
that
that
has
a
negative
headwind
for
for
Real
Estate,
but.
B
D
Morgan
Stanley,
along
with
most
of
the,
what
we
call
Odyssey
the
the
core
real
estate
funds
for
the
last
several
years,
been
repositioning
portfolios
where
you
have
a
lower
than
Benchmark
weight
in
office
and
Retail,
and
really
adding
to
Industrial
and
multi-family.
That
said,
Morgan
Stanley
will
they
have
quality
office
so
where
their
office
is
there,
they've
got
they're
generally
close
to
fully
leased
and
in
decent
shape,
and
they
just
have
less
of
it
than
they
did
previously.
D
E
Depends
on
what
segment
of
the
market
you're
in
whether
you
know,
one
area
that
is
growing
is
kind
of
the
Health
Sciences
and
healthcare
industry
office
space
for
that
more
demand
there,
and
so
you
could
also
potentially
see
some
turnover
and
tenants
and
things
like
that,
but
that's
an
area
that
is
actually
growing
in
a
strong
today,
whereas
you
know
maybe
an
office
in
San
Francisco.
That
was
a
high
rise
for
financial
district,
maybe
isn't
doing
as
well.
So
it
depends
on
where
you're
at
where
the
properties
are
held.
D
The
other
thing
and
Patty
mentioned
that
just
looking
at
the
the
cash
and
that
that's
more
function
of
distributions-
and
we
raised
a
little
bit
more
and
you
have
Capital
calls
to
that.
We
have
to
anticipate,
but
currently
now
you're
getting
over
four
percent
on
your
cash
in
short-term
Investments,
whereas
before
it
was
more
of
a
drag
now,
it's
contributing
and
we
look
at
it
more
part
of
your
fixed
income.
E
On
page
five,
we
have
the
results
for
the
portfolio.
You
know.
As
of
the
end
of
January,
you
can
see
portfolio
on
a
net.
A
fee
basis
was
up
4.8
percent.
It's
that
second
line
and
that
light
blue.
That
light
blue
box
one
month
return
four
point:
eight
percent
slightly
behind
the
policy
index,
but
you
know
longer
term
results
5.8
over
three
years,
5.3
over
five
years,
a
little
bit
north
of
seven
percent
over
10-year
time
period.
E
You
know,
as
Jason
mentioned
you're
slightly
below
the
policy
index,
and
a
lot
of
that
has
to
do
with.
Intec
is
one
of
your.
You
know
your
large
cap
manager
it's
one
of
the
largest
allocations
in
the
portfolio
and
they
tend
to
overweight
the
smaller
names
within
the
index,
and
so
that's
contributed
to
the
lag
a
bit
versus
the
policy
index.
E
But
when
you
look
down
at
the
individual
Composites
and
we
look
at
each
asset
class,
so
you
can
see
large
cap
equities
down
about
eight
and
a
half
percent
versus
the
S
P
500
at
8.2
percent,
but
longer
term
results
very
strong
9.2
over
three
years,
8.9
or
five
years
12.4
over
10
years.
Small
cap
portfolio,
you
know,
has
protected
some
down
0.06
percent
for
the
one
year
period
where
the
Russell
2500
index
is
at
2.05
percent
and
then
longer
term
outperforming
their
long
short.
E
E
Sorry
negative
yeah,
a
lot
of
that
came
in
the
first
half
of
2022..
The
second
half
in
January
have
been
fairly
fairly
decent
for
Equity.
Long
short,
if
you
look
at
just
at
the
seven
year
return,
you
can
see-
and
we
don't
have
this
here,
but
I
haven't
written
down
the
equity.
Long
short
report
was
up
8.9
percent,
whereas
the
acwee
was
up
9.8
percent,
so
capturing
most
of
that
upside
in
the
last
seven
months,
and
then
International
and
Emerging
Markets.
E
You
know,
as
Jason
mentioned
really
prior
to
the
fourth
quarter,
impacted
by
the
strength
of
the
dollar,
starting
to
see
that
come
back.
You
know,
one
of
Emerging
Markets
is
one
of
the
best
performing
asset
classes.
In
the
month
of
January
International
developed
markets.
E
You
have
two
managers
there,
you
have
Lazard
and
Harding
lovener
Harding
lovener
tends
to
be
a
little
bit
more
growth
oriented
and
they
also
have
a
fairly
healthy
allocation
of
25
to
30
percent
Emerging
Markets,
so
their
portfolio
was
impacted
due
to
an
overweight
to
you
know,
technology
sector,
as
well
as
having
an
allocation
to
Emerging
Markets,
which
did
not
do
well
prior
to
the
fourth
quarter
and
then
also
Lazard
is
a
International
Development
manager.
That
has
a
value
bias.
E
But
it's
a
little
bit
more
conservative
in
that
it's
more
conservative
than
Harding
lebner,
so
it
serves
as
a
good
compliment,
but
it's
not
deep
value
so
to
speak,
so
they
didn't
do
as
well.
Some
of
the
value
managers
they
have
an
overweight
to
materials,
and
you
know
energy
and
financials
did
really
well
and
they
have
had
a
lower
allocation
to
those
segments
of
the
market
and
then
Emerging
Markets
down.
E
You
know
16
for
the
one-year
period
two
managers
there
you
have
all
spring
and
Wasatch
Wasatch
represents
a
very
small
piece
of
the
overall
portfolio,
it's
one
and
a
half
percent
and
is
really
designed
to
kind
of
be
a
return.
Enhancer
they're,
investing
in
Emerging
Markets,
which
tends
to
be
a
little
bit
more
volatile
or
a
little
bit
more
risky,
but
they're,
also
investing
in
smaller
cap
names
and
so
looking
at
their
portfolio
relative
to
offspring
really
is
not
an
Apples
to
Apples
comparison.
E
It's
designed
to
compare,
but
small
cap
Stacks
did
not
do
well
in
emerging
markets
in
2022.
They
also
have
a
higher
allocation
to
technology,
which
was
one
of
the
worst
performing
sectors
in
the
Emerging
Market
allocation.
Their
weighting
is
about
double
there,
so
impacted
returns,
but
just
keeping
in
mind.
It
represents
a
very
small
piece
of
the
portfolio
when
you're
when
you're
looking
at
their
returns
and
then
lastly
fixed
income.
You
have
four
different
managers
here,
provided
some
downside
protection
at
8.3
versus
the
bloom
bar
AG
at
8.3.
E
Eight
point:
three:
six
percent,
you
know
really
over
you
know
the
last
several
years
we've
been
diversifying
and
and
complementing
the
fixed
income
managers
relative
to
one
another.
You
do
have
Brandywine
in
your
portfolio,
which
is
a
global
Bond
manager
that
has
also
that
they
have
a
lot
of
exposure
to
currency.
So
they've
also
benefited
from
the
dollar
weakening
over
the
last
four
four
months
as
well,
and
then,
lastly,
you
can
see
cash
and
equivalence
and
the
return
there
over
the
one
year
period
is
1.6
percent.
E
But,
as
Jason
mentioned,
you
know
you're
actually
starting
to
earn
something
on
cash
now,
and
you
can
see
that
in
that
one
month,
return
0.35.
If
you
took
that
out
and
multiplied
it
by
12,
you
know
to
kind
of
get
a
one
year.
Return
you'd
be
north
of
four
percent,
so
it's
nice
to
actually
get
paid
for
holding
cash
nowadays.
A
A
Okay,
all
right
Cheryl
entertain
a
motion
to
received
the
quarterly
investment
report,
which
is
item
11b.
D
Okay,
so
once
a
year,
we
revisit
the
Strategic
asset
allocation
just
to
frame
this.
This
is
more
of
a
policy
discussion
as
to
where
we
want
to
be
from
a
long-term
strategic
targets,
I
think
as
we
we
walk
through
this,
it's
intended
as
a
discussion,
but
there
may
be
some
takeaway
to
make
some
modifications
to
your
policy
which,
depending
on
the
board's
desire,
we
can
come
back
next
month
with
your
policy
document
with
some
red
line
changes.
If
that's
the
direction
you
choose
to
go
so
I
I've.
D
You
know
given
away
the
punch
line
for
most
of
this
the
last
several
months,
but
if
you
just
turn
to
slide
three,
the
we
have
we
developed
two
time:
Horizon
Capital
Market
expectations,
what
we
call
intermediate
term
time,
Horizon
and
then
long-term
time,
Horizon,
our
intermediate
term
Capital
Market
assumptions
for
us,
that's
really
the
next
10
years.
So
many
might
say
that's
long
term,
but
for
the
types
of
clients
we're
working
with
that
are
all
very
long-term
investors.
D
We're
calling
that
intermediate
and
those
assumptions
are
anchored
more
on
current
yield
and
current
valuation
when
we
think
about
equities
and
fixed
income
and
real
estate.
So
from
year
to
year,
they
may
move
around
a
little
bit
more
than
our
long-term
assumptions,
which
are
really
anchored
on
very
long-term
historical
averages
and
those
those
shouldn't
move
around
too
much,
as
we
incorporate
these
into
our
asset
allocation
modeling
tool,
where
we
do
Monte
Carlo
simulations
and
show
output
of
various
mixes.
D
Typically,
the
way
the
model
works
or
the
way
the
model
works
is,
it
will
will
show
you
an
outcome
over
a
10-year
time,
Horizon,
which
is
using
the
intermediate
term
assumptions,
and
then,
if
we
move
out
beyond
that
to
20
or
30
year,
it's
blending
the
intermediate
assumptions
with
the
long-term
assumptions,
the
last
several
years
for
Pension
funds
like
yourselves.
If
we
looked
at
the
intermediate
term
expectation
the
median,
it
was
more
like
what
you
saw
in
your
five
year.
Your
actual
five-year
return
of
five
and
a
half
percent
I
think
last
year.
D
Well,
we
have
it
in
here
was:
don't
have
to
turn
the
page
it
was.
6.3
percent
was
the
median
expectation
for
your
policy
mix
based
on
our
Capital
Market
assumptions
a
year
ago,
so
that's
well
below
that
was
looking
out
from
January
1
of
2022
over
the
next
10
years
saying.
Well,
we
expect
about
a
6.3
percent
return,
50
percent
probability,
so
that's
below
your
seven
percent
Target.
D
If
we
took
that
out
longer
term,
we
had
a
better
chance
of
getting
to
that
seven
percent,
but,
as
we
would
say,
you
have
to
get
through
the
intermediate
term
to
get
to
the
long
term
today,
because
yields
are
up,
valuations
are
down,
things
are
looking
a
lot
better
as
we
look
forward
where
we
sit
today,
we're
better
positioned
for
a
long-term
investor
that
needs
a
seven
percent
return
better
position
for
the
next
10
years
than
we
were
a
year
ago
or
two
years
ago.
D
So
basically,
equities
are
higher
due
to
lower
valuations
fixed
income
higher
due
to
Rising
yields
real
estate
modestly
lower
Brent.
This
is
to
somewhat
to
your
question,
I,
think
not
not
dramatically
but
modestly,
lower
due
to
lower
cap
rates,
so
cap
rates
are
the
inverse
of
a
price
earnings
valuation.
It's
the
income
on
a
property
relative
to
its
price
and
because
prices
on
real
estate
went
way
up
last
year
that
earnings,
if
they
didn't
move
it's
a
it's
a
lower
yield,
and
so
that's
going
to
force
valuations
down.
D
If
you
will,
that
said
from
an
asset
allocation
standpoint
on
a
relative
basis,
real
estate
is
still
offers
a
premium
return
to
bonds
with
less
volatility
or
risk
than
equities,
and
it
provides
the
same
correlation
benefits
that
hasn't
changed.
The
one
thing
bullet
there
that
might
create
questions
is
that
inflation
largely
unchanged
again
we're
not.
This
is
looking
out
10
years
forward
or
longer
those
inflation
assumptions
actually
went
up
a
couple
years
ago.
They
went
up
quite
a
bit
by
over
100
basis
points.
D
If
we
look
backward
10
years,
the
10-year
inflation
number
went
from
2.1
to
2.6.
So
we're
still
not.
You
know
looking
out
over
a
10-year
period.
It's
not
the
year-over-year
number
that
you're
hearing
in
headlines
today
that
seven
and
a
half
eight
percent
we're
looking
out
either
backward
or
forward
longer
term
and
that
actually
that
one,
that
one
factor
in
the
model
for
inflation
that
isn't
based
on
modeling
that's
based
on
what
the
market
is
telling
us.
That
is
the
10-year
tips,
break-even
point:
the
treasury,
inflation,
that's
what
it's
it's
yielding
today.
D
So
if
we
go
to
the
next
page,
I
think
this
is
just
somewhat
interesting
and
enlightening
just
to
show
the
impact
of
one
year
what
it
does
to
your
longer
term
results.
So
this
is
backward
looking
that
Top
Line
is
your
portfolio
net
of
fees
at
the
end
of
the
December
2021.
Your
10-year
return
on
your
portfolio
is
9.76
percent
annualized
over
that
10-year
period.
So
that's
well
north
of
your
seven
percent
hurdle.
D
Now
your
hurdle
was
more
than
seven
percent
for
points
in
time
over
the
last
10
years,
but
it
was
never
nine
point,
seven
percent,
so
you
were
booking
Surplus.
If
you
will
over
that
10-year
time
period
and
indicate
a
pretty
good
indicator
that
maybe
the
next
10
years
aren't
going
to
be
so
great
well,
this
one
year
took
a
lot
out
of
that
took
a
lot
of
steam
out
of
that.
So
the
the
negative
13.7
percent
returned
for
2022
eroded
the
10-year
return
by
almost
2.9
percent.
D
I,
don't
know
what
it
would
have
looked
like
if
we
looked
at
this
back
10
years
ago,
but
then
you
can
see
that
various
indexes
and
how
much
they
came
down
in
the
in
a
one-year
period-
and
this
is
what's
really
leading
to
those
intermediate
term
assumptions
going
back
up
a
little
bit
because
you
you
had
such
an
erosion
in
return
or
evaluation
in
one
year.
The
next
slide
you've
seen
this
the
last
couple
years.
I
think
what
this
is
showing
is.
D
This
is
looking
at
the
S
P
500,
so
U.S
large
cap
stocks,
but
that
valuation
is
a
pretty
good
indicator
of
future
return.
Current
valuation
is
a
pretty
good
indicator
of
the
future
return.
Now
the
our
modeling
isn't
quite
this
simple,
but
this
is
a
a
fairly
simple
picture,
so
the
purple
dot
is
showing
where
the
price
earnings
was
on
the
S
P
500
a
year
ago.
So
the
valuation,
what
the
price
was
relative
to
earnings
at
the
end
of
2021,
was
about
25
times
earnings.
D
D
That's
what's
happened
historically,
at
the
end
of
2022
valuation
had
come
down
about
25
percent,
so
it's
right,
I'd
say
that's
it
about
17
and
a
half
times
historically,
when
valuations
that
are
about
17
and
a
half
were
the
next
10
years,
we're
seeing
about
a
10
return,
so
historical
or
just
in
a
better
spot,
but
I
will
say
that
that
earned
that
PE
or
that
valuation.
It's
still
that
we're
at
about
the
historical
average.
We're
not
way
overvalued.
We're
not
undervalued
things
aren't
cheap
we're
at
about
historical
averages.
D
The
next
slide
looks
at
fixed
income,
and
this
is
much
more
dramatic,
both
where
we
were
last
year
and
where
we
are
this
year
so
last
year
and
the
yield
on
the
aggregate
was
almost
off
the
chart.
We
don't
really
even
have
any
observations
down
that
low.
We
were
down
below
a
two
percent
yield
on
the
U.S
investment
grade
bond
market.
The
going
in
yield
is
a
very
much
like
valuations
for
stocks.
The
going
and
yield
is
a
pretty
good
indicator
of
the
next
10-year
return
on
bonds.
D
The
simplest
way
to
understand
that
is
10-year
treasury
bond.
If
you
were
to
buy
a
newly
issued
10-year
treasury
on
January
1
of
2022,
that
was
yielding
1.8
percent
and
at
at
issue,
and
you
held
that
for
10
years,
you're
going
to
get
1.8
a
year
and
then
get
your
thousand
dollars
back
at
the
end
of
the
the
10-year
period.
D
If
you
bought
that
same
Bond
at
the
beginning
of
2023
that
10-year
treasury
was
yielding
like
3.8
percent
and
you
hold
it.
So
that's
200
basis
points
more.
This
is
looking
at
the
broader
bond
market,
so
there's
credit
and
other
other
factors,
but
that's
a
pretty
big
move
for
fixed
income
yields,
and
now
the
expectations
for
bonds
is
about
three
percent
higher
which
you'll
see
on
the
next
page.
D
So
you
don't
see
that
quite
the
significant
move
up
fixed
income,
we're
blending
really
what
you're
doing
in
a
diversified
fixed
income
portfolio
we're
looking
at
this
is
what
we're
saying
is:
80
percent
core
core
Plus,
which
is
your
your
ssga
core
strategy,
Western
and
Brandywine
as
core
core
Plus
and
20
percent.
More
unconstrained,
absolute
return,
which
is
the
PGM
strategy
which
is
going
to
move
there
they're
going
to
move
their
duration
around
and
be
a
little
bit
different.
D
But
if
we
blend
that
all
together,
it's
about
a
three
percent
premium
to
where
we
were
last
year.
So
what
does
that
do?
When
we
look
at
your
current
mix?
Well,
the
number
one
thing
is
fixed
income
now
is
attractive.
It's
offering
a
return
that
it
hasn't
in
in
some
time
before
the
last
10
years.
It's
really
just
been
for
principal
protection
and
liquidity.
Now
we're
getting
a
little
bit
of
return
there.
If
we
go
to
the
next
page,
we
we
do
the
modeling.
D
We
show
three
different
mixes.
We
show
your
current
current
is
your
current
policy
Targets?
This
isn't
where
you
are
right
now
we're
deviating
a
little
bit
just
due
to
market
movement,
but
your
current
policy
targets
are
65
20
to
fixed
income,
65
percent
to
equity
and
15
to
real
real
assets
of
real
estate
and
those
three
broad
categories
within
that
within
equities.
That's
broken
down
a
little
bit
more
granularly
18
U.S,
large
cap
10,
small
cap,
eleven
percent
International,
six
percent
emerging
10
percent,
long
short
and
10
private
equity,
private
Equity.
D
That
was
just
bumped
up
a
couple
years
ago
from
five
to
ten,
because
it
takes
some
time
to
get
to
to
get
that
allocation
up
to
targets,
because
we
can't
just
move
money
there.
The
one
of
the
things
about
private
Equity
that
we
like
a
lot
for
long-term
investors
is
that
it's
a
very
long-term
asset
class.
D
There
is
a
premium
return
for
private
markets
due
to
the
illiquidity
premium
that
you
as
a
long-term
investor
that
doesn't
really
need
the
liquidity
can
take
advantage
of,
and
that's
why
we're
showing
an
alternative
mix
where
we
stay
at
65
percent
in
equities.
But
we
take
a
little
bit
from
long
short
and
cut
it
in
half
and
we
add
that
to
private
equity,
and
what
does
that?
Do?
You'll
see
the
difference
between
current
and
mix,
one
or
all
or
just
flip-flopping,
cutting
long
short
in
half
and
adding
that
to
private
Equity.
D
It
actually
adds
to
the
return
the
median
by
about
30
basis
points,
and
it
slightly
increases
the
volatility
not
not
much.
The
sharp
ratio
is
a
bit
higher.
Sharp
ratio
is
a
measure
of
efficiency.
Just
telling
us,
when
we
compare
one
mix
to
the
other,
a
higher
sharp
ratio
is
suggesting
that
it's
a
little
bit
more
efficient
use
of
risk.
The
other
thing
that
I
think
is
important
to
look
at
is
that
first
percentile
return.
D
Think
of
that,
as
worst
case
scenario,
that
is
any
given
year-
that's
not
over
a
Time
Horizon,
it's
not
next
year.
It's
any
given
year,
there's
a
one
percent
probability
that
any
of
these
mixes
are
going
to
be
down
18
to
20
percent,
that
that's
really
like
2008,
I,
think
2008
a
diversified
portfolio
like
this
was
was
down
about
21
percent,
so
this
is
a
little
bit
a
little
bit
better
than
that.
The
other
thing
we
looked
at
well,
first
of
all,
I'll
go
back.
D
Going
on
the
intermediate
from
6.3
to
8.,
so
this
is
what
I'm
saying
we're
in
a
much
better
starting
point
today
than
we
were
a
year
ago.
This
isn't
saying
that
we're
going
to
get
eight
percent
next
year,
it's
just
saying
over
the
next
10
years,
there's
a
50
probability
that
we
will
get
eight
percent
or
greater
fifty
percent
probability
would
be
eight
percent
or
less
a
year
ago
we
were
saying
the
probability
over
the
next
10
years,
50
that
would
get
to
6.3.
D
So
we're
much
better
position
today,
mix
two
that
we're
showing
here
we're
saying:
okay.
Well,
what
if
we
just
took
a
little
bit
more
risk
off
the
table
again,
take
from
long
short
equity
and
put
that
in
fixed
income,
reduce
Equity
by
five
percent
increase
fixed
income
that
reduces
our
risk
a
little
bit.
It
slightly
reduces
our
first
percentile
return,
but
it
reduces
it
reduces
overall
return
by
about
30
basis
points.
D
D
If
we
go
to
the
next
page,
see
this
just
in
a
slightly
different
way,
instead
of
just
focusing
on
the
median.
This
is
looking
at
the
distribution
in
the
range
of
outcomes,
so
you'll
see
over
time
on
the
left
side
of
the
page
is:
is
one
year
again:
that's
not
next
year.
That's
any
given
year,
so
in
any
given
year,
there's
a
very
wide
range
of
outcomes
around
the
median
we're
going.
D
If
we
look
at
the
25th
to
the
75th
percentile
in
any
given
year,
there's
a
25
probability
that
your
current
mix
will
get
1.3
percent
or
less
and
there's
a
25
probability
that
could
be
16.4
or
higher
as
we
move
out
in
time.
We
go
to
10
years.
What
I
like
to
look
at
is
kind
of
that
that
25th
to
the
50th
so
not
paint
quite
a
Rosy
picture
to
say
if
we're
average
Market
to
slightly
below
average
the
expectations
for
this
portfolio.
The
current
is
about
5.7
to
8.
mix.
D
One
moves
that
up
a
little
bit
to
closer
to
six
to
almost
eight
and
a
half.
So
if
we're
thinking
about
your
seven
percent
return
hurdle
that
probability
is
getting
better
I
wouldn't
look
at
this
and
you've
done
a
very
good
job.
Historically,
of
bringing
that
being
a
little
bit
more
conservative
in
your
approach
with
your
return,
expectation
and
seepers
just
came
out
with
their
new
survey
of
public
Pension
Plan
sponsors
yesterday,
most
of
the
data
in
that
is
from
last
year.
No,
no,
it's
not
it's
not
reflecting
any
updates.
D
Plans
have
made
this
year,
but
the
median
expected
rate
of
return
is
down
under
seven
percent,
so
you're,
not
even
at
the
bottom.
Now
it's
like
six
point,
six
point:
eight
percent,
you
know
I've
had
some
folks
look
at
this
and
say
well,
should
we
be
raising
our
rate
of
return
expectation?
Our
our
answer
is
really
no.
D
D
Finally,
the
the
last
slide
is
just
downside.
Probability
and
I.
Think
that
well
I
know
not
one
more
is
this
is
your
return
probability
and
you
see
yeah,
you
see
that
again,
I'm
focusing
on
the
tenure
mix,
one
which
increases
private
Equity
a
little
bit
and
but
keeps
Equity
the
same,
we're
highlighting
that
very
top
line.
These
are
probabilities
of
achieving
your
hurdle
rate,
so
the
probability
actually
goes
up
by
about
two
and
a
half
percent
with
mix
one
versus
your
current
mix.
D
Two,
it
actually
goes
down
where
we
take
away
from
equity
and
add
to
fixed
income.
The
probability
of
getting
to
your
hurdle
rate
goes
down.
This
is
based
on
2023
assumptions.
If
we
looked
at
this
relative
to
last
year's
assumptions
across
the
board,
the
probabilities
have
gone
up,
you're,
probably
just
because
the
expectations
are
higher.
D
The
last
thing
I
want
to
just
point
out.
This
is
not
necessarily
looking
at
worst
case
loss,
but
this
is
looking
at
probability
of
loss,
so
zero
percent
or
lower
I
think
this
is
just
important
to
understand
for
for
trustees
any
one
of
these
mixes,
because
we
have
65
percent
in
equity
in
any
one
year.
That's
the
left
side
of
the
page
and
any
one
year.
There
is
a
21
probability,
so
one
in
five
slightly
more
than
a
one
in
five
probability
that
you're
going
to
be
flat
to
negative
in
any
one
year.
D
So
you
know,
as
we
looked
at
the
last
five
years
of
returns
and
you
had
those
17
12
19
negative
13.
yeah-
that
this
is
this
is
not
to
be
unexpected.
As.
You
move
out
in
time,
though,
over
rolling
10-year
periods,
rolling,
20-year
periods,
the
probability
of
being
flat
to
negative
goes
way
down
and
I.
Think
the
last
10-year
period,
where
we
were
well
was
the
end
of
2008.
D
Keep
going
there
here
we
go
as
we
look
at
that
and
we
look
at.
We
look
at
other
iterations.
We
don't
just
focus
on
these
these
three,
but
we're
not.
We
wouldn't
look
at
major
changes,
but
we
do
think
contemplating
a
move
to
mix
one
as
a
strategic
Target
does
make
some
sense
and
we
wouldn't
have
gone
there
previously,
because
it
takes
time
to
it
doesn't
make
sense
for
us
to
show
you
15
private
Equity
when
you're
at
three,
because
it
takes
time
to
get
there.
So
now
that
you're
at
10.
C
D
Or
at
eight
you
know
this
would
be
a
from
a
Target
standpoint.
It's
an
increase
of
a
third
in
your
target.
It's
an
increase
of
almost
50
percent
from
where
you
are
today.
It
would
take
some
time
to
get
there,
but
we
think
it
it
makes
some
sense
and
from
a
liquidity
standpoint
it
doesn't
change
the
overall
liquidity.
You
still
have
65
percent
of
your
assets
and
what
we
consider
very
highly
liquid
for
a
public
pension
fund.
D
This
is
well
within
what
we're
what
we
see
across
the
board
you
have
more
than
when
I
talk
about
liquidity.
I'm
talking
about.
Do
you
have
enough
to
pay
your
benefits
on
an
annual
basis?
That's
not
locked
up
and
65
percent
of
your
assets
today
are
in
Investments
that
can
be
turned
to
cash
in
a
week
or
less
that
doesn't
change
things
it.
Actually,
it
does
change
what's
illiquid
that
goes
up
to
20,
but
that
we're
still
with
well
within
the
bounds
of
what
we
would
consider
more
than
more
than
reasonable.
D
D
A
Well,
we
will
take
that
under
advisement
and
either
myself
or
more
than
likely,
it
will
be
Regina
we'll
get
back
with
you
and
let
you
know
maybe
bring
something
for
next
meeting:
okay,
where
we
do
not
have
to
vote
on
item
D,
because
it's
just
a
presentation
we're
not
receiving
anything.
So
we
will
move
ahead
to.
A
I
have
one
comment:
I
would
be
entirely
remiss
if
I
did
not
mention
that
this
is
Mr
Lawson's
last
meeting
with
us,
he
will
be
retiring
from
the
city
on
March.
The
second
will
be
his
last
day,
he's
not
only
leaving
a
void
with
the
retirement
system,
but
he's
leaving
a
void
in
my
office,
because
he
is
my
right
hand,
man
when
it
comes
to
All,
Things
Financial.
C
Thank
you
Paul
for
that
I
I
have
to
express
that
this
I
I've
really
truly
enjoyed
being
on
here
and,
if
I
have
any
regrets
about
retirement.
It
truly
is
that
I
have
to
give
up
this
seat.
There's
so
many
things
that
have
been
learned
over
the
years
and
so
many
relationships,
that's
built
serving
with
people.
C
I
know,
Randy
I,
first
I
think
I
first
met
you
in
a
CPA,
continuing
professional
education
conference
and
you
were
a
high
flyer
back
then
I
mean
wow
this,
the
speaking
that
you
did
in
the
recognition,
your
your
company,
it
was.
It
was
pretty
special
and
Brent.
You
know
we
go
back
pretty
far
too
back
to
what,
when
I
was
in
accounting
and
I.
Think
where
were
you
you're
in
the
budget
office
back
then,
and
a
lot
of
things
that
we
shared
in
our
times,
Matt
I?
Remember
you
being
a
with.
C
Was
it
with
Cooper
that
you're
the
auditing
firm
for
the
city
and
I
think
we
first
met
then
and
then
later
on,
you
came
in
and
and
with
the
city,
so
that
goes
back
and
Amy,
my
goodness
I
think
in
the
budget
office
you
were
just
a
clerk,
then
weren't
you,
the
working
for
Craig
Freeman
as
he
was
the
budget
director
and
you
were
working
the
front
desk,
and
here
you
are
nowadays
at
the
the
city
clerk.
B
C
You
you
I,
think
you
were
leaving
the
budget
office
just
as
I
was
coming
in,
I
came
in
in
1991,
so
I
think
you
had
just
gone
to
Public
Works
hadn't
used
just.
C
Yeah
humble
starts,
you
start
at
what,
as
an
admin
coordinator
or
a
admin
assistant,
admin
assistant,
boy
yeah,
and
you
just
kind
of
worked
right
on
up
there.
Mr
brumm,
I
think
treated
you
well
and
then
you
finally
came
over
to
General
Services.
As
as
my
boss,
my
my
director
and
it's
it's.
It's
really
changed.
It's
a
great
fun
place
to
work.
We
have
a
lot
of
laughs,
we
get
work
done,
but
we
have
fun
doing
it.
Jc
I.
Remember
you!
C
From
about
the
same
time
right
you,
you
were
Paul
brum's,
first
I.T
person
that
he
hired
on
and
still
serving
there
and
doing
that
and
keeping
everything
running
and
I.
Always
remember
you
about
your
about
your
funny
post
in
Facebook,
and
you
want
to
look
for
something
on
making
chuckle.
You
know
you
looked
at
JC
on
that
Carla.
You
were
my
accounting
supervisor
back
in
the
day,
yeah.
What
was
I
was
up.
I
was
in
a
municipal
counting
two
and
back
then
Municipal.
Counting
three
was
the
highest.
C
You
could
go
before
you
went
to
be
a
controller,
so
big
gap
in
there
I
think
nowadays,
there's
probably
two
or
three
levels
in
between
there
but
yeah
you,
you
were
certainly
a
blessing
to
work
with
I,
always
appreciated
your
your
wit
and
your
you
were
so
smart
and,
of
course,
all
the
stories
about.
You
know
your
son
and
him
growing
up.
He
was
just
a
young
shaver
back
then
now
he
is
all
you
kept
him
fed
and
watered
all
these
years
and
now
he's
all
grown
up.
C
Yeah
and
Ken
I
really
appreciate
sitting
next
to
you.
It's
kind
of
interesting
I
always
thought
Ken.
Was
this
serious
guy?
You
know.
Maybe
I
shouldn't
talk
to
him,
not
sure
about
that.
Then
you
get
Ken
off
the
side.
You
find
out
you're,
quite
the
cut
up
I.
Imagine
there
is
a
lot
of
elementary
teachers
that
had
a
discussion
with
you
back
in
the
day,
talks
too
much
in
class,
exactly
yeah
and
Amy.
That's
been
kind
of
nice.
C
Knowing
you,
you
were
personnel,
and
then
you
left
for
a
little
while
and
come
back
and
my
goodness
I
I,
don't
envy
your
job
with
all
the
work
that
is
there
to
to
fill
all
of
those
positions
and
challenges
that
we
have
and
just
trying
to
get
people
to
take
a
job
and
get
them
through
it's
quite
a
bit.
C
But
that's
that's
kind
of
the
big
memories.
I
have
and
I
I,
just
like
to
kind
of
finish
up
by
saying
that.
C
Also
Paul
you're,
allowing
me
to
be
on
this
board
through
the
nomination
process
and
all
of
those
people
that
filled
out
those
ballots
and
allowed
me
to
be
here.
I
really
appreciate
their
support.
For
me
too,
that's
all!
That's
it
appreciate
you
all.
Thank
you
all
right.