[00:00:00] Attribution uncertain · Unclear audio

[unclear audio]

Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:00:00–00:01:37 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:00:00] Speaker 1 · Unclear audio

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[00:00:18] No voice detected · Unclear audio

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[00:00:18] Speaker 1 · Unclear audio

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[00:00:19] Attribution uncertain · Unclear audio

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[00:00:27] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:01:38] Speaker 3 + overlapping voice · overlapping voices

Yeah, mine will be quick. ‸ We do still have pending the Nelson litigation.

[00:01:44] Attribution uncertain

The

[00:01:44] Speaker 3

court has not dismissed that yet. So just FYI, that is still hanging out there. No change in that from what we've talked about many times before. I expect eventually the court will dismiss that for lack of prosecution. And for that reason, the status of medical review for disability recipients will stay out there. We do still have two that have not responded. I figured that ‸ maybe we'll just, after the first of the year in January, go ahead and proceed with hers. And I mean, at this point,

[00:02:16] Speaker 3 · Machine re-recognized

you know, I

Flag: words were replaced by a machine repair · 00:02:16–00:02:17 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:02:17] Speaker 3

haven't done anything with the litigation. That's what we were trying to avoid.

[00:02:20] Speaker 3 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:02:20–00:02:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:02:22] Attribution uncertain

It

[00:02:23] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:02:23] Attribution uncertain · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 00:02:23–00:02:24 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:02:23] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

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[00:02:23] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:02:25] Speaker 3

No, no, it's still at circuit court. But remember, they filed an amended complaint. And we filed a motion to dismiss because they failed to properly file their petition.

[00:02:37] Speaker 3 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:02:37–00:02:45 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:02:38] Attribution uncertain · Unclear audio

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[00:02:38] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

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[00:02:45] Attribution uncertain · Unclear audio

[unclear audio]

[00:02:45] Attribution uncertain

I

[00:02:45] Speaker 3 + overlapping voice · overlapping voices

did have a

[00:02:45] Speaker 1

correspondence

[00:02:46] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:02:46–00:02:55 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:02:48] Attribution uncertain

dealt

[00:02:48] Speaker 1 · Unclear audio

[unclear audio]

[00:02:48] Attribution uncertain

phone

[00:02:48] Speaker 1 · Unclear audio

[unclear audio — 0:07]

[00:02:55] Speaker 1

their investment.

[00:02:56] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:02:56–00:03:01 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:02:57] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:04]

[00:03:01] Speaker 3 + overlapping voice

a modification of their subscription agreement. They were updating it.

[00:03:05] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:03:05–00:03:07 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:03:08] Speaker 3 + overlapping voice · overlapping voices

And so when they enter into new agreements with other people that change the terms, like in that case, it was just about access to information. They send it out to all of their subscribers to say, hey, we've modified it. Do you want to adopt this new provision? So nothing that required any board action doesn't change your investments. I just wanted the other

[00:03:29] Speaker 1

members to be aware of it as well. They didn't get the correspondence that we had had ‸ interaction with.

[00:03:32] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:03:32–00:03:35 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:03:36] Speaker 3 + overlapping voice · overlapping voices

It'd be different if like they reduced their fees and we got there. If that, we would let you know.

[00:03:41] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:03:41–00:04:27 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:03:43] Attribution uncertain · Unclear audio

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[00:03:43] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:03:46] Speaker 2 · Unclear audio

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[00:04:11] Attribution uncertain · Unclear audio

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[00:04:28] Speaker 2

There's the conference, there's a list of upcoming conferences, just FYI. And then there is the Foster,

[00:04:38] Speaker 2 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:04:37–00:04:42 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:04:45] Speaker 1

I see this Foster and Foster report, it looks

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[unclear audio — 0:01]

Flag: the machine readings disagree here · 00:04:48–00:04:48 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:04:48] Speaker 1

high up there. Here it is, ranked

[00:04:52] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:04:52–00:06:11 · unresolved: the words are not shown (unclear audio); listen to the recording

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[00:05:00] Speaker 1 · Unclear audio

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[00:05:00] Attribution uncertain · Unclear audio

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[00:05:04] Attribution uncertain · Unclear audio

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[00:05:05] Attribution uncertain · Unclear audio

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[00:05:05] Speaker 1 · Unclear audio

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[00:05:23] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

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[00:05:24] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:05:29] Attribution uncertain · Unclear audio

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[00:05:29] Speaker 1 · Unclear audio

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[00:05:37] Attribution uncertain · Unclear audio

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[00:05:37] Speaker 1 · Unclear audio

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[00:05:48] No voice detected · Unclear audio

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[00:05:49] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:06:00] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

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[00:06:13] Speaker 2 + overlapping voice

No concerns. So the first one, no, I guess there's no concern. But

[00:06:28] Speaker 2 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:06:28–00:06:30 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:06:30] Speaker 2 + overlapping voice

I think it has an email attached in the front of it. But

[00:06:34] Speaker 2 + overlapping voice · Unclear audio

[unclear audio — 0:06]

Flag: a language review questioned the wording · 00:06:33–00:06:40 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:06:41] Attribution uncertain

It

[00:06:41] Speaker 2 + overlapping voice

was for, let's see, Patrick

[00:06:42] Speaker 2 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:06:42–00:06:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:06:46] Speaker 2 + overlapping voice · overlapping voices

And I sent it over to Salem and they actually didn't process it, which would have been not good if they didn't cancel the conference. Because

[00:06:55] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:06:55–00:06:58 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:06:58] Speaker 2 + overlapping voice · overlapping voices

But because it was canceled, we didn't have to go back and get the money back. Right, exactly.

[00:07:03] Attribution uncertain

So,

[00:07:03] Speaker 2

you know.

[00:07:09] Speaker 1

All for good?

[00:07:11] Speaker 2 + overlapping voice · overlapping voices

I guess. I mean, it's just, you know, if they had not canceled ‸ it would have been an

[00:07:17] Speaker 1 + overlapping voice · overlapping voices

issue.

[00:07:17] Attribution uncertain

My

[00:07:17] Speaker 1 + overlapping voice · overlapping voices

understanding is that the January class will take place as a schedule. And so that any of those that had paid and did not take the refund back, they were eligible to continue to do the class in January. I

[00:07:29] Speaker 2 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:07:29–00:07:30 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:07:30] Speaker 2 + overlapping voice

heard ‸ that they were doing refunds, but

[00:07:32] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:07:32–00:07:50 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:07:35] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:07:38] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

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[00:07:43] Speaker 1 + overlapping voice · Unclear audio

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[00:07:50] Speaker 1 + overlapping voice · overlapping voices

Oh, yeah.

[00:07:51] Speaker 2 + overlapping voice

I do get, Patrick's going to go. I

[00:07:53] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:07:53–00:08:10 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:07:54] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:07:55] Speaker 2 · Unclear audio

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[00:07:58] Speaker 1 · Unclear audio

[unclear audio]

[00:07:59] Attribution uncertain · Unclear audio

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[00:07:59] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:08:11] Speaker 2

I'm going to email Salem and let them know that you have the check and maybe just read it. I don't think we need it back. Okay. I can just have them do it.

[00:08:20] Speaker 1

Sounds good. Any

[00:08:22] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:08:22–00:08:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:08:24] Speaker 1

No. Mr. Levin?

[00:08:26] No voice detected

Mr.

[00:08:26] Speaker 1

Braylor? Thank you. Very

[00:08:29] Speaker 1 · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 00:08:28–00:08:29 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:08:29] Speaker 1

All those in favor to accept the warrant 456, 457, 458, ‸ 459, say aye. Aye. Any opposed, say nay. ‸ Have motion carries. All right. Was

[00:08:41] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:08:41–00:08:42 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:08:42] Speaker 1

Not for the disbursements. There was a beneficiary approval here? Yes.

[00:08:50] Speaker 1 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:08:49–00:08:51 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:08:51] Speaker 1

Oh.

[00:08:55] Speaker 2

Oh, for the benefit approvals, yes. ‸ There's a, actually there's two. There's a drop distribution and then there's an application for benefits. It's the disability that we approved at the last meeting.

[00:09:06] Speaker 1

Okay.

[00:09:07] Speaker 2

And then the drop distribution, Mr. Mulligan left the.

[00:09:12] Speaker 1 + overlapping voice · overlapping voices

‸ Okay. And so do we need to approve each one individually or just as a package?

[00:09:17] Speaker 2

You can do a package.

[00:09:18] Speaker 1

Okay.

[00:09:18] Speaker 1 · Machine re-recognized

as a

Flag: words were replaced by a machine repair · 00:09:18–00:09:18 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:09:18] Speaker 1

package, we'll go ahead and put applicants that have submitted to us.

[00:09:22] Attribution uncertain

For

[00:09:22] Speaker 1

benefit

[00:09:22] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:09:22–00:09:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:09:23] Speaker 1

I think the whole question is, is there going to be a separate one?

[00:09:32] Speaker 2

‸ He received, um. He already did.

[00:09:34] Attribution uncertain

Got

[00:09:34] Speaker 2

something. Yeah.

[00:09:36] Attribution uncertain

So

[00:09:36] Speaker 2 + overlapping voice · overlapping voices

when you see where it says.

[00:09:38] Speaker 3 + overlapping voice · overlapping voices

‸ Third line down. July

[00:09:39] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:09:39–00:09:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:09:42] Speaker 2 · Unclear audio

[unclear audio — 0:02]

[00:09:45] Attribution uncertain

You

[00:09:45] Speaker 2 + overlapping voice · overlapping voices

see

[00:09:45] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:09:45–00:09:45 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:09:45] Speaker 2 + overlapping voice · overlapping voices

It says, uh, retirement date. His retirement date was actually July. July

[00:09:48] Speaker 2 + overlapping voice · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:09:48–00:09:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:09:49] Attribution uncertain · Unclear audio

[unclear audio]

[00:09:49] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 00:09:49–00:09:50 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:09:50] Speaker 1 · Unclear audio

[unclear audio]

[00:09:51] Speaker 2

‸ Yes.

[00:09:51] Speaker 1 + overlapping voice · overlapping voices

Oh, okay. That's what I was. So

[00:09:52] Speaker 3 + overlapping voice · overlapping voices

he got $1,793.15 per month, effective August 1, 2020, going forward. These are just ratifications, just so you know. They've already been. I

[00:10:08] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: the recognizer flagged its own output · 00:10:08–00:10:10 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:10:08] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

[00:10:11] Speaker 1 + overlapping voice · overlapping voices

Make sure. ‸ Yeah.

[00:10:13] Speaker 3 + overlapping voice · overlapping voices

He didn't call you about that one? No. ‸ They

[00:10:16] Speaker 1 + overlapping voice · overlapping voices

don't call you about that. Yeah,

[00:10:18] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:10:18–00:10:19 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:10:21] Speaker 1 + overlapping voice

All

[00:10:22] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:10:21–00:10:22 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:10:22] Speaker 1 + overlapping voice

Do

[00:10:22] Speaker 1 + overlapping voice · Unclear audio

[unclear audio]

Flag: the recognizer flagged its own output · 00:10:22–00:10:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:10:22] Attribution uncertain

have

[00:10:22] Speaker 1 · Unclear audio

[unclear audio]

[00:10:23] Attribution uncertain · Unclear audio

[unclear audio]

Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; the recognized words and the detected speech do not line up; a language review questioned the wording · 00:10:23–00:11:38 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:10:23] Speaker 3 · Unclear audio

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[00:10:25] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:10:53] Attribution uncertain · Unclear audio

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[00:10:56] Attribution uncertain · Unclear audio

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[00:11:03] No voice detected · Unclear audio

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[00:11:07] Attribution uncertain · Unclear audio

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[00:11:23] Attribution uncertain · Unclear audio

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[00:11:25] Attribution uncertain · Unclear audio

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[00:11:37] No voice detected · Unclear audio

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[00:11:38] Speaker 4

Good morning everybody. Good to see you all. Can you hear me okay? Okay, great.

[00:11:46] No voice detected · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:11:46–00:11:48 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:11:47] Speaker 4 · Unclear audio

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[00:11:48] Speaker 4

No worries.

[00:11:50] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:11:50–00:11:53 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:11:52] Attribution uncertain · Unclear audio

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[00:11:52] Speaker 4 + overlapping voice · Unclear audio

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[00:11:53] Speaker 4 + overlapping voice · overlapping voices

room down the hall. Thank you. Thank you. Appreciate it. I think it's on now. Yes. ‸ Perfect. If you all have a copy of the report, if I could refer you to page 5 of 84 on the bottom we'll say page 4. And as you know this just shows the economic statistics. And it's a good way to remind ourselves that this book obviously captures the third quarter. So July, August, September. Positive news in the upper left hand corner of the page that shows that we did have positive ‸ growth in terms of the US GDP at 2.6% on an annualized basis. The takeaway here is that it was positive relative to

[00:12:37] Attribution uncertain

the

[00:12:37] Speaker 4

two back-to-back quarters that we had negative. Technically the two back-to-back quarters was a mark of potentially a recession. Although of course employment was too strong and still remains pretty strong.

[00:12:52] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:12:52–00:13:00 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:12:53] Attribution uncertain · Unclear audio

[unclear audio]

[00:12:53] Speaker 4 · Unclear audio

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[00:13:00] Speaker 4

Page 4 of a hard copy. Page 4. I was just pointing to the upper left hand corner highlighting that GDP was positive. Unemployment still is at a very tepid 3.5% which is why officially the

[00:13:17] Speaker 4 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:13:17–00:13:21 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:13:21] Speaker 4

However, we look forward next 12 months or so, I wouldn't be surprised if we dip into a recession. It just kind of feels like we may be on the cusp of one with everything that's happening.

[00:13:33] Speaker 4 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:13:33–00:13:36 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:13:37] Speaker 4

Prior quarter it was at 9.1, then 8.2. Now we're in the 7s.

[00:13:41] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:13:41–00:13:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:13:43] Speaker 4

Fast forward a year from now, I wouldn't be surprised if we're half of that level. Which is kind of more similar to where we are on a longer term basis for inflation.

[00:13:53] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:13:53–00:13:55 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:13:55] Speaker 4

the two quarters was raised 1.5% or 75 basis points two times. After this, of course, as you know, we raised it again, 75 basis points. So in total,

[00:14:05] Attribution uncertain

we

[00:14:06] Speaker 4 + overlapping voice

raised or the Fed has raised short-term interest rates six times this year. So it's been a pretty dramatic movement in the short term.

[00:14:14] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:14:14–00:14:18 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:14:18] Speaker 4 + overlapping voice

was in the system because of COVID. And the Fed was trying to stimulate the economy. We were not the only Fed or central bank that did that around the world. Pretty much most of the major central banks did that as well. Well, we are a little bit better footing because we did start raising rates earlier than most places. And at a pretty measured and continued pace, you have places in Europe, for instance, England, their inflation rate topped out at double digits. Just

[00:14:49] Speaker 4 + overlapping voice · Machine re-recognized

north of

Flag: words were replaced by a machine repair · 00:14:49–00:14:49 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:14:49] Speaker 4 + overlapping voice

10%. And most of Europe is also feeling the same effects. So part of what they're feeling, of course, though, is as a knock-on effect with Russia invading Ukraine. And they get a lot of their raw materials from that area. So oil prices, gas prices, fertilizer. As you may know, natural gas actually is one of the main inputs of oil for fertilizer. And, of course, that price goes up.

[00:15:17] Speaker 4 + overlapping voice · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:15:17–00:15:17 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:15:17] Speaker 4 + overlapping voice

price goes up as well. All those things are still somewhat elevated. The other exogenous event that we've talked about before is China. You're hearing about it recently because China now had some protests about their zero COVID closures. I mean,

[00:15:34] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:15:34–00:15:37 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:15:37] Speaker 4 + overlapping voice

really grew up watching soccer. But I'm sure all of us watched soccer within the past week.

[00:15:41] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:15:41–00:15:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:15:44] Speaker 4 + overlapping voice

You are seeing tens of thousands of people in the same stadium.

[00:15:47] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 00:15:47–00:15:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:15:49] Speaker 4 + overlapping voice · overlapping voices

Right.

[00:15:50] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:15:50–00:15:53 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:15:53] Speaker 4 + overlapping voice

like this. We have COVID. They're shutting down the whole city. ‸ So they're seeing that because that obviously cannot be controlled by the state media. And perhaps realizing that the zero COVID policy that they have is ineffective.

[00:16:08] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:16:08–00:16:09 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:16:10] Speaker 4 + overlapping voice

But it seems like the current turmoil that you're seeing, the civil disobedience, will probably be crushed pretty quickly. Because China is still, the communist government is more of a dictatorship if anything. ‸ That's ‸ probably the best analogy. So the challenge there, though, is that they are still going through COVID closures. And that will create a challenge, continued challenge on the GDP of China. For us, how that affected us for the prior quarter is that everything relative to the quarter before remained constant. Meaning anything that was liquid, stocks and bonds, still lost for the third quarter. The only pocket of strength was real assets.

[00:16:53] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:16:53–00:16:58 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:16:58] Speaker 4 + overlapping voice

fractionally up 0.5% for the quarter. For the trailing 12 months, it was up 22%. And if you look at that 12-month column, though, everything that was liquid, all the stocks, including bonds, they were all off double digits. So it was quite a challenge. Interestingly enough, a little bit of gradient in the bottom left-hand corner of the page.

[00:17:21] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:17:21–00:17:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:17:27] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:17:27–00:17:30 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:17:30] Speaker 4 + overlapping voice

Not by a huge margin, but you actually see a positive number for small cap growth for the quarter. Everything else was negative. And for the trailing year, everything was obviously double digits. So small solace in the positive quarter for small cap growth. Because when

[00:17:47] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:17:47–00:17:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:17:49] Speaker 4 + overlapping voice

that had one of the more weak returns. If I could ask you to flip a couple ‸ pages to page 7. And this is a snapshot of the portfolio over different trailing periods, as you know. The takeaway is that, unfortunately, we did lose money, as all the plans out there pretty much lost money. However, we lost less money than most plans. Lost 3.6% on a gross basis, 3.7% on net basis, ranking in the 21st percentile. So, did nicely for the quarter, at least. And if you look over the longer term numbers,

[00:18:25] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:07]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:18:25–00:18:31 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:18:32] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:18:32–00:18:36 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:18:36] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:18:36–00:18:38 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:18:38] Speaker 4 + overlapping voice

Most recent quarter, we did defend a little bit more. Frankly, that's because we have a hefty slug in real estate, which I'll talk about in a moment. If you look in the upper right-hand corner of

[00:18:49] Attribution uncertain

the

[00:18:49] Speaker 4

page, asset allocation, you see here that we have about almost 40% in large cap, about 18% in SMIC cap, 6% in international, and then the rest of it was either real estate, bonds, or cash. So, when you kind of add up ‸ numbers, it's like a 60, easy number,

[00:19:10] Speaker 4 · Unclear audio

[unclear audio — 0:05]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:19:10–00:19:16 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:19:17] Speaker 4

If you come down the first column. Yes.

[00:19:21] Speaker 1 · Unclear audio

[unclear audio — 0:08]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:19:21–00:19:29 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:19:30] Speaker 4 + overlapping voice · overlapping voices

So, we should be getting that at the beginning of the year. So, when we ask for the money, we get into a queue, and then you have to wait 90 days after the request.

[00:19:39] Attribution uncertain

So,

[00:19:39] Speaker 1 + overlapping voice · overlapping voices

did we get that?

[00:19:40] Speaker 4

So, we should be getting it at the beginning of the

[00:19:42] Speaker 4 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:19:42–00:19:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:19:42] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

[00:19:44] Speaker 1 + overlapping voice · overlapping voices

Yes.

[00:19:45] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:09]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:19:45–00:19:54 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:19:54] Speaker 4

Yes.

[00:19:55] Speaker 1

So, that's going to come down?

[00:19:57] Speaker 4

Correct.

[00:19:59] Speaker 1

By...

[00:19:59] Speaker 4

About 2%.

[00:20:00] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:20:00–00:20:01 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:20:01] Speaker 4

Yes.

[00:20:02] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:20:02–00:20:04 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:20:04] Speaker 1 + overlapping voice · overlapping voices

That's right.

[00:20:07] Speaker 4

Well, updated market value. We're at 20.8% in real estate because everything else kind of floated up. So, we'll be at roughly 18.8%.

[00:20:17] Speaker 1

Okay.

[00:20:18] Speaker 4

So, trending in the right direction there.

[00:20:20] Speaker 1

Yes.

[00:20:22] Speaker 4 + overlapping voice · overlapping voices

So, they don't have a queue to get out. But there's a process that we have to follow in order to get our money out. And we have to wait 90 days from the request.

[00:20:30] Attribution uncertain · Unclear audio

[unclear audio]

Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output · 00:20:30–00:20:31 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:20:30] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:20:30] Attribution uncertain · Unclear audio

[unclear audio]

[00:20:30] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:20:31] Speaker 1 · Unclear audio

[unclear audio]

[00:20:31] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:20:31–00:20:32 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:20:32] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:20:33] Speaker 1 + overlapping voice · overlapping voices

Yes. I understand.

[00:20:34] Speaker 4

Absolutely. But the reason why I made that distinction is that there are other Odyssey funds where you raise your hand and say, I want to take my money out. They say, we understand. We'll put you on the list. And hopefully, we can get you some money within six months, nine months. That's not the case with Intercontinental.

[00:20:54] Speaker 1 · Machine re-recognized

I may be jumping ahead. Are you going to make a recommendation as to what we do with the

Flag: the recognized words and the detected speech do not line up · 00:20:54–00:21:00 · gap filled by a machine re-reading (not checked by a person)

[00:21:00] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here · 00:21:00–00:21:01 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:21:02] Speaker 4 · Machine re-recognized

Well, I think for us to have

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[00:21:04] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:21:04–00:21:05 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:21:05] Speaker 4 · Machine re-recognized

cash is fine. It only

Flag: the recognized words and the detected speech do not line up · 00:21:05–00:21:06 · gap filled by a machine re-reading (not checked by a person)

[00:21:06] Speaker 4 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:21:06–00:21:08 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:21:07] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:03]

[00:21:09] Speaker 1 + overlapping voice · Machine re-recognized

was what you recommended the last meeting,

Flag: the recognized words and the detected speech do not line up · 00:21:08–00:21:13 · gap filled by a machine re-reading (not checked by a person)

[00:21:13] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here · 00:21:13–00:21:13 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:21:14] Speaker 1 + overlapping voice · Machine re-recognized

cash.

Flag: the recognized words and the detected speech do not line up · 00:21:13–00:21:14 · gap filled by a machine re-reading (not checked by a person)

[00:21:14] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:21:14–00:21:19 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:21:15] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:06]

[00:21:19] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:10]

Flag: the machine readings disagree here · 00:21:19–00:21:29 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:21:30] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:21:30–00:21:32 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:21:32] Speaker 4 + overlapping voice · overlapping voices

updated value as of Friday. And what I can tell you is that even that million one has some of the cash that's in your managers, which is why it's that way.

[00:21:42] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:21:42–00:21:47 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:21:47] Speaker 4 + overlapping voice

And then in the money managers' accounts, we have about an equal amount in cash that they have in their accounts.

[00:21:55] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:07]

Flag: a language review questioned the wording · 00:21:55–00:22:01 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:22:02] Speaker 4 + overlapping voice

So, when we get that additional $500,000, it will rise to aid and change.

[00:22:06] Speaker 4 + overlapping voice · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 00:22:06–00:22:07 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:22:07] Speaker 1 · Unclear audio

[unclear audio]

[00:22:07] Speaker 4 · Unclear audio

[unclear audio — 0:01]

[00:22:08] Speaker 4

So,

[00:22:08] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:22:08–00:22:10 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:22:11] No voice detected

But

[00:22:12] Speaker 4 + overlapping voice

if I were a betting person, I would say that the equity markets right now, where we are today, probably go up and down for the foreseeable three, six months.

[00:22:21] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 00:22:21–00:22:22 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:22:22] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 00:22:22–00:22:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:22:24] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output; a language review questioned the wording · 00:22:24–00:22:28 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:22:25] Speaker 1 · Unclear audio

[unclear audio — 0:03]

[00:22:28] Speaker 4

Yes.

[00:22:29] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 00:22:29–00:22:30 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:22:30] Speaker 4 + overlapping voice · overlapping voices

Yes. Yes. Which is ‸ basically treasuries. So, they're

[00:22:36] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:22:36–00:22:39 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:22:39] Speaker 1

Okay.

[00:22:45] Speaker 4

So, remaining on this page,

[00:22:47] Attribution uncertain

I

[00:22:47] Speaker 4

just wanted to highlight for you the interesting dichotomy that we have. Because the top line shows that for the quarter, the fund ranked in the top quartile. Yet, the pieces aren't as strong. You see large cap, we're at minus 5 versus the bogey at minus 4.9. So, right in line with benchmark, 56 percentile.

[00:23:06] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:23:06–00:23:07 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:23:08] Speaker 4

So, that was roughly

[00:23:09] Speaker 4 · Machine re-recognized

a

Flag: words were replaced by a machine repair · 00:23:09–00:23:09 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:23:09] Speaker 4

top third percentile,

[00:23:10] Speaker 4 · Machine re-recognized

match

Flag: words were replaced by a machine repair · 00:23:10–00:23:11 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:23:11] Speaker 4

benchmark. International, we did underperform there. Down 12.7 relative to the bogey at down 9.3. Real estate were positive at 1.6 versus the bogey.

[00:23:23] Attribution uncertain · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 00:23:23–00:23:29 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:23:23] Speaker 4 · Unclear audio

[unclear audio — 0:03]

[00:23:26] Attribution uncertain · Unclear audio

[unclear audio]

[00:23:26] Speaker 4 · Unclear audio

[unclear audio — 0:03]

[00:23:30] Speaker 4

Still, over the long term, they've done nicely about outperforming the benchmark.

[00:23:35] Speaker 5

David, ‸ on the Richmond capital, how was the reaction each time with the six times that the feds raised?

[00:23:45] Speaker 4

So, Richmond, they've done an effective job as possible. Okay. Because they do try to stay a little bit shorter in terms of duration. But with rates rising, bonds are going to go down. That's the challenge. Which is why I made the recommendation to keep money in cash as opposed to give it to bonds.

[00:24:04] Speaker 5 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:24:04–00:24:08 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:24:08] Speaker 5

this. And had they accepted any of the double A's that we had talked about at one time? Or are they still just triple A's?

[00:24:15] Speaker 4

‸ So, I believe they still are. The restriction that we have with them is that it's still A or better. We didn't go into triple B. But it's just, you know, conversation. I mean, they obviously are aware of all the opportunities that they have.

[00:24:30] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:24:30–00:24:32 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:24:32] Speaker 4

way that they're trying to protect us is staying a little bit shorter.

[00:24:34] Speaker 5

Okay. So. I'm sorry, David. One more thing. On market value as of 930-2022, you have

[00:24:50] Speaker 5 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:24:50–00:24:52 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:24:53] Speaker 5

Do you have a 930-2021 figure?

[00:24:59] Speaker 4 + overlapping voice · overlapping voices

Yes. If you give me one second, I can open that up. Okay.

[00:25:02] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 00:25:02–00:25:03 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:25:04] Speaker 5 + overlapping voice · overlapping voices

Yeah, that's the snapshot date.

[00:25:05] Speaker 4 + overlapping voice · overlapping voices

Yeah, that's the

[00:25:06] Speaker 1 + overlapping voice · overlapping voices

day that whether you. When it was. Yeah,

[00:25:08] Speaker 5

September 30th. ‸ That's the. Every plan in the state of Florida, that's the most important day of the whole year. You can go 8,000 gain and 2,000 walls and 40,000 gain. Still, that date's the most important.

[00:25:24] Speaker 4

So, last year was a lot prettier. Oh,

[00:25:26] Speaker 5

yeah.

[00:25:26] Attribution uncertain

It

[00:25:26] Speaker 5

was

[00:25:26] Speaker 5 · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 00:25:26–00:25:27 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:25:27] Speaker 4 · Unclear audio

[unclear audio]

[00:25:28] Speaker 4

So, last year we actually had

[00:25:29] Speaker 4 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:25:29–00:25:32 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:25:33] Speaker 5

619?

[00:25:34] Speaker 4 + overlapping voice

Yes.

[00:25:35] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:25:35–00:25:38 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:25:39] Speaker 4 + overlapping voice · overlapping voices

Which is why in your packet, as you know, you have a survey that Foster and Foster produces with all of their clients. Yeah. And your 2021 market value investment returns and the fees was very good. Yeah, we were number one.

[00:25:54] Speaker 4 + overlapping voice · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:25:54–00:25:55 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:25:55] Speaker 4 + overlapping voice

number one.

[00:25:56] Speaker 5

We'll enjoy that for ‸ a week or two.

[00:25:58] Speaker 4

Yes, yes. I mean, honestly, the reason why you guys were number one was because we do have a fair amount of equity exposure and real estate exposure. But that was by design, right? So, you ‸ have to take your kudos. It was very nice. But it's not something you should expect all the time. As evidenced with the volatility that we've had recently.

[00:26:24] Speaker 1

Thank you for that figure.

[00:26:26] Speaker 4

Sure.

[00:26:30] Speaker 3 · Unclear audio

[unclear audio — 0:02]

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[00:26:35] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:26:35–00:26:38 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:26:36] No voice detected · Unclear audio

[unclear audio]

[00:26:38] Speaker 4 · Unclear audio

[unclear audio — 0:01]

[00:26:38] Speaker 4

21 number. That's what he was

[00:26:39] Speaker 4 · Unclear audio

[unclear audio]

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[00:26:40] Speaker 1 · Unclear audio

[unclear audio]

[00:26:46] Speaker 4 · Unclear audio

[unclear audio — 0:01]

[00:26:46] Speaker 4

last Friday, we were at 24 million.

[00:26:50] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:26:50–00:26:52 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:26:52] Speaker 4

As of last Friday, back up to 24 million. I mean, that's how volatile it's been, right? It is a big swing. October was very friendly. November is kind of chucking up a little bit. But again, I wouldn't be surprised if we fluctuate between where we are kind of here, up and down a little bit. Because the way that Wall Street analysts look at earnings and multiples and where the markets are supposed to be going. Right now, you have an estimate of future year, next year returns for S&P 500 to be about $230 per share. And then, they're using a 17 multiple on that. What that means here, you take that number times 17 to give you a target value of roughly 3,900.

[00:27:33] Speaker 4 · Unclear audio

[unclear audio — 0:02]

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[00:27:36] Speaker 4

However, that expectation is based on earnings that you have when they looked at it earlier in the year. Well, early in the year, it still looked like we had some grass shoots and that potentially earnings will continue to rise. If earnings come down, that number can come down. The only way it stays up is if you have PE expansion. So, instead of multiplying by 17, maybe multiply by 18, 18 and a half.

[00:28:01] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:28:01–00:28:02 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:28:03] Speaker 4

At the end, what that means is that there are reasons why it makes sense that we're kind of where we are. And I wouldn't be surprised if we have some backward and forward movement. I don't expect us to have a dramatic downdraft or dramatic updraft.

[00:28:16] Speaker 1

What was yesterday?

[00:28:18] Speaker 4

Yesterday, we were down.

[00:28:19] Speaker 1 + overlapping voice · overlapping voices

Why was it so drastic yesterday?

[00:28:22] Speaker 4 + overlapping voice

They're saying it's

[00:28:23] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:28:23–00:28:25 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:28:25] Speaker 4 + overlapping voice · overlapping voices

China? Yeah.

[00:28:26] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:28:26–00:28:28 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:28:28] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:28:28–00:28:29 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:28:29] Speaker 4 + overlapping voice

Honestly, the bottom line is

[00:28:31] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:28:31–00:28:31 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:28:31] Speaker 4 + overlapping voice

Because you had a fair amount of volatility when you heard about FTX, which is a cryptocurrency ‸ marketplace. The reason for that is that they had a tie-in with a hedge fund that he was running.

[00:28:46] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:06]

Flag: a language review questioned the wording · 00:28:46–00:28:51 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:28:51] Speaker 4 + overlapping voice

the actual client accounts to trade. So, if they needed extra money, they would dip into client

[00:28:59] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:28:59–00:29:01 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:29:03] No voice detected

And

[00:29:04] Speaker 4

FTX was the backstop for other cryptocurrencies that had potentially gone, were going to go bankrupt.

[00:29:12] Speaker 4 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:29:12–00:29:15 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:29:15] Speaker 4

So, there's just a lot of frothiness and volatility that has to come out of the marketplace.

[00:29:21] Speaker 4 · Unclear audio

[unclear audio — 0:12]

Flag: words only one machine reading has (possibly not said); a language review questioned the wording · 00:29:21–00:29:33 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:29:37] Speaker 4

What we decided to do is that we were able to get some of the longer-term numbers for the chart. And as a reminder, this is a pictorial depiction of the corpus of the fund, in this case, for the past almost 20 years.

[00:29:51] Speaker 4 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:29:51–00:29:54 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:29:54] Speaker 4

The dotted hash line is our assumption rate over that period. And then, the line on the bottom is the cash flow line. How that translates into actual dollars is the bottom right-hand corner of the page. So, over this almost 20 years, the portfolio started at $7.6 million.

[00:30:14] Speaker 4 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:30:14–00:30:17 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:30:18] Speaker 4

But investment returns were more than double of what we started off with. Which is why, at the end of this period, we're at $23 million. As I told you, now we're closer at $24 million. A couple of takeaways I think are pretty important to look at. Number one, the overall trend of the growth is

[00:30:38] Speaker 4 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:30:38–00:30:41 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:30:41] Speaker 4

So, you are making more money over time. It's not a smooth ride, though. There are bumps along the road. I think the most dramatic bump that we felt is recent. However, if you look at 2008, that was the great financial crisis, GFC, right? Where you had people buying houses with no money down, no jobs. They were called ninja loans, things like that. It took the plan about four or five years to gain the market cap that we were at. Right?

[00:31:14] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:31:14–00:31:16 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:31:17] Speaker 4

Then look at first quarter of 2020.

[00:31:21] Speaker 4 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:31:21–00:31:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:31:23] Speaker 4

shut down. No one was really going out.

[00:31:25] Speaker 4 · Unclear audio

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[00:31:28] Speaker 4 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:31:28–00:31:29 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:31:30] Speaker 4

And the market value was recaptured within two quarters. It was insane. Which is why, of course, now we're filling the back end of it.

[00:31:39] Speaker 4 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:31:39–00:31:41 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:31:41] Speaker 4

in 2020.

[00:31:42] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:31:42–00:31:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:31:43] Speaker 4

So, you'll notice that there is a lot of volatility. I think what you can take away from it is that these bumps do happen. But that over time, they do get moderated. And because we have more stocks in the portfolio, because we are a long duration portfolio, we should continue to rise. So, it is a bump. It's a reminder for us so that we are a portfolio or a pension plan that should think about long-term performance. Understanding that we do have some bumps in the road.

[00:32:16] Speaker 4 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:32:16–00:32:21 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:32:23] Speaker 4

‸ Upper right side shows you our targets. And then the last column shows you the difference. As you know, we are a little bit over allocated to real estate. That number now is 20.8. After we took off 2%, it will be even better. The most over allocation that we had was cash. But as I mentioned to you, some of that cash was in all the equity components. And then if you go to the next page. This is where we put names to the asset classes. As well as break out the two large cap managers. ‸ So, if you look at that first column, for the most part,

[00:33:04] Speaker 4 · Machine re-recognized

they're

Flag: words were replaced by a machine repair · 00:33:04–00:33:04 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:33:04] Speaker 4

the same numbers that we saw a moment ago. With the exception of now we have Poland and Brandywine. Poland is our large cap growth manager. Brandywine is our large cap value manager. Poland didn't perform well for the quarter. Over the long term, they have ranked well.

[00:33:20] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: the recognizer flagged its own output · 00:33:20–00:33:22 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:33:22] Speaker 4 · Machine re-recognized

I'll

Flag: words were replaced by a machine repair · 00:33:22–00:33:23 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:33:23] Speaker 4

say that for large cap growth right now, this past year has eviscerated active management. There are hardly any active managers that are actually outperforming the index. Because it would happen for the past year. But Poland is sticking with their knitting. They are a concentrated manager who does hold good quality companies over the long term. If you believe in that style, over the long term that should do well. For Brandywine, they are our active large cap value manager. And what I can say is that they have a nice quarter. And frankly, since they've been on board with us June of 2017, they've done nicely. They're

[00:34:03] Speaker 4 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:34:03–00:34:07 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:08] Speaker 4 · Unclear audio

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[00:34:12] Speaker 4 · Unclear audio

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Flag: a language review questioned the wording · 00:34:12–00:34:15 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:15] Speaker 4

Who frankly has had the worst year that I've seen. And of course, we hired them right before this, unfortunately. They are a growth-oriented manager as well.

[00:34:26] Speaker 4 · Unclear audio

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Flag: a language review questioned the wording · 00:34:26–00:34:28 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:28] Speaker 4

What I will say is that we are still comfortable with them as a manager. We do expect them to come back.

[00:34:34] Speaker 4 · Unclear audio

[unclear audio — 0:05]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:34:34–00:34:38 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:38] Speaker 4

something that they could easily recoup in a year or so. When the markets stabilize.

[00:34:45] Speaker 1 · Unclear audio

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[00:34:49] Speaker 4 · Unclear audio

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[00:34:52] Speaker 4

For us, one of the other real gems that we have in the portfolio has been intercontinental. So, intercontinental, you'll notice that they did well

[00:35:01] Speaker 4 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:35:01–00:35:05 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:06] Speaker 4

Now, the debbie downer. Real estate will come down. We're starting to see fragments of it now. So, I know we just asked them for some money. If you want to ask them for a little bit more money, I wouldn't be against that. Yeah.

[00:35:26] No voice detected

Because

[00:35:27] Speaker 4

I wouldn't be surprised. Not necessarily next quarter,

[00:35:30] Speaker 4 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:35:30–00:35:30 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:30] Speaker 4

maybe the quarter after that, we get a negative number there.

[00:35:32] Speaker 4 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:35:32–00:35:33 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:33] Speaker 4

be slightly negative, but I wouldn't be surprised if we can get a negative number. So, if we want to raise maybe another $500,000 from intercontinental,

[00:35:41] Attribution uncertain

it

[00:35:41] Speaker 4

will, again, we won't get that money until April anyway. But it's just sizing, stepping away from it. It's done nicely for us. And I know it's difficult to take away money from a manager that's doing well. But when you kind of look at what you see ahead of you in the next six months or so, I wouldn't be surprised if you get those negative numbers.

[00:36:00] Speaker 1

We are outside our limits.

[00:36:05] Speaker 4 + overlapping voice · overlapping voices

We're a little bit over. ‸ Yes. Yes. Although we...

[00:36:11] Speaker 1

I would move

[00:36:12] Speaker 1 · Machine re-recognized

that we

Flag: words were replaced by a machine repair · 00:36:12–00:36:13 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:36:13] Speaker 1

take some more money. Because it's going to take us another six months to get it out.

[00:36:24] Speaker 1 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:36:24–00:36:28 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:36:28] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:36:29] Speaker 4 + overlapping voice

Right. Yeah.

[00:36:31] No voice detected

Mr.

[00:36:33] Speaker 1 · Unclear audio

[unclear audio]

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[00:36:33] Speaker 1 · Unclear audio

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[00:36:34] Speaker 1 · Unclear audio

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[00:36:36] Speaker 1 · Unclear audio

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[00:36:36] Attribution uncertain · Unclear audio

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[00:36:36] Speaker 1 + overlapping voice · Unclear audio

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[00:36:43] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:36:43–00:36:46 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:36:46] Speaker 1 + overlapping voice

Okay.

[00:36:46] Speaker 1 + overlapping voice · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:36:46–00:36:47 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:36:47] Speaker 1 + overlapping voice · Unclear audio

[unclear audio]

Flag: the recognizer flagged its own output · 00:36:47–00:36:47 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:36:48] Speaker 1 + overlapping voice · Unclear audio

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Flag: the recognizer flagged its own output; a language review questioned the wording · 00:36:48–00:36:51 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:36:51] Speaker 4

Yes, sir.

[00:36:53] Speaker 1 + overlapping voice · overlapping voices

Yeah.

[00:36:54] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: the recognizer flagged its own output · 00:36:54–00:36:56 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:36:56] Speaker 1 + overlapping voice

Yeah.

[00:36:57] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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Flag: a language review questioned the wording · 00:36:57–00:36:59 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:37:00] Speaker 4

90 days notice.

[00:37:01] Speaker 3

It's not the end of every

[00:37:02] Speaker 1

quarter. Okay. Any other questions or discussions on that matter?

[00:37:06] Speaker 1 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:37:06–00:37:09 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:37:09] Speaker 1

the $500,000. Say aye. Aye. Aye.

[00:37:14] Attribution uncertain

Those

[00:37:14] Speaker 1

say nay. That motion carries.

[00:37:16] Speaker 4

Okay. Great.

[00:37:18] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:37:18–00:37:20 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:37:21] Speaker 4

Just to reinforce for you that although we saw the cash number a little bit higher, this was the actual cash that we had at the end of September. You notice that last line there, the R&D account. We had a little over $700,000, right? So that million something that we saw a moment ago on page seven was because we do a drill down and look at the cash that's actually in your managers. Poland has a bunch of that. So that's why our cash is at a more reasonable level. Yes. So as of November

[00:37:53] Speaker 4 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:37:53–00:38:13 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:37:58] Speaker 1 · Unclear audio

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[00:38:13] Attribution uncertain · Unclear audio

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[00:38:13] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:38:39] Speaker 4

So we may have a reason to have 500,000 anyway. Perfect. That's all I have for the quarterly book. I'm happy to address any questions that you might have on the economy, on the managers, on the portfolio.

[00:38:59] Speaker 1

This particular item keeps coming up, David, and that's investment into

[00:39:03] No voice detected

the

[00:39:03] Speaker 1

foreign

[00:39:04] No voice detected

currency

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[unclear audio — 0:06]

Flag: words only one machine reading has (possibly not said); the recognized words and the detected speech do not line up · 00:39:04–00:39:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:39:10] Speaker 1 · Unclear audio

[unclear audio — 0:03]

[00:39:13] Speaker 4

So short answer is yes, we've looked at it. Also, we don't have any clients invested just in currencies because when we've looked at it, honestly, currency is kind of a zero-sum game. What that means is that you're going to have winners and losers, and rarely are you going to get the winning right every single time.

[00:39:29] Speaker 1 + overlapping voice · overlapping voices

We

[00:39:29] Speaker 4 · Unclear audio

[unclear audio — 0:06]

Flag: a language review questioned the wording · 00:39:29–00:39:34 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:39:35] Speaker 4

on the international side, obviously, they have investments primarily in companies that might be either more local or international, and they trade in those respective currencies. And

[00:39:46] Speaker 4 · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:39:46–00:39:51 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:39:51] Speaker 4

have international exposure, and therefore, you're going to get some of that. They themselves hedge it out anyway. So it's a volatile asset class, especially for a fund that's a little bit more modest in size. We

[00:40:04] Speaker 4 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:40:04–00:40:07 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:40:07] Speaker 4

So it was strong for a while, and now it's come down.

[00:40:11] Speaker 1

Okay,

[00:40:12] Speaker 1 · Unclear audio

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[00:40:15] Speaker 4 · Unclear audio

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[00:40:22] Speaker 4

We had a correspondence for you, and you have it in your packet. That's just the

[00:40:27] Speaker 4 · Unclear audio

[unclear audio — 0:05]

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[00:40:32] Speaker 4

you have actually met Rich. Some of you may have

[00:40:36] Speaker 4 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:40:35–00:40:37 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:40:38] Speaker 4

So Bill joined us, I want to say about, ‸ yeah, time flew. So I always, because the first time I met him, he was 14 years old. I've been with the company for 20 years, right? So he's joined us. He's moved up through the ranks, and now he's officially

[00:41:00] Speaker 4 · Machine re-recognized

taking

Flag: words were replaced by a machine repair · 00:41:00–00:41:01 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:41:01] Speaker 4

the title of chair. Rich is taking the title of chair. Bill is taking the title of CEO. Effectively, what that means is that nothing changes for us here. But internally, Rich is stepping back a little bit more from the day-to-day of the company. Bill is stepping into that a little bit more. Bill has some of his own relationships. Rich

[00:41:23] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:41:22–00:41:24 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:25] Speaker 4

We just wanted to notify you that that is happening internally. But on a day-to-day basis, nothing changes for us. Do

[00:41:32] No voice detected · Unclear audio

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Flag: the recognizer flagged its own output · 00:41:31–00:41:33 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:33] Speaker 4

No, because it is one of those transitions that we were planning on happening. Rich

[00:41:40] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:41:40–00:41:42 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:43] Speaker 4

He lives less than a mile from the office, though. So he's not going anywhere. This is something that he loves to do because he started the company in 1986 when he was in his 30s. So this is kind of his pride and joy. So he will still be there, but Bill is growing in his responsibilities and obviously is taking on more of the day-to-day operations.

[00:42:09] Speaker 1

So it says you'll continue serving as the firm's president.

[00:42:13] Speaker 4

Bill

[00:42:13] Attribution uncertain

is in his late 60s.

[00:42:13] Attribution uncertain · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:42:13–00:42:13 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:42:13] Speaker 4 · Unclear audio

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Flag: a language review questioned the wording · 00:42:13–00:42:14 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:42:15] Speaker 4

We

[00:42:15] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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Flag: a language review questioned the wording · 00:42:15–00:42:17 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:42:17] Speaker 4 · Unclear audio

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[00:42:17] Speaker 4

So

[00:42:18] Speaker 4 · Unclear audio

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Flag: a language review questioned the wording · 00:42:17–00:42:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:42:23] Speaker 4

turn 49. I

[00:42:24] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:42:24–00:42:25 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:42:27] Speaker 4

So I am a bridge, if you will, because Rich is in their latest 60s. Bill is in his late 30s, and I'm in my late 40s. So we have a good relationship because over this time of the couple of decades that I've been doing this, I've seen a lot of things. But there are times that I will turn to some of my colleagues who have a little bit more experience than I do and ask them for their opinion on situations or their thoughts. And Bill still does that with his dad and myself. So I act as that bridge.

[00:43:03] Speaker 1

Is there anything, Mr. Zimmerman, anything from Mr. Lee? You were going to give us

[00:43:08] Speaker 4 + overlapping voice · overlapping voices

something on alternative investments.

[00:43:14] Speaker 1 + overlapping voice · overlapping voices

Yeah,

[00:43:14] Speaker 4

I apologize. That is something we could kick to the next quarter. I

[00:43:17] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:43:17–00:43:19 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:43:19] Speaker 1

Okay.

[00:43:21] Speaker 4

But the thing I think I should talk, I'm happy to provide education, but I want to be realistic about the investment products as well as the asset classes. Are you opposed to getting into an investment that's going to last potentially 10 to 12 years?

[00:43:41] Speaker 3

Locked up.

[00:43:43] Speaker 4

Locked up for 10 to 12 years.

[00:43:44] No voice detected

That

[00:43:45] Speaker 4 + overlapping voice · overlapping voices

is good and bad. And we talked about it briefly. That

[00:43:49] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:43:51] Speaker 1 + overlapping voice · overlapping voices

Yes. We

[00:43:52] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:43:54] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

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[00:43:54] Speaker 1 · Unclear audio

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[00:43:59] Speaker 4

So ‸ the fund is kind of at that level where potentially if you carve off 10% and put it into that type of investment, you could do that. But ‸ you are locking in 10% of

[00:44:13] Attribution uncertain

the

[00:44:13] Speaker 4

fund there. Remember, you have another 18 going on 16% of the fund in real estate, which is also locked up. On a quarterly basis, roughly, you have to think about it the last six months. So if we did go down this road, you're looking at about a quarter of the portfolio being less liquid, which isn't outrageous. But I just want to remind you and to measure temperament that you all are comfortable potentially locking up at least 10% of the portfolio into 10 years, 15 years.

[00:44:47] Speaker 1

But also,

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[00:44:52] Speaker 1

Is that correct?

[00:44:53] Speaker 4 + overlapping voice

I

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[00:44:58] Speaker 1

So.

[00:45:00] Speaker 4

It wouldn't be. That sounds reasonable, but I don't know for sure.

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We'd

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[00:45:04] Speaker 1

have to check with them as well. Because

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It

[00:45:09] Speaker 1

might

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[00:45:13] Speaker 4

So if you do feel comfortable with that, then I would bring you some ideas across multiple asset classes. And then I'll probably throw in a couple of products just for you to at least get an idea of what that would entail.

[00:45:27] Speaker 1

Can

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[00:45:29] Speaker 4

Absolutely. It's part of that. We'll do all of that. So I'm thinking of maybe agriculture, timber, infrastructure, private equity. It's going to be high level because each one of those I could take an hour easily.

[00:45:42] No voice detected

So

[00:45:42] Speaker 4

before the meeting, I'll send something to you all so that you can take a look at it. And then we could either drill down more into one of the asset classes or I'll provide a couple of products which bridge multiple asset classes. So they're not pure plays on any of them, which means that the returns probably are going to be a little bit softer. But it probably is the easier way to access multiple asset classes.

[00:46:04] Attribution uncertain

And

[00:46:04] Speaker 4

again, it's just really first step. Think of it as education. Second step, if you want to go forward, we can either go forward something like that or we can go down into one of those verticals.

[00:46:15] Speaker 1

Does that answer your question, Mr. Schumer? Yeah. I just want to make sure we're doing the right thing.

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[00:47:24] Speaker 1

And it was a 30-year lease. And my job over 30 years was to

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try and buy them out.