civic record · cocoa, florida
Fire Pension

Fire Pension Regular Meeting

Date
2024-05-17
Status
Machine transcript available
Source
CivicClerk event #829
No City record on file — no AI-written text

The City's record

What the City's record shows

The City's minutes for this meeting are not on file in this archive. This briefing states only what the City's agenda lists. Nothing here is taken from the machine transcription.

  • No agenda file for this meeting is held in this archive. The agenda packet button on this page opens the City's meetings-portal page for it, where the City may or may not have posted one.

The recording's machine transcription is below. It is unverified: words and names may be misheard, and it cannot establish who acted or how anyone voted.

Agenda (the City's wording)

The City's agenda items for this meeting are not available as a list here; see the agenda packet link on this page.

Transcript Partial transcript

Machine transcription of the meeting recording. The words are the recognizer's, except where a passage is marked as corrected or machine re-recognized; most have not been checked against the audio, so words, numbers and names can be misheard. It describes what was said. It cannot establish who voted how, an amount or an outcome — the City's minutes do that (above). A time links to its passage, and “Copy link” copies that link. No recording can be started from here.

Speakers were separated by voice. A plain name rests on evidence tied to that voice; “provisional” is a name from an earlier text-only pass and is not verified; “Speaker N” is an unidentified voice.

[00:00:01] No voice detected · Unclear audio
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Flag: the recognizer flagged its own output; words only one machine reading has (possibly not said); 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 · 00:00:01–00:01:47 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:00:24] Speaker 1 · Unclear audio
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[00:00:35] Speaker 2 · Unclear audio
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[00:00:47] Speaker 3 · Unclear audio
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[00:00:54] Speaker 3 · Unclear audio
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[00:00:55] Speaker 3 · Unclear audio
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[00:00:55] Speaker 3 · Unclear audio
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[00:00:58] Speaker 4 · Unclear audio
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[00:01:11] Speaker 2 · Unclear audio
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[00:01:12] Speaker 2 · Unclear audio
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[00:01:14] Speaker 2 · Unclear audio
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[00:01:20] Speaker 1 · Unclear audio
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[00:01:27] Attribution uncertain · Unclear audio
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[00:01:27] Speaker 1 · Unclear audio
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[00:01:33] Speaker 5 · Unclear audio
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[00:01:34] Speaker 1 · Unclear audio
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[00:01:37] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
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[00:01:37] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
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[00:01:37] Speaker 4 · Unclear audio
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[00:01:40] Speaker 6 · Unclear audio
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[00:01:42] No voice detected · Unclear audio
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[00:01:42] Attribution uncertain · Unclear audio
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[00:01:42] Attribution uncertain · Unclear audio
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[00:01:42] Speaker 6 · Unclear audio
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[00:01:44] Speaker 7 · Unclear audio
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[00:01:46] Speaker 2 · Unclear audio
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[00:01:47] Speaker 2
cranks. We got the remotes. Okay.
[00:01:50] Speaker 7 · Unclear audio
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Flag: the recognizer flagged its own output · 00:01:50–00:01:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:01:53] Speaker 7
Good morning. Well, with us today, we have the international manager, Hardman Johnson.
[00:01:58] Speaker 5
Should be
[00:01:59] Speaker 7
working. Should be working?
[00:02:00] Speaker 5
Okay,
[00:02:01] Speaker 7
great guy. Yeah, perfect. Thank you.
[00:02:06] No voice detected
And
[00:02:06] Speaker 7
they have the floor. So you guys are welcome to come up to the podium if you'd like.
[00:02:27] Speaker 2 · Unclear audio
[unclear audio — 0:01]
Flag: the machine readings disagree here · 00:02:27–00:02:40 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:02:35] No voice detected · Unclear audio
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[00:02:38] Speaker 7 · Unclear audio
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[00:02:43] No voice detected · Unclear audio
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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 · 00:02:43–00:07:44 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:02:45] Speaker 5 · Unclear audio
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[00:02:46] No voice detected · Unclear audio
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[00:03:00] Speaker 4 · Unclear audio
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[00:03:12] Attribution uncertain · Unclear audio
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[00:03:14] Speaker 4 · Unclear audio
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[00:03:16] Attribution uncertain · Unclear audio
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[00:03:16] Speaker 4 · Unclear audio
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[00:03:35] No voice detected · Unclear audio
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[00:03:39] Speaker 4 · Unclear audio
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[00:04:31] Speaker 4 · Unclear audio
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[00:04:42] Speaker 4 · Unclear audio
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[00:04:59] Attribution uncertain · Unclear audio
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[00:04:59] Speaker 4 · Unclear audio
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[00:05:12] No voice detected · Unclear audio
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[00:05:24] Speaker 4 · Unclear audio
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[00:05:31] Speaker 8 · Unclear audio
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[00:06:36] Attribution uncertain · Unclear audio
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[00:06:36] Speaker 8 · Unclear audio
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[00:06:47] No voice detected · Unclear audio
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[00:06:47] Speaker 8 · Unclear audio
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[00:06:50] Speaker 8 · Unclear audio
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[00:07:44] No voice detected · Unclear audio
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[00:07:45] Speaker 8
As
[00:07:45] No voice detected
you
[00:07:46] Speaker 8 + overlapping voice
would expect. We're
[00:07:50] Speaker 8 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:50]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:07:50–00:10:22 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:08:40] Attribution uncertain · Unclear audio
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[00:08:40] Speaker 8 · Unclear audio
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[00:10:10] Attribution uncertain · Unclear audio
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[00:10:10] Speaker 8 · Unclear audio
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[00:10:22] Speaker 8 · 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 · 00:10:22–00:11:52 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:10:53] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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[00:10:54] Speaker 8 + overlapping voice · overlapping voices · Unclear audio
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[00:10:56] Attribution uncertain · Unclear audio
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[00:10:56] Speaker 8 + overlapping voice · overlapping voices · Unclear audio
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[00:11:10] Attribution uncertain · Unclear audio
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[00:11:10] Speaker 8 · Unclear audio
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[00:11:52] Speaker 8 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:11:52–00:12:07 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:11:54] Attribution uncertain · Unclear audio
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[00:11:54] Speaker 8 · Unclear audio
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[00:12:09] Speaker 8 · 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 · 00:12:09–00:12:37 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:12:37] Speaker 8 · 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 · 00:12:37–00:12:58 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:12:59] Speaker 8 · 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 · 00:12:59–00:13:07 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:13:07] Speaker 8
Meichuan, Alibaba, Wuxi. All for individual reasons. Not because we were making a mass change and wanted to sell all our Chinese holders. They were individual things that went on.
[00:13:19] Speaker 8 · Unclear audio
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Flag: the recognizer flagged its own output · 00:13:19–00:13:32 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:13:32] Speaker 8 · Unclear audio
[unclear audio — 0:37]
Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording; words only one machine reading has (possibly not said) · 00:13:32–00:15:16 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:14:09] Attribution uncertain · Unclear audio
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[00:14:09] Speaker 8 + overlapping voice · overlapping voices · Unclear audio
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[00:14:52] Speaker 1 · Unclear audio
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[00:14:56] Speaker 8 + overlapping voice · overlapping voices · Unclear audio
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[00:15:11] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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[00:15:15] Speaker 8 · Unclear audio
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[00:15:16] Attribution uncertain · Unclear audio
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[00:15:16] Speaker 8 · Unclear audio
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[00:15:16] Attribution uncertain · Unclear audio
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[00:15:16] Speaker 8 + overlapping voice · Unclear audio
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[00:15:17] Speaker 8 + overlapping voice · overlapping voices
We are absolutely below the index, no doubt. But the first quarter, and so far this year, now we've got almost five months of the year end, we're significantly outperforming the index. And
[00:15:32] Speaker 8 + overlapping voice · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:15:31–00:15:35 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:15:36] Speaker 8 + overlapping voice
‸ That growth is actually consensus. If we put in our estimate, it would be higher than that. Because we do our own models. But we're just giving you a consensus estimate to show you what kind of growth is in the portfolio. Okay.
[00:15:52] Speaker 8 + overlapping voice · Unclear audio
[unclear audio — 1:35]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:15:51–00:17:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:17:27] Speaker 8 + overlapping voice · Unclear audio
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Flag: the recognizer flagged its own output · 00:17:27–00:17:47 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:17:48] Speaker 8 + overlapping voice · Unclear audio
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Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; words only one machine reading has (possibly not said); a language review questioned the wording · 00:17:47–00:18:52 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:17:50] Attribution uncertain · Unclear audio
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[00:17:50] Speaker 8 · Unclear audio
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[00:18:16] Attribution uncertain · Unclear audio
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[00:18:52] Speaker 8 · Unclear audio
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Flag: the machine readings disagree here · 00:18:52–00:19:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:19:11] Speaker 8
and other...
[00:19:11] Attribution uncertain
The market
[00:19:11] Speaker 8
in
[00:19:12] Speaker 8 · 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 · 00:19:11–00:20:48 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:20:01] Attribution uncertain · Unclear audio
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[00:20:02] Speaker 8 · Unclear audio
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[00:20:49] Speaker 8
50%
[00:20:50] Speaker 8 · Unclear audio
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Flag: the recognizer flagged its own output; a language review questioned the wording · 00:20:49–00:21:06 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:21:07] Speaker 8
been scrutinizing on that extremely closely. So there's going to be opportunities along with that, along with other areas that are not so great. And
[00:21:17] Speaker 8 · 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 · 00:21:17–00:23:24 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:21:41] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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[00:21:58] Speaker 8 · Unclear audio
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[00:23:22] Attribution uncertain · Unclear audio
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[00:23:22] Speaker 8 · Unclear audio
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[00:23:23] Speaker 7 · Unclear audio
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[00:23:24] Speaker 7
be helpful if you flipped page 12 in
[00:23:26] Speaker 7 · Unclear audio
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Flag: a language review questioned the wording · 00:23:26–00:23:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:23:28] Speaker 1
In
[00:23:29] Speaker 1 · Unclear audio
[unclear audio]
Flag: a language review questioned the wording · 00:23:28–00:23:30 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:23:29] Speaker 7 + overlapping voice · overlapping voices · Unclear audio
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[00:23:31] Speaker 7 + overlapping voice
So to your point, Elliot, you're right. They've had a challenging period. In our books, we do show that the first quarter they did outperform. This slide in the presentation just looks at a few more calendar years beyond what we saw on the prior page, page 11. So if you look at the left-hand side, you see for the trailing periods, for the quarter, you have a green there because they outperformed. But then when
[00:23:56] Speaker 7 + overlapping voice · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:23:56–00:23:58 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:23:57] Attribution uncertain
and
[00:23:57] Speaker 7 + overlapping voice · Unclear audio
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[00:23:59] Speaker 7 + overlapping voice
right? They're underperforming. Frankly,
[00:24:01] Speaker 7 + overlapping voice · Unclear audio
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Flag: a language review questioned the wording · 00:24:00–00:24:02 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:24:02] Speaker 7 + overlapping voice
Because we picked them up about four years ago. So we're living in that red. But
[00:24:07] Speaker 7 + overlapping voice · overlapping voices · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:24:06–00:24:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:24:09] Speaker 1 · Unclear audio
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[00:24:09] Speaker 1 · Unclear audio
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Flag: the recognizer flagged its own output · 00:24:09–00:24:11 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:24:11] Speaker 7
We bought them a little bit high, yes. But the reason why we bought them was because they were doing so well, right? Because if you look at the 10 years and since inception, both of those are also green, outperforming. Even with the underperformance that they've suffered recently of the three and five years, that 10-year number and since inception number captures all that performance. It's green. Now if you look on the right-hand side, you see the calendar years for the past five years. 23, 22, 21, 20, and 19. To Jim's point, you'll see that 23, 22, 21 are all red. But
[00:24:46] Speaker 7 · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:24:46–00:24:48 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:24:49] Speaker 7
Because frankly, those are some of the numbers that we looked at when we hired them, right?
[00:24:52] No voice detected
Yeah.
[00:24:52] Speaker 7 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:24:52–00:24:54 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:24:55] Speaker 7
to say that I wouldn't be surprised if they are able to do that again sometime in the future. But we have suffered through three years back-to-back, something that I've never seen them do. It's uncharacteristic. Part of it, Jim explained, was because they got China wrong. And they pulled in their horns a little bit with that. However, how they pick stocks is still consistent. And for the most part, they've been good with that. So
[00:25:23] Speaker 7 · Unclear audio
[unclear audio — 0:06]
Flag: a language review questioned the wording · 00:25:23–00:25:29 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:25:29] Speaker 7
better. It's just that the past three years have been tough.
[00:25:34] No voice detected · Unclear audio
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Flag: the recognizer flagged its own output; a language review questioned the wording · 00:25:34–00:25:46 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:25:35] Speaker 8 · Unclear audio
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[00:25:36] No voice detected · Unclear audio
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[00:25:36] Speaker 8 · Unclear audio
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[00:25:47] Speaker 8 · Unclear audio
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Flag: the recognizer flagged its own output · 00:25:47–00:26:01 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:26:02] Speaker 8 · Unclear audio
[unclear audio — 0:15]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:26:02–00:26:17 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:26:20] Speaker 7 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:26:20–00:26:22 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:26:22] Speaker 7
but flipped page 26 of
[00:26:26] Speaker 1
their
[00:26:27] Speaker 7
presentation still. There's a lot of information in this presentation. It's hard to get through all of it, but another point that ‸ would, to reinforce what we were just talking about, this is now the performance of the composite. The composite performance is not going to be identical to ours, but it's going to be in the same ballpark, right? So if you look here, you see these are now calendar years prior to what we just saw a moment ago on slide 13.
[00:26:51] Speaker 7 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:26:51–00:26:53 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:26:53] Speaker 7
have a
[00:26:54] Speaker 7 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:26:54–00:26:56 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:26:57] Speaker 7
So apples to apples after fees, how are they doing relative to the benchmark? So for 2015, you notice that they lost about half a percent. The benchmark lost about 80 basis points. So they did better by losing less. 2016, again, they beat the benchmark only by 10
[00:27:15] Speaker 7 · Machine re-recognized
base
Flag: words were replaced by a machine repair · 00:27:15–00:27:15 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:27:15] Speaker 7
points, but they beat the benchmark. 2017, there's a whopper. That's what they do sometimes, right? They beat the benchmark 37.4 versus 25. And then 2018 is kind of a push year. Then 2019, 2020, we just saw a moment ago. So these are some of the numbers ‸ that we saw when we hired them. Just to emphasize again, why we hired them hasn't changed. They haven't changed in how they pick stocks. Although they did refine and improve some of the thinking because obviously looking back on it, they can realize that the macro perspective on China was what swayed them to hold on some ‸ holdings a little bit too long. That's why we would feel comfortable thinking that ‸ on a go forward basis, hopefully they're able to hit those triples and home runs again. ‸ Sure.
[00:28:15] No voice detected
Anyway,
[00:28:15] Speaker 8
we thank
[00:28:18] No voice detected
you for your patience. Thank you.
[00:28:19] Attribution uncertain
Thank
[00:28:19] No voice detected
you.
[00:28:19] Attribution uncertain
And
[00:28:19] Speaker 8
I
[00:28:20] No voice detected
hope I'm here and I'm
[00:28:22] Attribution uncertain
here
[00:28:22] No voice detected · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; the recognized words and the detected speech do not line up · 00:28:22–00:28:34 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:28:31] Speaker 8 · Unclear audio
[unclear audio — 0:03]
[00:28:34] Speaker 2
Yeah. Anything else, Mr. Zimmerman?
[00:28:38] Speaker 1
Well, this
[00:28:42] Speaker 1 · Unclear audio
[unclear audio]
Flag: the machine readings disagree here · 00:28:42–00:28:42 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:28:44] Speaker 1
So let's take the first hand.
[00:28:50] Speaker 1 · Unclear audio
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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 · 00:28:50–00:30:56 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:28:57] Speaker 8 · Unclear audio
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[00:29:04] No voice detected · Unclear audio
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[00:29:10] Speaker 8 · Unclear audio
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[00:29:35] Speaker 8 · Unclear audio
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[00:30:56] Speaker 2
Mr. Zimmerman,
[00:30:57] Attribution uncertain
anything
[00:30:58] Speaker 2
else?
[00:30:59] Speaker 1 + overlapping voice
Could you give us a short couple of minutes on your most disappointing
[00:31:05] Speaker 1 + overlapping voice · Machine re-recognized
holding
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[00:31:07] Speaker 1 + overlapping voice · overlapping voices
right now? Just so we get a feel for the kinds of companies that you have invested in.
[00:31:17] Speaker 8
The most disappointing
[00:31:19] Speaker 8 · Machine re-recognized
company is
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[00:31:19] Speaker 8
on page 16. It's
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[00:35:11] Speaker 8
They accused them of some accounting irregularities. They accused them of related third-party transactions. So think of a conflict of interest. Those didn't turn out to be true. The regulator
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[00:35:31] Speaker 8
said no accounting issues.
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[00:37:05] Speaker 8 + overlapping voice
That will close in the next, it should close in the next six weeks. So they're going to pay down some debt from an acquisition they made. That should be another leg up. So there are milestones that we are analyzing and keeping track of as the stock moves higher.
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[00:37:41] Speaker 8 + overlapping voice
But
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[00:37:46] Speaker 8 + overlapping voice
I
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[00:37:48] Speaker 2 + overlapping voice
All right. Mr. Cox? Mr.
[00:37:51] Speaker 2 + overlapping voice · Machine re-recognized
Lang,
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[00:37:52] Speaker 2 + overlapping voice
Mr. Madden? I just had a couple of questions I wanted to ask you. First
[00:37:56] Speaker 2 + overlapping voice · Machine re-recognized
off,
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[00:37:57] Speaker 2 + overlapping voice · overlapping voices
I want to refer to legal counsel. On page 8, are we in
[00:38:02] Speaker 6 + overlapping voice · overlapping voices
violation there
[00:38:05] Speaker 2 + overlapping voice · overlapping voices
in Florida State Statute?
[00:38:07] Speaker 6
I would just FYI. I would take the
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[00:38:12] Speaker 2
Yeah. I'm like...
[00:38:14] Attribution uncertain
We don't
[00:38:14] Speaker 6 + overlapping voice · overlapping voices
invest
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[00:38:15] Speaker 2
Thank you.
[00:38:17] Attribution uncertain
I
[00:38:17] Speaker 2
just
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[00:38:18] Speaker 2
Thank you.
[00:38:19] Attribution uncertain
We
[00:38:19] Speaker 8
don't
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[00:38:31] Speaker 7 + overlapping voice · overlapping voices
In Florida, that first statement, you're good, stop, that's it. Move
[00:38:35] Attribution uncertain
on. Yeah,
[00:38:35] Speaker 2
good enough.
[00:38:36] Attribution uncertain
Move
[00:38:36] Speaker 2 + overlapping voice · overlapping voices
on. Yes, sir. Next one. It says you have a minimum of six countries. Are you in the Middle East at all, or has that affected you?
[00:38:43] Speaker 8
No. Minimum of six countries, eight industries, not in the Middle East.
[00:38:49] No voice detected
And
[00:38:50] Speaker 8
that really is... We've never been less than 10 countries, by the way. And we've never been less than 13 industries. So we're
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[00:39:00] Speaker 8
But this is the minimum of
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[00:39:02] Speaker 8
And we're not in
[00:39:03] No voice detected
the Middle East.
[00:39:04] Speaker 2
And then the Wu X, you've sold that out. Why did you sell it out?
[00:39:08] Speaker 8
I'm sorry, what?
[00:39:09] Speaker 2
The Wu X.
[00:39:10] Speaker 8 + overlapping voice
Oh, Wu Xi. Wu Xi is a Chinese contract development, a manufacturing organization, homework, CDMO. They are outsourced manufacturing for pharmaceutical companies that make drugs. ‸ They have excellent technology. They have two plants. One in Princeton. One in just outside of Boston. Another in Dublin. Another in Europe. One in Singapore. Most of their manufacturing is outside of China. They do have some exposure in China as well. They
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[00:39:59] Speaker 8 + overlapping voice · overlapping voices
It happened to be December 2nd. December 2nd happened to be a Saturday. Never good when a company tells you something on a Saturday. Yeah. And they lowered their guidance more than 20% for the year, for 2023. They easily should have known that by December, that they were going to miss by that high. Secondly, four weeks before, they spun off one of their businesses for several billion dollars. Had they given you that guidance four weeks before, they
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[00:40:38] Speaker 2
Yeah.
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[00:40:41] Speaker 2 + overlapping voice · overlapping voices
Okay.
[00:40:41] Speaker 8
And we sold the company. You need to have confidence in management when you are invested.
[00:40:48] Speaker 2 + overlapping voice · overlapping voices
Yeah. I recognize the name because they were one of the components of the ‸ virus. So
[00:40:54] Speaker 8
‸ that's the province that they're in. It's
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And
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[00:41:03] Speaker 2
But they ‸ did research for the United States ‸ for the virus. So that's why I say I...
[00:41:08] Speaker 8
I think you know what they also made
[00:41:10] Speaker 8 · Machine re-recognized
a bunch
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[00:41:10] Speaker 8
of a help to make COVID vaccine.
[00:41:14] Speaker 2
Right.
[00:41:14] Speaker 8
For
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[00:41:16] Speaker 2 + overlapping voice · overlapping voices
Okay. Yeah. I'd seen that name before. That's why I said... And ‸ how did they
[00:41:20] Speaker 1
fit into your hypothesis at
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[00:41:46] Speaker 8
are thousands and thousands of gallons. So they can ship much more quickly. And they have proprietary technology is what it comes down to. Okay. And
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[00:42:00] Speaker 2
Right.
[00:42:01] Speaker 8
But if you're not honest, you're not honest.
[00:42:03] Speaker 2
Yeah. Right. Thank you, Mr. Patron. Thank you, Mr. King.
[00:42:08] No voice detected
Thank
[00:42:09] Attribution uncertain
you
[00:42:09] No voice detected
very much. Thank you very much. Thanks.
[00:42:11] Speaker 2
David, anything else?
[00:42:12] Speaker 7
No. I'm good. Thank you. Thank
[00:42:13] Speaker 7 · Unclear audio
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[00:42:14] Speaker 7
Thank you, guys.
[00:42:15] Speaker 8
‸ Thank you for your patience.
[00:42:17] Speaker 7
Have a safe trip back.
[00:42:18] Speaker 8
Thank you.
[00:42:23] No voice detected
Thank you.
[00:42:24] Speaker 2
David,
[00:42:24] Attribution uncertain
do
[00:42:25] Speaker 2
you want to continue with your report then? Sure.
[00:42:31] Speaker 7
Were you guys comfortable with that presentation? Is there anything in that presentation that you want me to address?
[00:42:37] Speaker 2
No.
[00:42:38] Attribution uncertain
It
[00:42:38] Speaker 7
sounds like they turned it around.
[00:42:39] Speaker 5
Yeah.
[00:42:39] Speaker 7
We just happened to buy at the wrong time. So,
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[00:42:46] Speaker 7
He's one of the main portfolio managers. And the only reason why I emphasize the other performance is because he thinks like the portfolio manager. So, he's going to be looking at all the individual stocks. And
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[00:42:59] Speaker 7
But at the end of
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the
[00:43:00] Speaker 7
day, for him, performance is just an outgrowth of what they do, which is
[00:43:02] Speaker 7 · Machine re-recognized
by
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[00:43:03] Speaker 7
companies. And hopefully, the companies do well over the longer term. Which is why when he was talking about the characteristics page on page 18, I think some of that was the message kind of got lost. Because
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[00:43:19] Speaker 7
takeaway is that they buy stocks that are growing faster than the market at a cheaper price. That's the bottom line.
[00:43:28] Speaker 9
Yeah.
[00:43:28] Speaker 7 + overlapping voice
And over time, it's done better. However,
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[00:43:35] Speaker 7 + overlapping voice
But we still feel comfortable with the strategy because how they pick stocks and the people that are picking the stocks hasn't changed. And
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[00:43:46] Speaker 7 + overlapping voice · overlapping voices
and home runs. So, with that, if there are no questions for that, I'm happy to go through our presentation. Okay.
[00:43:57] No voice detected
Okay. Great.
[00:43:58] Speaker 7
So, if you could all flip to page five for me. I'm sorry, four. And just a quick couple of minutes about the macro economy. If you look in the upper left-hand corner of the page, you notice that both those columns are pretty consistent for the current quarter relative to the previous quarter. The only number that really jumps out at you as being a little bit different is GDP. You notice in the prior quarter, it was about middle three. In the current quarter, it's a little bit less than 2%. Honestly, the biggest number, when you look through and dig through GDP, the reason why it's down is because we imported a lot more goods. So, import, when you calculate GDP, is actually a negative to the GDP rate. The fact that we
[00:44:45] Speaker 7 · Machine re-recognized
import
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[00:44:46] Speaker 7
a lot just means that we're spending a lot of money on goods. And so,
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[00:44:52] Speaker 7
In fact, unemployment still is tepid. It was revised up to 3.9%, but still is below 4%. And I believe it's been below 4% for almost a year. So, quite robust still. CPI also is modest. Still kind of staying in that level. If you look at the upper right-hand corner of the page, what that translated into was a very good stock market. So, as you see, the S&P 500, I highlight that because that captures primarily large-cap stocks. For the
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[00:45:27] Speaker 7
remember, stocks over the long-term, different
[00:45:30] Speaker 7 · Machine re-recognized
training
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[00:45:30] Speaker 7
periods,
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[00:45:34] Speaker 7
We got that all in one quarter. So, it was a very good quarter. Since then, April was a very bad month. April was down a lot. May was a very good month. So, the market pretty much is back to where it was at the end of March. So,
[00:45:50] Speaker 7 · Unclear audio
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[00:45:53] Speaker 7
March. Outside
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[00:46:01] Speaker 7
kind of where Johnston lives, they were up, but not as much as us, about half of what we were up. The place that still was negative was the, quote-unquote, more secure places. So, real
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[00:46:18] Speaker 7
Bonds were also down fractionally, bringing the 12-month return
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[00:46:25] Speaker 7
So,
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[00:46:28] Speaker 7
Bottom left-hand corner of the page, just to see how dramatic the growth has been in the equity markets, remember, the columns represent growth, core, and value. The rows represent market capitalization of large cap, mid cap, small cap. You could draw a line straight from the bottom right up to the top left. Everything that was large cap growth did very well. Large beat mid beat small. Growth beat core beat value. So, technology stocks, by and large, are the place that did quite well for the quarter, and also for the trailing year, that story remained true as well. If you could flip to page 7 for me. This is a snapshot of the portfolio over ‸ different trailing periods. And, you know, the takeaway here is that the asset allocation is what's driving this performance. We're not going to be top quartile every single time, but more often than not, we've been doing well. So, for the most recent quarter, we are top quartile at 5.5%. For the trailing fiscal year date, we're at 13.5%, which is kind of in the middle of the pack. You know, I think that's a very robust return, and I know that our assumption rate is almost half of that. Frankly, over the trailing three and five years and ten years, all those returns are solid. Three years, a little bit weaker, but five years, 8.2%, ten years, 7.8%. The ten-year number is also top quartile, five years kind of more middle of the pack. If you look at the upper right-hand corner of the page, asset allocation, roughly when you add up all the pieces that are stock, and then all the pieces that are not stock, you're kind of at about 70-30. So, we do have a little bit more equity exposure, not because we actively decided to do that, but frankly, stocks have just done better than bonds and real estate, which we just talked about. So,
[00:48:25] Speaker 7 · Unclear audio
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[00:48:29] Speaker 7
Just to also highlight, if you look down the first column for performance summary, our large cap component, which is the bulk of our assets at 40%, that was kind of in line with the benchmark. Smith cap, also in line with the benchmark. And
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[00:48:49] Speaker 7
For real estate, we did underperform slightly. And
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[00:48:56] Speaker 7
So, for the quarter, we made about $1.3 million all in with income and capital gains, and that's why we ended up at $26 million ‸ change. Page 8, as you know, is just that pictorial depiction of the corpus of the fund over that time. The takeaway here is that there has been nice growth, right? Over the course of just over 20 years, 22 years, the portfolio value has increased three times. So, pretty consistent return over the longer term. And again, we've taken out almost $5 million over the course of two decades. So, it's not a smooth ride, but still going into the northeast quadrant. ‸ A couple of takeaways that I've mentioned in the past, but it bears reminding. Remember, when we were living through COVID, when the world shut down, and we saw that dramatic drop in the chart, and I said, if we look back three to five years from now, that down
[00:49:52] Speaker 7 · Unclear audio
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[00:49:52] Speaker 7
going to look like a blip, well, you look at it now, that's not that dramatic. The down drop is not dramatic. It's actually the upside that's pretty dramatic with all that fiscal stimulus and monetary stimulus that we had. And
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[00:50:09] Speaker 7
know, that's when all the mortgage problems happened with U.S. housing, it took about five years for the stock market to get back ‸ losses. And with COVID, that took about three months. So, at the end of the day, we don't know what's going to happen on a day-to-day basis, quarter-to-quarter basis, year-to-year basis. But over decades, I can pretty much guarantee you stocks are going to do well, right? So,
[00:50:33] Attribution uncertain
it
[00:50:33] Speaker 7 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:50:33–00:50:36 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:50:36] Speaker 7
And over the long term, as long as you could stand a little bit of volatility, it will help you earn more money. Page nine, asset allocation. Relative to targets, we're pretty close. The
[00:50:49] Speaker 7 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:50:49–00:50:49 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:50:50] Speaker 7
a little bit underweighted is bonds. We have a little bit more cash relative to that. That's not a bad place to be, honestly, because bonds have been very tepid. Cash is returning roughly about 5%. So, it's not a bad trade there. ‸ Page 10 just shows you all of the components. The biggest piece that ‸ has been more of a consistent challenge for us now is actually Poland. Poland
[00:51:17] Speaker 7 · Unclear audio
[unclear audio — 0:04]
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[00:51:21] Speaker 7
Brandywine. And for the quarter, Brandywine did quite well. And over the longer term, they outperformed both on a five-year as well as since June of 2017. Top quartile beating the benchmark by almost 3% annualized. Poland has struggled a little bit. In fact, if you look at every single period, they are underperforming. Even the 10-year number, but that 10-year number is still in the top third of the universe. The takeaway is that the benchmark has been really tough to beat. And frankly, they got a couple of names wrong. And they are a concentrated manager, which is why they've underperformed. I would say amongst all of our managers, Poland is probably the one that we probably should be looking at a little more carefully. Not to say that we're not looking at it carefully all the time, because we do. You all aren't the only client with Poland. Similar to Hardman-Johnston, Poland is a concentrated growth manager. So they typically have about 20 stocks. They
[00:52:20] Speaker 7 · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:52:20–00:52:24 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:52:24] Speaker 7
well. It's just that the past couple of years, they had back-to-back years. Similar to the story that
[00:52:30] Speaker 7 · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:52:30–00:52:31 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:52:32] Speaker 7
Similarly, they also potentially can hit triples. We would say we'll probably give them about another year or so to see whether or not that will change. And if it doesn't, then it possibly can warrant us shifting. But for now, we're so comfortable with it. Happy to address any questions about that after I just finish this up. Our
[00:52:53] Speaker 7 · Unclear audio
[unclear audio — 0:05]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:52:52–00:52:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:52:57] Speaker 7
fund. And
[00:52:58] Speaker 7 · Unclear audio
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Flag: a language review questioned the wording · 00:52:58–00:53:00 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:53:01] Speaker 7
past year. It's in the top 15th percentile. And
[00:53:05] Speaker 7 · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:53:04–00:53:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:53:09] Speaker 7
at 4.4%. Hardman-Johnston,
[00:53:12] Speaker 7 · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:53:11–00:53:14 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:53:14] Speaker 7
that over the most recent quarter. They did quite well. Obviously, track record is hopefully going to improve. And then our real estate
[00:53:23] Speaker 7 · Machine re-recognized
managers
Flag: words were replaced by a machine repair · 00:53:23–00:53:24 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:53:24] Speaker 7
intercontinental, which did underperform for the quarter. But if you look at the trailing three- and five-year numbers, which are single-digit returns. But again, why do we have real estate? For us, real estate is a substitute for fixed income. And for fixed income during that same period, three years lost about 2%, five years up fractionally. And
[00:53:47] Speaker 7 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:53:47–00:53:48 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:53:49] Speaker 7
also, by the way, since we've had intercontinental June of 2016, they still have outperformed the benchmark at 6.2 versus 5%. So
[00:53:59] Speaker 7 · Unclear audio
[unclear audio — 0:05]
Flag: a language review questioned the wording · 00:53:58–00:54:04 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:54:06] Speaker 7
Happy to address any questions that you might
[00:54:07] Speaker 7 · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:54:07–00:54:11 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:54:12] Speaker 7
any of the specific managers. Mr. Matt?
[00:54:18] Speaker 5 + overlapping voice
Mr. Lange? So
[00:54:19] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:08]
Flag: the recognizer flagged its own output · 00:54:19–00:54:28 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:54:28] Speaker 5 + overlapping voice
They're
[00:54:28] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:05]
Flag: the recognizer flagged its own output · 00:54:28–00:54:32 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:54:33] Speaker 5 + overlapping voice
It's
[00:54:33] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:54:33–00:54:37 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:54:37] Speaker 5 + overlapping voice · overlapping voices
they pick them. ‸ Yeah,
[00:54:38] Speaker 7 + overlapping voice · overlapping voices
essentially they held on to some companies a little bit too long. Similarly,
[00:54:42] Speaker 5
he was saying where they didn't have an outside advisor or something looking at a stock. It just seems like these guys kind of get married to their stocks a little bit.
[00:54:51] Speaker 7 + overlapping voice
Exactly. And especially for a manager where they hold stocks for a long time, you can kind of see that happen. But
[00:54:57] Speaker 7 + overlapping voice · Unclear audio
[unclear audio — 0:05]
Flag: a language review questioned the wording · 00:54:56–00:55:01 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:55:02] Speaker 7 + overlapping voice
Because that's the track record that they had for decades and it worked. Now all of a sudden it didn't work. Well, I give them credit for figuring out, okay, something didn't work. With
[00:55:12] Speaker 7 + overlapping voice · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:55:11–00:55:16 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:55:16] Speaker 7 + overlapping voice · overlapping voices
He has another co-PM. The co-PM had changed because it used
[00:55:19] Speaker 7 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:55:19–00:55:20 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:55:20] Speaker 7 + overlapping voice
Damon moved away and then the head of research moved on to become the co-PM. But
[00:55:24] Speaker 7 + overlapping voice · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:55:24–00:55:26 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:55:26] Speaker 7 + overlapping voice
decisions. More often than not, he's been good. But here's what I would say. If
[00:55:31] Speaker 7 + overlapping voice · Unclear audio
[unclear audio — 0:06]
Flag: a language review questioned the wording · 00:55:31–00:55:37 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:55:47] Speaker 7 + overlapping voice
And you see page five. Before you get up to 2022, everything looks pretty reasonable, right? They have some periods that they underperform and then some periods that they outperform. But then what happened is that 2022, which kind of bled into 2023, all of those quarters, all of a sudden the underperformance for that year and a half or so, then bleeds into all of the trailing numbers. Trailing three years, five years, 10 years. If you didn't have so many back-to-back quarters
[00:56:19] Speaker 7 + overlapping voice · Machine re-recognized
but it
Flag: words were replaced by a machine repair · 00:56:19–00:56:20 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:56:19] Speaker 7 + overlapping voice
ended up performed, you wouldn't be seeing all those trailing returns look bad.
[00:56:25] Attribution uncertain
They
[00:56:25] Speaker 7
got
[00:56:25] Speaker 7 · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:56:25–00:56:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:56:26] No voice detected · Unclear audio
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[00:56:27] Speaker 7 + overlapping voice · Unclear audio
[unclear audio]
[00:56:28] Speaker 7 + overlapping voice
Having said that, you can't really pick and choose. At the end of the day, they're supposed to pick stocks that hopefully will continue to do well. That's why I say we would feel comfortable giving them another year or so to see how this story changes. Have they pulled back? Are they maybe selling stocks a little ‸ faster, holding on to stocks that should do well, putting in good stocks? Because it's worked more than it hasn't worked in the past. So that's why
[00:56:53] Speaker 7 + overlapping voice · Machine re-recognized
we give
Flag: words were replaced by a machine repair · 00:56:53–00:56:53 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:56:53] Speaker 7 + overlapping voice · overlapping voices
them the benefit of the doubt. They haven't changed really the investment team or how they thought about things. They did say that they've made some mistakes and they ‸ are trying to trim some of those mistakes. But if you feel comfortable with that, I would suggest maybe having Poland come in the next meeting. Do
[00:57:16] Speaker 2
we
[00:57:16] Speaker 7 + overlapping voice · overlapping voices
have someone scheduled for the next one?
[00:57:18] Attribution uncertain
We
[00:57:18] Speaker 2
do.
[00:57:18] Attribution uncertain
We
[00:57:18] Speaker 2
got
[00:57:19] Speaker 2 · Unclear audio
[unclear audio — 0:08]
Flag: a language review questioned the wording · 00:57:18–00:57:29 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:57:27] Speaker 7 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:57:30] Speaker 7 + overlapping voice · overlapping voices
Intercontinental. Yeah. It might not say Intercontinental for the next meeting. Oh, was it a man? Okay. Both. Yeah. ‸ Okay. I
[00:57:40] Speaker 7 + overlapping voice · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:57:39–00:57:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:57:41] Speaker 7 + overlapping voice · overlapping voices
We could flip it and put Poland in or whatever is- Let's
[00:57:46] Speaker 7 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:57:45–00:57:47 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:57:46] Speaker 2 · Unclear audio
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[00:57:47] Speaker 7 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:57:47] Speaker 7 + overlapping voice
So
[00:57:47] Speaker 7 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
Flag: the recognizer flagged its own output · 00:57:47–00:57:49 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:57:49] Attribution uncertain
the next meeting.
[00:57:49] Attribution uncertain · Unclear audio
[unclear audio]
[00:57:49] Speaker 7 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:57:50] Speaker 7 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 00:57:49–00:57:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:57:50] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:57:51] Speaker 7 + overlapping voice
Right. And
[00:57:51] Speaker 7 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 00:57:51–00:57:53 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:57:53] Speaker 7 + overlapping voice
Okay. Is
[00:57:54] Speaker 7 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
Flag: a language review questioned the wording · 00:57:54–00:57:55 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:57:55] Speaker 2 · Unclear audio
[unclear audio]
[00:57:56] Speaker 9
All right.
[00:57:57] Speaker 2
Anything
[00:57:57] Speaker 2 · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:57:57–00:57:59 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:57:57] Speaker 9 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:57:58] Speaker 2 · Unclear audio
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[00:57:58] Speaker 1 · Unclear audio
[unclear audio — 0:01]
[00:57:59] Speaker 2
Mr. Cox? Mr. Zimmerman?
[00:58:03] Speaker 1
I
[00:58:03] Speaker 1 · Unclear audio
[unclear audio — 0:13]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:58:03–00:58:16 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:58:16] Speaker 1
I
[00:58:17] Speaker 1 · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 00:58:16–00:58:18 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:58:18] Speaker 7
Sure. I- I
[00:58:19] Speaker 7 · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:58:19–00:58:22 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:58:22] Speaker 7
you will. We'll give them another year on both. Um,
[00:58:25] Speaker 7 · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:58:25–00:58:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:58:28] Speaker 7
So the first quarter they beat the benchmark by about 1%. Now so
[00:58:33] Speaker 7 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:58:33–00:58:35 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:58:36] Speaker 7
is
[00:58:36] Speaker 7 · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:58:36–00:58:37 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:58:38] No voice detected
4%.
[00:58:38] Speaker 7
Every day is a coin flip, who knows? But if more often than not we keep- those good performances. Heads assuming it's positive, right? So give them about a year or so. Because at the end of the day, it's a great story. I really like the investment professionals and how they pick out stocks. But if something's broken, they can't figure it out, then they can't figure it out. We need to move on. But
[00:59:01] Speaker 7 · Unclear audio
[unclear audio — 0:05]
Flag: a language review questioned the wording · 00:59:00–00:59:05 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:59:06] Speaker 7
wrong all throughout their history. So we'll give them another year.
[00:59:11] Speaker 1
Will-
[00:59:11] Speaker 1 · Unclear audio
[unclear audio — 0:10]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:59:11–00:59:22 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:59:22] Speaker 1
Are there's no correlation?
[00:59:23] Speaker 7
So there is some correlation, but it's not necessarily the same direction and the magnitude is going to be different. So
[00:59:33] Speaker 7 · Unclear audio
[unclear audio — 0:08]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:59:33–00:59:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:59:42] Speaker 7
The international market was up about half of that. As Jim had mentioned, unlike the US where we were more growth oriented ‸ for the past several years, outside the US value actually was a little bit stronger. So that's why as consultants, we advocate having some international exposure in order to create a diversified portfolio. Um, but frankly, international as a market hasn't done as well for the past decade. And that's why over time, at least for the clients that I've discussed international markets with, we've kind of pulled back a little bit. ‸ So 10 years ago, I would have had some clients with 15, 20% international exposure, both developed and emerging markets. Now on average, they're about 10%, which I think is fine. Um, at some point when international does better again, we could increase that exposure, but it's been a home focused market for the past decade. US stocks have trounced all the stocks around the world.
[01:00:49] Speaker 9
Okay.
[01:00:51] Speaker 2 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 01:00:49–01:00:53 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:00:53] Speaker 2
Mr. Lee. We'll move on now to your next report. The
[01:00:55] Speaker 2 · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:00:55–01:00:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:00:58] Speaker 2
Uh,
[01:00:59] Speaker 7
yes. Uh, so what they're saying is that they're giving a little money back, but they have a lot of money still asking to be given back to the investors. So they will continuously monitor that and see next time around
[01:01:12] Speaker 7 · Machine re-recognized
if
Flag: words were replaced by a machine repair · 01:01:12–01:01:12 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[01:01:12] Speaker 7
they're going to give any, and if so, how much money back. That's it. It comes out to, I think
[01:01:18] Speaker 7 · Unclear audio
[unclear audio — 0:05]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:01:18–01:01:22 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:01:22] Speaker 7
almost about a billion dollars. Their portfolio on a NAB basis is roughly about $9 billion on a gross basis. It's about $12 billion. So, you know, doing the math, roughly about 10% of the portfolio is being requested to be redeemed. So that's why they're being thoughtful about
[01:01:48] Speaker 2
how to
[01:01:48] Speaker 7 + overlapping voice · overlapping voices
give back money.
[01:01:50] Speaker 2 + overlapping voice
And
[01:01:50] Speaker 2 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:01:50–01:01:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:01:51] Speaker 2 + overlapping voice
doing with your new allowance when you get it? Uh,
[01:01:54] Speaker 2 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:01:53–01:01:55 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:01:55] Speaker 2 + overlapping voice · overlapping voices
for us. That's
[01:01:57] Speaker 2 + 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 · 01:01:57–01:01:58 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:01:58] Speaker 2 + overlapping voice · overlapping voices
Right,
[01:01:59] Speaker 2 + overlapping voice · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:01:58–01:01:59 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:01:59] Speaker 2 + overlapping voice
So
[01:01:59] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
Flag: the recognizer flagged its own output; a language review questioned the wording · 01:01:59–01:02:03 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:02:01] Speaker 7 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[01:02:03] Attribution uncertain
of it.
[01:02:03] Speaker 7 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[01:02:03] Speaker 7 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:02:03–01:02:03 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:02:03] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[01:02:04] Speaker 2 + overlapping voice
Richmond or not because of the changes, you know, if any changes occur. So
[01:02:08] Speaker 2 + overlapping voice · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:02:07–01:02:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:02:09] Speaker 7
Okay.
[01:02:11] Speaker 2
All right. Any, any other things you need to pass on to the board?
[01:02:16] Speaker 7
No, I, I think, uh, I think I'm good. Thank you. Thank you, Mr. Lee.
[01:02:20] Speaker 1
Now, are, are, are people still lining up to get into Intercontinental?
[01:02:26] Attribution uncertain
Last
[01:02:26] Speaker 1
meeting, you said that they had a huge queue
[01:02:30] Speaker 1 · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:02:29–01:02:33 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:02:36] Speaker 7
Um, but that's across all real estate managers now. So when we talk with real estate managers, they're
[01:02:43] Speaker 7 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 01:02:42–01:02:45 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:02:45] Speaker 7
meaning that 2024 seems like it's a turnaround. It's a second half story. So
[01:02:51] Speaker 7 · Unclear audio
[unclear audio — 0:06]
Flag: a language review questioned the wording · 01:02:50–01:02:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:02:57] Speaker 7
Uh, and some are starting to go in, but that's not across the board, right? Because,
[01:03:01] Speaker 7 · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 01:03:01–01:03:03 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:03:03] Attribution uncertain
um, that's not going to be a good question.
[01:03:03] Attribution uncertain · Unclear audio
[unclear audio]
[01:03:03] Speaker 7 · Unclear audio
[unclear audio]
[01:03:04] Speaker 7
need cash and they're redeeming from real estate managers. So it's all client driven.
[01:03:11] Speaker 6
All right.
[01:03:13] Speaker 2 + overlapping voice · overlapping voices
Thank you, Mr. Lee. Mr.
[01:03:14] Speaker 2 + overlapping voice · overlapping voices · Machine re-recognized
Floyd.
Flag: words were replaced by a machine repair · 01:03:14–01:03:14 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[01:03:15] Speaker 2 + overlapping voice
Good morning.
[01:03:16] Speaker 6
How are you? Good. Thank you. Good. Uh, you've been quiet since our last meeting. So I guess that's a good thing.
[01:03:24] Speaker 9
Yeah.
[01:03:24] Attribution uncertain
Uh,
[01:03:25] Speaker 6
but, uh, we gave you the flat fee analysis as we do every year. So 2023
[01:03:30] Speaker 6 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 01:03:29–01:03:32 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:03:32] Speaker 6
need some controversy or something going on.
[01:03:35] Speaker 5
‸ Let
[01:03:36] Speaker 6
me start
[01:03:36] Speaker 5 + overlapping voice · overlapping voices
causing some
[01:03:36] Speaker 6 + overlapping voice
trouble. But, uh, over, over the years, the flat fees, uh, build and the flat fees credited or
[01:03:44] Speaker 6 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: the machine readings disagree here · 01:03:44–01:03:45 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:03:45] Speaker 6 + overlapping voice
running close to each other. Uh, it's a hundred dollars off, uh, per month. So, uh, pretty close. The only other thing that I wanted to mention was I sent it out to all of you. Margie
[01:03:59] Speaker 6 + overlapping voice · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 01:03:58–01:04:01 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:04:02] Speaker 6 + overlapping voice
Uh, but I, I
[01:04:03] Speaker 6 + overlapping voice · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 01:04:02–01:04:06 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:04:06] Speaker 6 + overlapping voice · overlapping voices
can request exemption, uh, to keep your personal information confidential, not subject to disclosure under the public records act. But if you want to do that, you have to apply for that and get that exemption before you file. So I understood.
[01:04:21] Speaker 2
Yeah.
[01:04:21] Speaker 6 + overlapping voice
I
[01:04:22] Speaker 6 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 01:04:21–01:04:22 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:04:23] Speaker 6 + overlapping voice · overlapping voices
If you want to do it, just FYI. Okay. Terrific. And, uh, outside of that, we need some trouble or something. I don't know. It's
[01:04:32] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
Flag: the recognizer flagged its own output · 01:04:32–01:04:33 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:04:33] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[01:04:34] Speaker 2 + overlapping voice
No, no, no. We're good with that. Ms. Atcock?
[01:04:38] Speaker 3 + overlapping voice · overlapping voices
Um, well, Mark stole mine, so. Hey.
[01:04:48] Speaker 2
Did you, do you want to go ahead and go to the warrants then?
[01:04:50] Speaker 3 + overlapping voice · overlapping voices
Sure. All
[01:04:51] Speaker 2 + overlapping voice · overlapping voices
right.
[01:04:51] Attribution uncertain
So
[01:04:51] Speaker 2 + overlapping voice · overlapping voices
we
[01:04:51] Speaker 3 + overlapping voice · overlapping voices
have, uh, warrants 472 and 473.
[01:04:55] Speaker 2
All right. Thank you for getting those out to us. Entertain a motion for warrants 472 and 473.
[01:05:05] No voice detected
Motion.
[01:05:06] Speaker 2
Motion by Mr. Lange.
[01:05:08] No voice detected
Second.
[01:05:09] Speaker 2
Second by Mr. Madden. Any questions or concerns with these warrants? I did have a question on, on Salem. There was, there was something here mentioned. Um, I know Salem was bought out. Again. But have, have they changed their, uh, money on the table techniques or they stayed the same? I guess that's really Mark's question.
[01:05:38] Speaker 6 + overlapping voice
They
[01:05:39] Speaker 6 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 01:05:38–01:05:40 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:05:40] Speaker 6 + overlapping voice · overlapping voices
Okay. There was, uh, ‸ I mean, bought out isn't exactly the right word. They
[01:05:49] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:05]
Flag: a language review questioned the wording · 01:05:49–01:05:54 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:05:55] Speaker 6 + overlapping voice
they were acquired. Right.
[01:05:56] Attribution uncertain
Uh,
[01:05:56] Speaker 6 + overlapping voice
but the structure of the company, they're
[01:05:59] Speaker 6 + overlapping voice · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 01:05:59–01:06:01 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:06:01] Speaker 6 + overlapping voice · overlapping voices
Mark's still in charge. I mean, so from a service standpoint, nothing really changed. Okay. So
[01:06:09] Speaker 6 + overlapping voice · Unclear audio
[unclear audio]
Flag: a language review questioned the wording · 01:06:08–01:06:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:06:09] Speaker 6 + overlapping voice · overlapping voices
say, you know, bought out, you know, that implies somebody took them over and ‸ now that's a different operation. They were
[01:06:15] Speaker 2 + overlapping voice · overlapping voices
acquired
[01:06:16] Speaker 6 + overlapping voice · overlapping voices
though. Okay.
[01:06:17] Speaker 2
All right. All right. Hearing no questions or concerns, all in favor of
[01:06:23] Speaker 2 · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:06:23–01:06:25 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:06:25] Speaker 2
473 say aye.
[01:06:27] No voice detected
Aye.
[01:06:28] Speaker 2
Any opposed say nay. The motion carries. Anything else?
[01:06:33] Speaker 3 + overlapping voice · overlapping voices
‸ Is the benefit approvals are next
[01:06:35] Speaker 2
benefit approval. Yes, ma'am.
[01:06:37] Attribution uncertain
We
[01:06:37] Speaker 2
have, uh, Mr. Proctor.
[01:06:41] Speaker 3
Yes, there's actually two pages. One because you took a cash
[01:06:45] Speaker 2 + overlapping voice · overlapping voices
and right. Okay. And he's already, he's already received this. Is that correct? That's
[01:06:53] Speaker 3 + overlapping voice · overlapping voices
correct.
[01:06:54] Speaker 2
We
[01:06:54] Speaker 2 · Machine re-recognized
had
Flag: words were replaced by a machine repair · 01:06:54–01:06:54 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[01:06:54] Speaker 2
planned on this one in advance. So how
[01:06:57] Speaker 2 · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 01:06:56–01:07:00 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:07:01] Speaker 2
How did it do for our, our, uh, investments? I'm
[01:07:04] Speaker 3 + overlapping voice · overlapping voices
sorry. I
[01:07:04] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 01:07:04–01:07:06 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:07:06] Attribution uncertain
I
[01:07:06] Speaker 3
think,
[01:07:06] Attribution uncertain
yeah,
[01:07:06] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 01:07:06–01:07:07 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:07:07] Speaker 2 + overlapping voice · overlapping voices
I
[01:07:07] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 01:07:07–01:07:08 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:07:09] Speaker 3 + overlapping voice
So
[01:07:09] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 01:07:09–01:07:10 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:07:11] Speaker 2
Okay.
[01:07:11] Speaker 3
We didn't have to raise any cash.
[01:07:13] Speaker 2
Okay. Good. Good. I didn't remember seeing anything like that, but I just want to make sure. All right. All right.
[01:07:19] Attribution uncertain
So
[01:07:19] Speaker 2
when
[01:07:19] Speaker 2 · Unclear audio
[unclear audio — 0:05]
Flag: a language review questioned the wording · 01:07:19–01:07:24 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:07:24] Speaker 2
Proctor, both
[01:07:25] Speaker 2 · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:07:25–01:07:29 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:07:25] Speaker 1 · Unclear audio
[unclear audio — 0:02]
[01:07:27] Speaker 2 · Unclear audio
[unclear audio — 0:02]
[01:07:30] Speaker 2
Second by Mr. Cox. Any other discussions on Mr. Proctor? Hearing none. All those in favor, say aye. Any opposed say nay. We'll sign those off then.
[01:07:43] Speaker 2 · Unclear audio
[unclear audio — 0:01]
Flag: the machine readings disagree here · 01:07:41–01:07:44 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:07:44] No voice detected
All
[01:07:45] Speaker 2
right. I'll turn to the city. Any questions for the board city?
[01:07:49] Speaker 7
Nope.
[01:07:50] Speaker 2
All right. Everything's going well. Finance. Are
[01:07:52] Speaker 2 · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 01:07:51–01:07:54 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:07:56] Speaker 2
Are we up to date with the records with the state so that we'll receive our, our, um,
[01:08:01] Speaker 9 + overlapping voice · overlapping voices
staple from them? ‸ Yes.
[01:08:04] Speaker 2
Okay. Have you heard any notice as to whether there's an increase or not an increase?
[01:08:08] Speaker 4
Uh, no.
[01:08:09] Speaker 2
Okay.
[01:08:09] Speaker 4
No. And I believe we're, I think we get word more so on the latter part of the summer. Okay. Yeah. Like August, September.
[01:08:19] Speaker 2 + overlapping voice
All right. I just don't, I didn't know whether you'd heard whether the, the bottom line because of the cost of insurance and all those things that we get premiums from, I
[01:08:27] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 01:08:27–01:08:29 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:08:29] Speaker 4
I haven't heard anything, but I can maybe inquire about it.
[01:08:32] Speaker 2 + overlapping voice
Okay.
[01:08:33] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 01:08:32–01:08:34 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:08:35] Speaker 2 + overlapping voice
All right. Thank
[01:08:36] Speaker 9
you for the city support.
[01:08:37] Speaker 2
Ms. Adcock, anything that we
[01:08:38] Attribution uncertain
have to say? Do
[01:08:38] Speaker 2
we need to take care of administrative wise? Nope. Our next meeting is scheduled for August the 16th, Friday, August
[01:08:47] Speaker 2 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 01:08:47–01:08:48 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:08:48] Speaker 2
the council's chambers. Again, Mr.
[01:08:52] Speaker 2 · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:08:51–01:08:53 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:08:54] Speaker 2
and foster. And then you said intercontinental
[01:08:57] Speaker 2 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 01:08:57–01:08:58 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:08:58] Speaker 7
Uh, no, I,
[01:08:59] Speaker 2
uh, yes.
[01:09:00] Speaker 7
Yes. Okay.
[01:09:01] Speaker 2
Thank you. All right. We'll go around the horn. Then Mr.
[01:09:05] Speaker 2 · Unclear audio
[unclear audio — 0:05]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:09:04–01:09:10 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:09:11] Speaker 9
Uh, I got a question on this annual filing. I know it's, it's changed.
[01:09:17] Speaker 2 + overlapping voice · overlapping voices
Yes, sir.
[01:09:19] Speaker 9
Uh, I was contacted by somebody, I don't know, from HR or whatever. Uh, what is exactly the process?
[01:09:27] Attribution uncertain
I
[01:09:27] Speaker 9 + overlapping voice · overlapping voices
said you have to do it online. ‸ That's
[01:09:29] Speaker 2
correct. You have to do it online. There's no more paperwork that you can send to them and, or sign to the city to give them. So,
[01:09:36] Speaker 9 + overlapping voice · overlapping voices
so I'm gonna ‸ need some direction when it comes. Okay.
[01:09:40] Speaker 2 + overlapping voice · overlapping voices
Okay. I'll be glad to help you with that. Okay. So it doesn't
[01:09:43] Speaker 1 + overlapping voice · overlapping voices
come. You can go ‸ on there anytime. In
[01:09:45] Speaker 1 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 01:09:45–01:09:46 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:09:46] Speaker 2 · Unclear audio
[unclear audio]
[01:09:46] Speaker 2
But as, as, uh, as,
[01:09:48] Attribution uncertain
uh,
[01:09:49] Speaker 2
Mark was saying, it's best if you file for your firefighter exemption of information, public act, and
[01:09:55] Speaker 2 · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:09:54–01:09:56 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:09:56] Speaker 2
That way they won't have your private information. As a law enforcement officer or a firefighter, you don't have to disclose those private things that can be remain anonymous because you're in that position. So, but you have to do that before. That's
[01:10:10] Speaker 2 · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 01:10:10–01:10:11 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:10:11] Speaker 2
have to file that before you can file the fourth form one.
[01:10:15] Speaker 6 + overlapping voice · overlapping voices
Yeah. So you, if you want to do that, you would want to do that as soon as possible. Right. So that you can then timely file your form one after that gets approved.
[01:10:24] Speaker 1 + overlapping voice · overlapping voices
It's the same. Right. If you've been filed. Right. You just have to do it online.
[01:10:29] Speaker 2
‸ Right. Exactly.
[01:10:32] No voice detected
And,
[01:10:32] Speaker 1
and I would say the only
[01:10:36] Speaker 2
thing they really changed was percentages and, and, and cash value.
[01:10:40] Speaker 1
Yeah.
[01:10:41] Speaker 2 + overlapping voice
That's
[01:10:41] Speaker 2 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 01:10:41–01:10:42 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:10:43] Speaker 2 + overlapping voice · overlapping voices
Other than if we want our exemptions, the FPPTA has on their website. That's a nice little
[01:10:47] Speaker 6
video to explain it. If you are so inclined.
[01:10:51] Speaker 5
Speaking of that, did you get, did
[01:10:52] Speaker 5 · Unclear audio
[unclear audio — 0:05]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:10:52–01:10:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:10:57] Speaker 2 · Unclear audio
[unclear audio]
[01:10:57] Attribution uncertain · Unclear audio
[unclear audio]
[01:10:57] Speaker 2 · Unclear audio
[unclear audio]
[01:10:57] Attribution uncertain · Unclear audio
[unclear audio]
[01:10:57] Speaker 2 · 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 · 01:10:57–01:10:59 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:10:59] Speaker 9
Yeah. Yes.
[01:11:01] Speaker 2
All
[01:11:02] Speaker 2 · Unclear audio
[unclear audio — 0:02]
Flag: the recognizer flagged its own output; a language review questioned the wording · 01:11:01–01:11:03 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:11:03] Attribution uncertain · Unclear audio
[unclear audio]
[01:11:03] Speaker 2 · Unclear audio
[unclear audio]
[01:11:03] Speaker 2
Mr.
[01:11:04] Attribution uncertain
Lang.
[01:11:05] Speaker 2
‸ Mr. Madden.
[01:11:06] Speaker 5 + overlapping voice · overlapping voices
‸ All right. We
[01:11:07] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output; a language review questioned the wording · 01:11:07–01:11:08 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:11:08] Attribution uncertain
I
[01:11:08] Speaker 5 + overlapping voice · overlapping voices
forgot. All right.
[01:11:09] Speaker 2
This is that cocked. We'll go ahead and adjourn our meeting. Meeting
[01:11:12] Speaker 2 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 01:11:11–01:11:13 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:11:13] Attribution uncertain · Unclear audio
[unclear audio]
[01:11:13] Speaker 2 · Unclear audio
[unclear audio]
[01:11:13] Speaker 1 · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:11:13–01:11:15 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:11:15] Attribution uncertain · Unclear audio
[unclear audio]
[01:11:15] No voice detected · Unclear audio
[unclear audio]
[01:11:15] Attribution uncertain · Unclear audio
[unclear audio]
[01:11:15] No voice detected
Thank you. Thank you.

Transcript revision built 2026-10-27T12:40:47 · 5,219 ordinary words, 5,541 in suspect passages, 19 machine re-recognized.

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