Typically theyll get a gain an Incentive Fee on the 20 percent but not in the subsequent where were well into the next year until theyre back to where they were at the prior point and okay. So in essence their losses will offset their gain. Thats correct. One by one. Not everyone at the same time. The majority have my water marks. The claw back you get our money back if they lose money thats not the case here it is subsequent gains youre not paying an Incentive Fee. If they go out of business your toast. Thats true. Were truly sorry you lost 95 percent of our money but not sorry enough to give back the fees. The risk is i would role the device because i can make it up let me move on the staffs recommendations report if i could go through those 0 next. Lets lets go to some of the assumptions they drive the numbers so let me go to the report this is page 7 of angeles report some of the assumption and while they get theyre typically the assumptions drive it out put so it will lean our way
Happening we talked about the currency overlay it wasnt the same level of oh, i made a mistake i want to communicate fully those kinds of habits go a long way to get truth for the people that have the capital i want to discuss some of the comments by the unions that represent the members this was by terry that we have to trust the exerts let me give you a quote from jfk from the bay of pigs how could i have been so foolish to trust the experts we almost went to uniquely last year war so you tell meer the experts that was the whole problem with the bay of pigs everyone said hey, lets go so beware of the experts and groupthink i want to talk about a few issues i mean weve talked about being able to find the best managers i have to have all 3 a to find the managers and b to accept the money and c they continue their performs so after all the discussion if thats the case we talked about the cal percent and ted opening lose so the chief executive officer said there were recommendations to i
For the infrastructure and 2 should be lower for that as well. So on the report a thats what i have lets go to the report and the recommendations on the table since the gentleman wants us to see the elements let go to the precise page and the number were looking at here. Two on the i thought that is page 11 the second column from the right so okay. So lets this is the motion on the table i believe this is the with whats called page 11 the second to the far right most column that is the title easiest policy just want to point out that were notlogically bonds that much youre moving bond from 25 to 20 percent so we still have a lot of fixed up i income in the portfolio that is the consensus we want to lower the risks of populate so yourlogically the fixed income by 5 percent in terms of coming up with that again, if i had my druthd i think that real assets is the best answer in terms of the Natural Resources of infrastructure are the best difference if i did portfolio thats been presented
The next year until theyre back to where they were at the prior point and okay. So in essence their losses will offset their gain. Thats correct. One by one. Not everyone at the same time. The majority have my water marks. The claw back you get our money back if they lose money thats not the case here it is subsequent gains youre not paying an incentive fee. If they go out of business your toast. Thats true. Were truly sorry you lost 95 percent of our money but not sorry enough to give back the fees. The risk is i would role the device because i can make it up let me move on the staffs recommendations report if i could go through those 0 next. Lets lets go to some of the assumptions they drive the numbers so let me go to the report this is page 7 of angeles report some of the assumption and while they get theyre typically the assumptions drive it out put so it will lean our way for the Natural Resources and the infrastructure i had a question on this the one thing that it seems to me t
See a is a manager has a 20 percent angina this year and next year 20 percent loss will that manager get a percent gain. Typically theyll get a gain an Incentive Fee on the 20 percent but not in the subsequent where were well into the next year until theyre back to where they were at the prior point and okay. So in essence their losses will offset their gain. Thats correct. One by one. Not everyone at the same time. The majority have my water marks. The claw back you get our money back if they lose money thats not the case here it is subsequent gains youre not paying an Incentive Fee. If they go out of business your toast. Thats true. Were truly sorry you lost 95 percent of our money but not sorry enough to give back the fees. The risk is i would role the device because i can make it up let me move on the staffs recommendations report if i could go through those 0 next. Lets lets go to some of the assumptions they drive the numbers so let me go to the report this is page 7 of angeles r