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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 ....
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 ....
The thing is my pension is guaranteed by the city not by the funding ratio the supplemental cola will do that but the city backs the promises in the charter i believe thats true of every City Employee a member of the system were trying to do something to knock out the drawdowns that occurred in 2008, and 2002 when we dropped blood two periods the discussion about the model of selection of managers it is one important document we must do we control that we must obsolete on and develop thats the guidelines we do that in the private equity if we dont state our guidelines thats where we will address the leverage and the social issues so in the development of guidelines its the first step before we decide who were going to hire and the infrastructure how and when will that be done. Commissioner the sequence of events to asking conduct an rfp, second is conduct a search and then third to retain somebody after those things are done then i ....
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 ....