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They promise with the exception of rick wilson to be respectful to you. If youre going tweet about the event today and also please sigh leps your phone. The is trib fest 2019. You saw on screen that if you were a member of the tribune and you want to give us a little bit more, if youre not a member or you want to become one you want to renew, we have a threeday get away in new mexico the liz lambert hotel. We will enter you into a drawing to become the winner of that great get away. If you become a member of the tribune this weekend. It works as an explanation about what youre going to hear. Regular tributors to a range of network and cable shows. Whats really going on. This is a version of that. Getting these five to be candid may be the easiest job that i have this weekend. Let me introduce our distinguished guests. Well get started. Matthew dowd is abc news chief political analyst. [applause] the hometown boy for so this is a home game for matthew. Applebees america a retired politi ....
The interest coverage ratio. It is down around 2 versus what it was years before. Meanwhile what we saw the private markets presentation on private equity, we looked at the volt u volume of buyouts. Is that driven by the fact people making loans has changed and is no longer banks with fidc regulations with those that had no regulations is that driving all of this covenant lack of restrictions . So the direct helping space is a comment product. I am going to switch. Direct lending is a comment product. Jelly to the private equity peanut butter. The more dry powder you have. It is the dry powder on the side line. Direct lending caters to that. With the rise in i think the third slide, slide four of the deck, shows the competition for those lending opportunities. In all of these entities making these loans previously for the big banks that had regulations. Thank you. Skipping because there is a Silver Lining in all of this. We are ove ....
We are not in a position where some public Pension Plans are paying out 5 . We have a better illiquidity for that. The payoff for that return is on page 19 of the cambridge report. There is a powerful positive cash flow driver when you start in year 2 2022. I wanted to explain the rationale for the strategy. I will turn it over to the board for questions. This is not an action item. Is there Public Comment . I have been coming to meetings over two years and listened to the mum bow jumbo. All of the people are all active money managers. How communevehowhow come there e from vanguards, price. You get more information over the long. I just told you that vanguard, s p 500 in the last 30 years, less than 1 of the s p 500. My recommendation is start inviting passive money managers, and i think your outlook on investing will change. That concludes item nine. Item 10. We are probably ....
And slowly, and turn down your tv or radio. Please note that city policies along with federal, state and local law, prohibit discriminatory or harassing conduct against City Employees and others during Public Meetings and will not be tolerated. Moreover, Public Comment is permitted only on matters within the jurisdiction of this meeting body. We thank you for joining us on. Thank you for before calling the next item and id like to do it later on the agenda. But i do want to have an Opening Statement to make before we go into closed session. And thats for thanking supervisor. So safai, thank you for leaving the house in order and my taking the gavel and appreciate it. Its been great working with you and hopefully i can fill your shoes. I dont know how bigger. So ....
And slowly, and turn down your tv or radio. Please note that city policies along with federal, state and local law, prohibit discriminatory or harassing conduct against City Employees and others during Public Meetings and will not be tolerated. Moreover, Public Comment is permitted only on matters within the jurisdiction of this meeting body. We thank you for joining us on. Thank you for before calling the next item and id like to do it later on the agenda. But i do want to have an Opening Statement to make before we go into closed session. And thats for thanking supervisor. So safai, thank you for leaving the house in order and my taking the gavel and appreciate it. Its been great working with you and hopefully i can fill your shoes. I dont know how bigger. So ....