as was the international equity portfolio. the 10 years, the usc equity or floyd has underperformed benchmark by 44 basis points. per year, for the last 10 years the international equity portfolio has underperformed benchmark by 46 voices points per year for the last 10 years. just as an example, the number for the tenure number for the international equity is by .29% per year compounded annually whereas the number for the benchmark is by .75% per year compounded annually so i am able to public securities arenas over the long run, would underperformed the benchmarks it is obviously a better role in the selection of the managers can you just show us what you have learned perhaps as well as an rates going forward in terms of selecting the best performing managers that do outperform their benchmarks and add value to the fund? >> a few things about that. one, is that i think especially in us equities it is incredibly efficient market. particularly for large. it is very hard for managers to add value. it would have to be incredibly

, not just bond portfolios but the entirety of the portfolios are prepared for a shift in outlook for where risk free interest rates as a baseline for comparison what you can earn on the portfolio, anywhere on the portfolio are going to be at. they're not zero forever. liz: say i saddle up to you at a cocktail party, what should i be doing with my money right now, jeffrey? what would you say? >> clients in the fixed income portfolio landscape, in the environment of zero interest rates and expectations for persistent zero interest rates are reaching for yield. in the environment where the fed has continually delivered on zero interest rates, they've been rewarded for reaching for yields. right now we think we're on the precipice of important inflection point on financial markets where the fed's going to begin normalization, and there's a lot of complacency in markets. very simply, up to the take another look at where you're reaching for yield in the portfolio. liz: let me interrupt you there, let me interrupt there you, listen, people believe the junk bonds are less than aa,

evans for the donation and also for expressing your violative and the portfolio report any questions pop that matter inform 90 for the director okay. a motion. >> commissioner turman. >> without voigt privacy of privacy can i know the substance why the request was denied by the department? >> yes. commissioner turman and members of the commission this has to do with ociis access to p psa police service aids and in the past were provided access to them and legal opinion was issued denying us assess wear having further conversations about that and because often complainant don't know whether they've had an interaction with a police ever the psa and in order to help them identify who it is we do photo lineup but without those photos we're not able to do that so when it is not an officer then what we would do is refer the complaint back to the police department because in internal affairs investigates the city complaints against non-sworn not only were we denied access to photos but denied access to the list of psas by station and so we have things to work out and we don't agree with the

does that come out of the portfolio? walk us through that side of how you would be disposing of the company. >> we're human. we make mistakes. so as we own these stocks, we're always looking at the new information that is coming out, their quarterly earnings, and we're trying to make that judgment as best as we can in situations where the fundamentals aren't tracking where we would expect them to. do we think this is a temporary problem and eventually we'll be right or have we misjudged this business? we're always looking for the data and information to try to make that call as best as we can. as i like to say, the first thing you try to do is have as few mistakes as possible, as few situations like that as possible and hopefully you're dealing with a small number and you're trying to make the best decision you can. anytime we lose conviction in the business or in the future of the business, we'll just dump it and find something better to put in its place. >> sit tight. we'll take a quick commercial break. andrew wellingt

we have those kinds of opportunities in the software portfolio. play in quite specific areas of software that is a little different than erp systems like oracle or sap or salesforce. emily: what about the cloud? what is the hp strategy for the public cloud? are you going to be a cloud or sell to the cloud? do you plan to take on amazon and google? emily: our public cloud is not designed to compete with azure or google. what we see most enterprises wanting to do is not to put everything in a public cloud. so if you want only convenience you might go to a public cloud but if you want security, you want to be in a private cloud. our strategy is hybrid cloud. your cloud, the way that is right for your company and your industry. emily: a lot of deals happening. intel. do you see a segment that could be transformed? meg: i think why you're seeing an increase in m&a activity is the industry is changing. every 10 or 15 years in technology i see techtonic plate shifts. web 1.0 to now. the industry rearranges itself. we are back in the m&a game. we will aug

match is the largest service in the portfolio, with million subscribers, and more than 850 million inenue last year. tender is just starting to make money from the 16,000 swipes the app has every second. it recently announced a premium version. >> this is a quick silver to get you over the hump of being bold. that's >> the group owns freemium and how about we. >> the dating business which comprises of 30% of iac's first quarter revenue, helped drive shares up 80% so far this year. >> benefiting from the explosion of mobil devices so people can use dating services con stan thely. and network effects. mean the more people who use the services the more valuable they become. investors like the company offers a range of products. >> you can find long lasting love you can find something to do tonight and everything in the middle. >> it's a crowded space with giants including e harmony and hinge and coffee meets bagel. digital daters can be fickle. we can always expect another hot start-up to steal attention from other apps. online dating is a rare business that loses customers when it's suc

there's some regional bank names out there i really like in the portfolio, the playbook portfolio. there's a regional name i will be adding to the portfolio. i like goldman sachs. i own interactive brokers because i believe in the expansion. i sound bullish about the financials and i think the time is going to be that. >> what about sun trust because that's part of this. >> i like sun trust. strong regional bank. >> and, judge, if you're pushing out the likely move by the fed, by ms. yellin and the fed on rates, i believe that's happened when she added march to her statement just two weeks ago now, less than two weeks ago. i think that means the banks don't have that catalyst to jump higher in the short term and yet we're going to have these catalysts for higher volatility. so given that backdrop i don't think it's a dumb idea to take some off the table but i bet they reload pretty quick. >> you put some on the table. >> bank of america, goldman, morgan's, citi, wells fargo, what they all have in common jpmorgan, add that to the list. they found support exactly at their 50-day movi

consequently, looking at the portfolio, what we have done is take down some of the higher names. to reflect valuation concerns but also some of the things you are talking about. frankly, the economy is just not that strong. so we have been a bit more cautious coming into the year. lackluster.a bit joe: one of the interesting calls of the day was from bank of america, saying the biggest risk to the global market is not tightening, even though that is what we talk about almost every other day. it is the extreme unlikely scenario are the fed would have to totally reverse course and have to do more qe. lisa: i have some thoughts on this. is not that, it outrageous, and it is not as out of left field as you would think. basically, the u.s. economy will be so weak that the fed not only will have to engage in some other additional stimulus, which is a huge problem, as there has already been 4.5 trillion dollars of stimulus. it has got diminishing effect the longer it goes on. do we really need more stimulus to get this economy going? we are in bad shape. $640 billion that has been withd

pace of the projects will not be what you expect, but we have to have that balance in the portfolioe have the advantage of being able to do that. perhaps we have a different view on the business over the short-term view of the u.s. business, which has been a blessing for this country, but it will my be only thing needed to bring energy to the world population. last elaborate on that oink. john: shale has been tremendous for this country. independence has largely fueled the growth to a comp was great things. if you look at the shale type production of oil, it is about $45 million per day. the world market for oil and liquids is 93 million barrels per day. that after theg success in the united states the expectation was that this would happen anywhere -- everywhere. there have actually been fewer places where the economic system is in place. the world is going to need lots of energy it will meet shale production and it will need deep water and other forms of oil and gas in order to hit the needs in the marketplace. alix: that was erik schatzker with the chevron see eo, john watson. we

it myselfn through and we will take it to the portfolio companies where we serve on the board.e are publishing a report, see you can judge us by our results. beth: the third thing we are improving the pipeline. we have a fellows program that brings in students from universities around the country and we are focused on diversity there. emily: do you worry about how this affects your reputation and image? john: the results of the partnership are some of the best we have seen. emily, in the last month we haven't generated $4 billion in return, we had the most exits of any firm. nest. a huge winners like we are really doing well. ♪ emily: what do you see out there that could be the next google? ♪ emily: you guys made a shakeup a couple of years ago, two dozen junior partners, only five were promoted and 19 were fired. a partnership with six general partners and you guys are equals. how is this going and how strong is the partnership today? on allt is firing cylinders, better than i remember. john you haven't been there for 35 years, this firm was one that got in early. it seems you

introducing resolutions related to businesses being responsible for climate risks or strand of assets in the portfolio the other thing the board did in march they've formed a committee an e s g environmental and social governance committee that works with staff to develop a holistic approach to social and government issues as from start to finish on the investment program and that was part of the move other significant thing that happened at the march meeting the board we're the first public plan to voted to do that the boards authorizes staff to go out and research and bring back a fossil fee fund up to hundred million dollars so we could you know and i believe like i said, i that it was put in san francisco retirement system forefront in authorizing that investment of one hundred million dollars. >> has that investment been made yet. >> we'll be bringing the recommendation of the index we have to actually find someone to build the index and staff is working we anticipate that to the board at the regular july meeting. >> is there a specific i know you mentioned the different committee work is there a

we are going to take it to all the portfolio companies where we serve on the board. the second thing we are doing is publishing a diversity report so you can judge us not by our rhetoric but buyer results. beth seidenberg: the third thing we are doing is improving the pipeline. we have are fellows program that is -- aing top students kleiner fellows program that is bringing top students around the country. about howyou worry this affects your reputation and image? john doerr: the results of the partnership are some of the best we have seen. in the last 24 months, kleiner has generated $4 billion in returns. we had the most exits last year of any venture firm. 13 exits. we have had huge winners like nest,which we helped -- which we helped incubate. we are doing well. emily: what do you see out there that could be the next google or amazon? ♪ emily: you guys made a dramatic shakeup a couple of years ago. only five partners were promoted and 19 were fired. you now have a partnership of six general partners. you guys are equal in this partnership. how strong do you feel

argued that you personally could not be held to be responsible to be morally liable to the death of the portfolio boy that got run over by the metro card. after all, the secrets of events that led to that tragedy were not a consequence of your actions. you were not around when the system was designed where the trains ordered not your fault. but of your hands after constant. i would have found it hard to resist that argument except for the fact that automatic collision avoidance systems have been available for years and deployable in months if you try really really hard. for some of you, your services have been available for those years. maybe you are simply uninformed. maybe you were unable to try really really hard. i am informing you now there are better ways to do things. i am informing you now there are faster ways to do things. i am informing you now that i would have to testify years from now when your negligence now has enabled another such tragedy done have to testify when someone's weeping survivor tries to sue you into dirt. i would have to testify to the fact that you were present and

my name is a allen murphy on behalf of the portfolio llp we respect ask the committee not take question of before the details i want to put this into context and why wore here and attempting to get those approvals the building permit were part of an approval first alleyways allows all properties to be in full compliance, and, secondly, the crew will have spelling needed housing unit to people can stay in the loss properties we recognize the lost properties and want to keep the units if approvals are a not grand only to evict the tenants for the properties given those are the two options and the only means of avoiding this is the better of the two options give you a little bit of background a group of developers urban associated with ethnicities had divide several small unit without permits before ethics purchased the property they learned about those unite and initialed permitting the units they custodial mantled in the process to bring all the units into compliance they applied for the 31 dwelling units the zoning administrator indicated in september of 2014 he is inclined to grant the

i have been through it myself and we will take it to the portfolio companies where we serve on the boardthe second thing we are doing, we are publishing a diversity report. you can judge us not by our rhetoric but by our results. beth: the third thing we are improving the pipeline. we have a fellows program that brings in top students from universities around the country and we are focused on diversity there. emily: do you worry about how this affects your reputation and image? john: the results of the partnership are some of the best we have ever seen. emily, in the last 24 months, we have generated $4 billion in returns, we had the most exits of any firm. 13 such exits. we had huge winners like nest. which we helped incubate. second largest acquisition by google. we are really doing well. emily: what do you see out there that could be the next google? ♪ emily: you guys made a shakeup a couple of years ago, two dozen junior partners, only five were promoted and 19 were fired. we're told to get an operating role at a company. you now have a partnership with six general partners and you g

at macro sector, volatility, currency, we also look at concentration risk, then we stress test the portfolionder numerous scenarios, so there are numerous risks out there and we are trying to prepare. alix: mark, thank you. we will be right back. ♪ ♪ alix: "bloomberg market day" welcome back to "bloomberg market day". stocks, the shanghai composite has rallied 144% in the past year, sucking in investors. china is one of the biggest buyers of gold, and 4750 metric tons last year. -- 750 metric tons. knife inock fervor a the heart of gold demand. joining me now is jim steele. jim, so good to see you. shanghais it, is the composite killing gold in china? >> gold has to compete with other investment vehicles, not only in china but across the world. the popularity of paper assets, hard assets, it is an old trade-off. anywhere where you have strong equity market gains tens to detract from old prices. one reason have gold, in case those investments take a turn for the worse alix:. alix. alix: we are seeing a change in gold prices, so if we lose the china demand because of this rally in stocks, what

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and the software portfolio. on hp ink side, we are excited about 3-d print. is could be a big business. we are excited about immersive computing. excited about the core print business. people say, print is dead. it is not. people are not printing at home as much but i do not know about your office. everyone is still printing. [laughter] emily: i am still printing, for sure. we are seeing a lot of companies turning to software to grow the bottom line. apple and ibm are making a huge push into enterprise. how do you compete with that and what are you doing in the software portfolio? meg: ours is more system software that runs data centers. emily: you do not see apple and ibm as a competitor? meg: ibm, yes, in many cases. apple is different. apple is more about the devices and they would very much like to get into enterprise and we obviously need to defend. more on the hp ink side but we need to defend. as you migrate, say you are a cio. as you migrate your infrastructure to the next generation that will be required for you to be cheaper and faster and more nimbl

budget & finance committee reserve until the xhaerm working group has implemented it's review and the portfolio our recommended reductions are $2 million plus in 2030 and of that amount we recommended the reduction a one-time and $2 million ongoing savings those reductions will allow an increase of $15 million plus or 2.7 percent in the departments 2016-2017 budget mr. chairman and members i want to emphasis none of the recommended rescues we're making in the police department will reduce the services of uniformed personnel i want to emphasis that to the committee our recommendations will though the reduce the service reductions for the uniform personnel i'll be happy to answer any questions. >> thank you, mr. rose. >> supervisor mar. >> mr. rose i understand i believe your recommendations could you reiterate the placing on reserve of that $2.78 million for until the body camera program has implemented their review. >> yes. if you take into account supervisors on page 73 of our report i'm read this quickly place $2 million plus in the problematic on the boifks reserve this line item includes th

commissioner we're working on that and there's a school redesign project that is launching to look at the portfolioso ucsf we have a very, very diverse portfolio in our high schools small schools and large schools and specialized schools and specialized strand in addition the board had passed a number of resolutions that clearly define what the high school subsequence is for students and some restricted it we're looking at the matrix to determine how that plays out with all all the resolutions proposed and adapted with that said the subsequence we have laid out and were laid out in the committee to the board clearly played out a pre k subsequence we're starting conservatively bringing before the implemented assessment the third thing is vision 2024 clearly latest out a space time and curriculum for us to computer science as integrated into mathematics that's how we look at this curriculum stwrand we're on point and that work is being done. >> i hope while in developmental stage i'd like somebody when we can look at it i'd like some body at sometime to give us a - i hope when we see something here's