they pointed out to calpers that this is the first time this has ever happened.it is the last time. the fact is we remove or what happened in the fourth quarter of last year. typically stocks and bonds should have a negative correlation. you lose money in one, you make money and the other. that is not what we saw. we saw stocks and bonds falling in unison. in the u.s. we have seen a change of pace, especially of late. if you look at proxies between moving the opposite direction in the longest streak since 2012. for the pension fund, it is really difficult in japan because the majority of their assets are in japanese stocks and bonds, and we have just seen a lot of pain there. got some big pension plans here to, like calpers. -- dohave no well we know how well dated? sarah: we don't know that yet. had a $28norway billion gain, but actually went out of shorter duration and went longer-term. it wasn't necessarily a strategic overall portfolio, but the portfolio managers did that. sarah: it was just micro moves from portfolio managers. the latest action we have seen,

calpers just redid their entire way that they approach their benefits carving out northern california because it is so expensive. i think we just have to be forward thinking and are there good ideas out there for the future that we should be exploring now. these kinds of things would take several years to consider even if everybody agreed. there would be a lot to consider and talk about. >> not all counties have a charter. most counties do not have a charter and we have a charter. that is important. >> am certain they all have rules and regulations whether it's a charter government are not. their membership has their involvement, i mean. i'm not sure who else has a charter in the ten counties. i doubt it. >> can i make a couple of other small points. >> to me that might be some variation based on metallic plant whether you're in a silver, gold or premium. that may be a selling point for people. it seems like that may be an overstatement. the other thing, i'm kind of curious about which is a purchasing pool with other employers, only based on our cost and premiums. part of the potency

again, hedge funds are high risk, low cost, low liquidity investment and should follow the lead of calpers and invest in them as soon as possible. even if you board members have beginner's luck in the hedge fund, your luck will eventually run out, and not only that, our members might thank you are great investors, and that is a good excuse to lower contributions. my two minutes is up. thank you. >> those in favor? >> aye. >> opposed? >> that takes us to item four. general public comment. would anyone like to comment? mr. weiner, please. >> i would like to make a suggestion for two potential investments. one is in space technology, which is going to take -- i think it will be a real growth industry. the second is in automobiles because i think electric cars are going to be a thing of the future. those automobile stocks will go through the roof. i know there are more tesla cars on the road and these are two possible investments i would like to see. thank you. >> thank you. that takes us to item five. approval of the minutes of the july 10th meeting. are there any additions, corrections, or d

unfortunately calpers came about and it took all the money out because of the geotech hidden faults that we didn't identify and we had to overexcavate to address that, which hit up all of that reserve and more. >> do we have any reserve like that in the ssip? >> we have a reserve -- i don don't -- i don't know how much reserve off the top of my head. >> we do have reserves, but they're really within the projects and the grouping of projects, we have collection projects, we have green infrastructure, and we have treatment facilities. so they kind of reside in an upper kind of a roll-up bucket, instead of an overall one line. >> okay. and i keep seeing this column is small, but those reserves are not robust at the moment? do we try to cover -- i figure what color the top line was, but our estimating range at the top of that, do we try to cover that or how much do we try to cover? >> so sort offed philosophy that we would use, is that we don't try to cover the top of every project. what we try to do is cover the middle and then put money aside because some projects will go higher, some proj

a's in the first seven in the headers of the inning and reached a scorof f inthe fifth, again, the calpers product scored another. oakland how about it? they are taking the first three games of the series. won it 8-for another 6 1/2 rack and the astros and currently tied with tampa for the second wild-card spot. giants with the grand slam. lead the diamondbacks 5-2 in the third. moving pictures of course on the late show. nfl, niners and broncos practice together and the raiders talking salty language today. >> better [ bleep ] execution. >> [ bleep ] >> [ bleep ] >> that language, a part of the hbo show. >> hard knocks. >> i don't like hearing all the profanity, every time i swear to mix the show. >> [ bleep ] [ bleep ] [ bleep ] >> i get carried away sometimes, i apologize but i'm not as foulmouthed as people think and if you think i am, i'm sorry. >> hey from napa to pga outside of chicago, a couple of solid third round bmw championship shots. tiger woods is 16 five under 67 that he still 14 shots behind. this fellow, justin thomas, watch this shot. from 16. just look at a go in. a hold