calpers is the largest u.s. public pension plan, number 10 globally. we run an asset portfolio of $470 billion, current valuation as of the end of june, but what calpers does is we have a dual mission, delivering pension benefits to 2 million california public sector workers, and we are the second largest health care purchaser beyond the federal government, 1.6 one million covered. managing that office portfolio, it has to be done efficiently in a risk-aware manner to generate those returns that sustainably pay benefits over a decade, so we are in evergreen fund. we have to think about risk and return, over decades, and over several public-sector lifetimes. our ability to deliver on that is defined by numerous factors. one is delivering on the expected rate of return. it just went from seven to 6.8 on a risk mitigation policy in effect, a 6.8% return over decades is a pretty difficult challenge for any public pension fund, and most funds discount their liabilities simulate to calpers in the expected rate of return range. even more importantly is that 6

calpers has a dual mission.e are responsible for delivering pension benefits to about 2 million california public sector workers. we are the second largest health care purchaser beyond the federal government with about 1.6 million covered there. our investment office, managing that folio has to do that efficiently in a very risk-aware manner to generate those returns that sustainably pay benefits over decades. we are an evergreen fund and have to think about risk and return, not just in one, 3, 5 years but over several public-sector lifetimes. our ability to deliver on that is defined by numerous factors. one is delivering on the expected rate of return. that rate of return went from seven to 6.8. a 6.8% return over that lifetime or decades is a difficult challenge for any public engine fund and i think most funds are somewhere within that 6.52 7.5 expected rate of return. even more importantly, 60% of every pension dollar paid is coming from investment earnings, not contributions. we think about the affordabili

today, calpers announced their returns, which is 21.3. the median pension plan was probably about 26 or 27% for the fiscal year. if 27 was correct, that means we outperformed by about $1.8 billion this year? and in returns of gains, we returned approximately close to $9 billion for the year. going a little bit further into private equity, you can see on page 2, technology is beginning to sweep across a wide array of industries. i gave an example of large i.p.o.s in the last 1.5 years just so you can see how large these are for digital payments. travel, social media and dating, infrastructure and crypto currency, platform prescription drug, and more, and fee platform for construction. these are very widely disbursed different types of businesses that technology is beginning to impact. digging a little bit further into our book beyond public and private equity, you'll recall that in our real assets portfolio really took it on the chin in -- particularly in 1-q, 2-q, and 3-q 2019, where it staged a strong come back. our natural resources boo

today, calpers announced their returns, which is 21.3. the median pension plan was probably about 26 or 27% for the fiscal year. if 27 was correct, that means we outperformed by about $1.8 billion this year? and in returns of gains, we returned approximately close to $9 billion for the year. going a little bit further into private equity, you can see on page 2, technology is beginning to sweep across a wide array of industries. i gave an example of large i.p.o.s in the last 1.5 years just so you can see how large these are for digital payments. travel, social media and dating, infrastructure and crypto currency, platform prescription drug, and more, and fee platform for construction. these are very widely disbursed different types of businesses that technology is beginning to impact. digging a little bit further into our book beyond public and private equity, you'll recall that in our real assets portfolio really took it on the chin in -- particularly in 1-q, 2-q, and 3-q 2019, where it staged a strong come back. our natural resources boo

what is calpers do out in california? the big institutions have best practices to prevent their money being taken advantage of, of some of the senior parts of wall street. the problem is, is that wall street does a message that the individual investors, wall street always messages to individual investors. that this is a very complex game. this, this is somewhat like a casino and you have to keep coming back every single day to get more and more information that's really completely useless. and i think that once you look through that different lens and have that paradigm shift and think, i'm going to start thinking like a pension fund, because in general, we don't see pension funds getting duped by wall street as much as individual investors. before i jump to richard and ask, you know, what should we have in place by way of good governance? and you know, i want to just just go one step further into this lee, which is to say, i spent some time looking at games stop and amc theaters, which i said i loved going to the theater