who don't know what it is, it is somebody that believes in the investment philosophy of the late jack bogle who started the mutual fund. let me give you the past ten year returns of an investment in stocks, bonds, and real estate. ten year annual returns, 15.7%. vanguard 60-40, balanced fund, ten year return, 11.07%. vanguard of real estate index, ten year return, 18.17%. average return of these three funds is 15%, the management for these funds are less than half of 1%. asked misconduct poker, if you average seven-point 4% return on your at high risk," cost, hi liquidity pension fund assets, and what you will pay in a management and performance fees in the next ten years, it should be enough to buy a san francisco office building for you all to do business in. thank you. >> first of all, i would like to welcome you to the board, hopefully you serve for the same dedication and confidence as wendy jordan who proceeded you, and also my concern about hedge funds. i don't believe they perform as well as the other securities do, and i think that there are other good investments that can be made

think you want financial literacy and you know, when i first worked at the time life building, jack bogleeditorial meeting. i said, what should i do he said, look, if you want to spend a whole lot of time second guessing the market, you should do that. if not, a low-fee index line is for you. i think we need more literacy, but i'd still, if you don't mind, get back to becky's point. the people who are underbanked or unbanked are really the problem. they're going to the payday loans places it's not just that they're going to a high-fee mutual fund. >> very quick savings question for you, because your former magazine, "time," wrote a big piece years ago, australia, and the model they have for savings, which is to say that they force every company in their 401(k) plans, their effective 401(k) plans, to put in i think 9% if not 12% by 2020 of your pay. it's a huge tax on the companies, but it's changed the dynamic in terms of retirement in the country. >> right, and that's very interesting. but i think when you move to a new economy where people aren't joining corporations like that as much,