>> my name is john stenson. i'd like to give you four good reasons why you should divest from hedge funds. this is a high-risk, high-cost, low-return and they don't give protection during a down market. i think all you members, including the investment consultant have been sold on the theory that hedge funds gives protection. which is not true. let's go back to 2008. that was our last down market. what happened to hedge funds in 2008. the average hedge fund lost between 18 and 20%. i'm sure you're all familiar with that [inaudible] with a hedge fund manager said that hedge funds could outperform the s&p 500. well, so far the hedge funds are up about 22% and the s&p 500 is up about 85%. my contention is there is no reason why pension funds should invest in high-risk investments. the best investments the last 100 years have been stock funds and real estate. and a combination of those investments in the 100 years have produced returns between 7.5% and 11%. and if you stick with those three investments, they will pr