joshua gotbalm is former director of the pension benefit guaranty corporation and a guest scholar of economic studies at the brookings institution. joshua, welcome. good to have you with us. >> good to be here. >> why did this stand out so much, what calpers did, and why did it take them so long to do it, to reveal what they pay in performance fees to private equity? >> i think the fact is that calpers is doing their job. what their job obis, is to revi the whole $300 billion-plus that they are responsible for and ask, where are you getting value for money? and they've done this -- they are doing this review continually. about less than a year ago, they did this review and decided hedge funds were not getting value for money. we're going to cut back dramatically on hedge funds. in the case of private equity, what they found was that even though the fees are very high, that the returns are so high that even after fees, it's worth it, from their perspective. let me give you a for instance. calpers says that over the last 20 years, their investments in regular stocks have averaged about