he headed our asset allocation for many years at nepc. he's the strategic advisor to the state of wisconsin. perhaps one of the longest users of leverage in the public fund world. i will turn it over to chris and he'll walk you through this. >> i want to step through this and i'm not going to try to read everything on the page. just present to you as an informational topic, something you already discussed but digging deeper in leverage. leverage is all about somethingg your returns. if will have negative returns, magnifying losing more capital. leverage asking done through borrowing and that's something that some investors do. it's more common as you see on this page, for public funds and other large institutions use derivative as a way to get inexpensive leverage and doing it on a diversified structure. you already have leverage in the portfolio. we've identified it here as three broad type. type one is really an explicit leverage that you get when you're investing in a fund vehicle that's going to employer leverage. bementioned private