again, i picked pinco because they're a big company that everybody knows. that's the challenge, and what you have to do is have a portfolio that's going to earn 7.4% when the underlying asset classes you've traditionally invested in are not going to get you there. our forecasts are on the next page. i'm not going to go through them in detail, but you can see the last column is the change in our ten-year forecasted return going from 2019 to 2020, and they're all down. for your portfolio, it dropped as you saw, about 60 basis points. so now, the case to use leverage in theory, one of the tools that we and almost everybody else used to think about your portfolio is this green line is the efficient frontier. it is the projected return for the best portfolio at every level of volatility risk as you go along this axis. if you want to get a higher return, you take higher volatility. san francisco's portfolio would be roughly if you -- if you kind of looked at where 10.3 was, that was the vol, and went up, it would be 7.1. so this is the kind of best you can do. if

again, i picked pinco because they're a big company that everybody knows.that's the challenge, and what you have to do is have a portfolio that's going to earn 7.4% when the underlying asset classes you've traditionally invested in are not going to get you there. our forecasts are on the next page. i'm not going to go through them in detail, but you can see the last column is the change in our ten-year forecasted return going from 2019 to 2020, and they're all down. for your portfolio, it dropped as you saw, about 60 basis points. so now, the case to use leverage in theory, one of the tools that we and almost everybody else used to think about your portfolio is this green line is the efficient frontier. it is the projected return for the best portfolio at every level of volatility risk as you go along this axis. if you want to get a higher return, you take higher volatility. san francisco's portfolio would be roughly if you -- if you kind of looked at where 10.3 was, that was the vol, and went up, it would be 7.1. so this is the kind of best you can do. if