i just told you that vanguard, s&p 500 in the last 30 years, less than 1% of the s&p 500. my recommendation is start inviting passive money managers, and i think your outlook on investing will change. >> that concludes item nine. item 10. >> we are probably going to lose a quorum in 55 minute, we have nine action items pending and five nonaction items pending. i would recommend starting with items 16 and 18. >> okay. is that okay to standby for several minutes? thank you. >> there are several action items with deferred comp. we will do that committee report subsequently. let's go to item 13. >> action item. approval of proposed revisions to the sfdcp loan policy. >> may i ask a question please? >> go ahead. >> these items are all presented to us are living documents, correct? >> yes. >> okay. >> the existing policy we from time to time can. >> it is a living document, as living documents they can be amended at any meeting? >> correct. >> therefore, what i want to do is in the interest of time which is going any of the living documents i move we approve the living documents

vanguard s&p 500 index, ten-year returns, 14.23%. these are passive investments. don't need any high-risk investments like hedgefunds, private equity and before you invest, read what they have to say. it's a high risk investment just like hedgefunds and you find out over the long-term, passive investment will outperform management investment. you can go back 100 years to identify that. in the last 30 years -- let me give you an example. the s&p 500 consists of 500 large corporations. in the past 50 years, less than 1% of the money managers have outperformed the s&p 500. and in the last 15 years, less than 8% have outperformed it. so passive investments, you can go back and back-check and you'll find out passive investments -- and we're supposed to be long-term investments -- you'll find passive investments will outperform management investments. very low risk and very low cost. >> this is an example of something we'll tie to the strategic plan. trading activity always is an issue expecting best execution. with public security managers, it's rolled into the rate of

vanguard s&p 500, six months retained, 19.95%. as a hedgefund manager, what are the terms in the last six months? >> let's see, that includes item nine. >> we have a speaker. >> i'm sorry, mr. sanchez. >> i just wanted to say that i'm glad you're concerned about the future, because i have been thinking the bubble will pop for at least four years. but i can say what's happening in the past. and you guys and your staff all need a standing ovation because the last two years have been amazing, absolutely amazing! so from protecting our benefit's standpoint, which i'm the chair, we're pleas pleased of your past performance and that's a good indicater. we'll get hit and it will probably be on all classes, but i'm very confident, our group is very confident that we'll probably not be at the bottom -- i mean, we'll get a hit, but you'll continue to perform the way you're doing it and i thank you all. >> may i ask you a quick question? >> go ahead. >> one of the things you talked about was special situations. we're at the end of a long run

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