the prior commissioner that held this seat, wendy peskin jordan, fought all attempts to try to get that money into housing, every time there was an attempted raid on it. the diversitiy of the board is another thing i'm concerned about. i think that, if i'm not mistaken, there is a new state law that requires that boards and commissions have to be made up 30% women. and i think that this appointment by the mayor is going to take that threshold way down below. so i would like the board to consider that when you make your decisions. okay. thank you. [bell] >> i just want to say something just for clarity. the investment fund, our pension fund, consistently invests in real estate, and has for decades. so what i was restating was an area of the fund that has been invested in consistently. and so just for clarity. thank you. >> good morning, madam chair and supervisors. i'm the current president of local 798, and also a resident here in san francisco. i'm not here to e endorse or to oppose any appointee, but just to remind the commissioners that our employees take very strong interest in our

like to welcome you to the board, hopefully you serve for the same dedication and confidence as wendy jordan who proceeded you, and also my concern about hedge funds. i don't believe they perform as well as the other securities do, and i think that there are other good investments that can be made that was pointed out by the previous speaker, so it is basically what hedge funds are doing, as they're having a growing incidence in the economy they take overseers, they take over hospitals, they take over so many corporations when they are not doing well. they are basically -- it is like a herd phenomenon where elephants are attacked by hyenas , they start nipping at the heels of the stragglers behind. in the economy, some of the stragglers can recover, but basically the hedge fund manager takes over, sometimes they will run the corporation into the ground, they will lay off employees, and then they will proceed to sell it on the market as a part -- -- on a profit. i don't think we should be investing in this kind of immorality, and also, we will have lousy returns to show for it. these are my c

>> commissioner chu: i would just want to add my appreciation for the work of board member wendy paskin-jordan. i'm not sure if we typically do and acknowledge the service or the length of time that she's put into it, but i certainly appreciated having working with her the last five, six months or so and have learned a lot from her conversations and her knowledge base. and i certainly want to make sure that comment and that sentiment of thanks and appreciation is expressed publicly. >> also i'd like to say that she has been a great person to work with and great colleague. >> president stansbury: i will just say that when i got on the board in 2012, if i look back to where we were there and where we are now, there's been quite a bit of change at the system, and it's due in large part to the people who come and work here every day. jay, you, bill, all the staff members. thank you for all the hard work that you've done. our returns, i think, speak for themselves. we don't always agree and see eye-to-eye on things and i think from time to time some of the burdens we put on staff, i'm sure you'd lo