Environment, but also human rights and business writes about a politically contested project. These investments are becoming increasingly riskier because Companies LikeEnergy Transfer like trans canada for creating these pipelines, do not go through the proper consultation processes that are required by these treaties. So at the very end of the day, it is a very basic idea that we are fighting for which is clean water, and respect for the first peoples of this land. Now, you are going to go behind closed doors and go through the numbers and crunch the numbers to see if this is your responsibility to ensure that the investment portfolio is making its yields. But, there are interest at play that will try to confuse that. Oil and fossil fuels are the only way to go right now and that is not true. You can look into the numbers for that. Theres plenty of research, but this is not just an objective mathematical equation. Its a battle ideology and you all have the power to say this is the way forward and we are going to respect indigenous rights. Thank you. Thank you. [calling Public Comment cards. ] good afternoon. My name is. In 1940 omaha nebraska suffered one of its most severe flooding heard the building of the walkie dam completed in 1960 known as the great flood of 1960 caused by the dam, the Standing Rock on Cheyenne River reservationwhile some 200,000 acres of valuable territory. 90 of their most fertile farmland forced relay in buffalo and wildlife homes and sacred burial grounds also merged. Some of that under the newly formed lakereservoir. I thousand families were relocated. The Standing Rock sioux state and will not give up the legal rights to what was left of their land. Their ability to maintain their independence eking even more challenging. The wage their battle in the courts. They stood their ground. This is not the first case of environmental racism, nor the last. The aftermath of this manmade flood was the continual rise in the poverty rate of Standing Rock sioux reservation. Whatever accommodation it was made was never reversed the devastating effects under traditional way of life. But they do have left is their land and the water. To add further insult to injury is the building of the Dakota Access pipeline to carry toxic oil right beneath the very same lake which still is part of Standing Rock territory and treaty rights have been broken again. When these unarmed peaceful stood up to defend their land, they were confronted with a militarized police state. The time is now to take action. We have two choices here. One, divest and do our part in stopping the fossil fuel industry from destroying our planet, or two, continue on the same course of denial [inaudible] to allow corporations to run rampant is no accountability to humankind in the future. I like to share a quote with you by john ruskin. To see clearly is poetry prophecy and religion all in one. Divest. Thank you. Thank you very much. [calling Public Comment cards. ] good afternoon. Martha hawthorne, 30 year nurse with the city of San Francisco member of this pension system. Sei you 10 to 1 and fossil free San Francisco. I am here again , you know me i believe by nowto ask why you ignore the board of supervisors and more than i, why you ignore the members that are depending on you to do the right thing sei you 10 to 1 represents any more members than any retirees that we represent more the city workers and we passed a resolutionthree years ago that directed you, the board, for total divestment in three, 25 years but we know theres level i, level ii and level iii and im ashamed to say that there have only baby steps been taken. We dont even know where we are on level ii. We needed a timeline and planned that never materialized and now three years have gone by. What does that mean about you and your mission . Good is my pension check if i see ohlone land underwater . What good is my pension check if tribal rights are violated and my money is involved in that . What good is my pension check . If my house is underwater, and the Central Valley is parch dry all due to d investment in fossil fuels, the investment which we stranded and will be worth nothing. I ask you to stand on the right side of history you still have a chance to do that. I am wondering why you continue to ask act like this is not a crisis when you see extreme weather everywhere. I want to ask you what good is my pension check if my children, my grandchildren and me have no future. Thanks. [calling Public Comment cards. ] good afternoon. I have been a resident of San Francisco since 1969 and always very proud to be from San Francisco. I am also a registered nurse since that time. Im really very happy that you voted unanimously to divest and i just assuming that this will all come about in a timely fashion,made me so happy. He made people all over the United States happy when they found out that San Francisco voted in this way. Im not native, but i have been studying native ways for the last 20 years and has meant everything in my life. I love native american people. I love the people of this country. And i love the people that went out to protect the waters. I am just, my heart hurts so bad at the Human Rights Violations that happenedat Standing Rock. People being shot with rubber bullets and concussion bullets, and we just cant be on the side of that kind of stuff that we can be on the side of people who will go and do this to our own people. So, please, stand with the water protectors and stand with ivan be on the side of humanity. I know you are. Not on the side of just corporations and the almighty dollar. We dont want to go that way. We want to be human beings in this world. Thank you very much. Thank you. [calling Public Comment cards. ] hello. My name is joshuaivan im a 20 year resident of San Francisco. Ive just a very simple message which is that the Petroleum Industry is a dying industry. Its a killing industry. Divest, divest, divest. Thank you. Thank you. [calling Public Comment cards. ] hello. My name is elizabeth milos. Im in a University Professional technical employees local 9119. I work at ucsf and i went to Standing Rock in october and when i came back i worked with my union members, to pass a divestment resolution on january 15, which basically directs were asks the university of california Retirement Plan to divorce from Energy Transfer partners. This is a really long resolution, but i really encourage you to read it because theres a lot of reasons and although the recent seven stated before, but it is also you should take into consideration that this this past march 16, the chief Investment Officer for uc region, the uc regents made a report to the uc regents saying they were going to be derisking at least 35 million from the stocks from Energy Transfer partners as well as the previous 150 million they already have ndrisking they call derisking but in reality every nose clearly its fossil fuel in general is going down the drain. As a worker, i feel it is imperative that our economichealth also be considered in this whereas money is taken out of our paychecks, we are being basicallybasically money is being stolen from us in a way because even though it might help us its not. On the other end these fossil fuel companies have massive tax subsidies that are draining our economy where there are other alternatives and by the way, treaty rights are the law of the land. So we should definitely divest. Thank you. [calling Public Comment cards. ] good afternoon. Thank you for hosting the form today for be able to speak to you. Im grateful to have opportunity to have some [inaudible] contact with members of the government but normally as a citizen i do not. I feel like theat a certain point our relationship to oil begins to look like an addiction. I would pose the context of addiction in the process of divesting. Our economy is largely reliant on fossil fuels and we know that. Its not unique to San Francisco. Its not unique to the usa. Its hard to put a face on this. I went to Standing Rock on three separate occasions. Indigenous people are as close as you get to a face on the environment and the impacts we are doing. They live very close to the elements and they are reliant upon those. I happen to know that the loss of languages on the planet overall corresponds to the loss of landscape. To the loss of rain forest. To the loss of rivers. I would just urge you to divest. You have a lot of power you have the people before you right now. I would urge you to look into the possibility of a public bank. I noticed an article in the San Francisco newspaper today on that topic and i would also urge you to explore the notion of how you see your own history. What your legacy is. How far in the future you are thinking. Legacy thank you. Thank you. [calling Public Comment cards. ] hello. Mr. [inaudible] i speak before him pres. Cohen and commissioners at the pleasure to see you. John holtzman from fossil free all those in favor say, aye. [chorus of ayes. ] opposed, nay. We led the campaign at the board of supervisors to divest us from fossil fuels and bring us the fossil free San Francisco that is necessary for stable and Healthy Future for your beneficiaries. According to international science, we start i had no gray hair and no beard. Its not really true. You voted not once but multiple times for some reason to approve level to engagement with all fossil fuel companies. Very little has, that. Youve taken no active measures. Its been as passive as possible. Joining the stakeholder Investment Organization that you joined could actually be seen as a strong level i if youre not taking active measures to change the behavior of those companies. You voted to divest from thermal coal. Then phrase the proposal so would only touch a small fraction of your coal assets are some reason. Then, did nothing to implement that vote to this day. This is not just terrible for your fun and your beneficiaries for all the reasons which weve hadexperts comment to you and present for years. Its not just terrible for the climate and public health, as weve heard all the folks talk about today. Its actually terrible for governance in the city and county of San Francisco and its terrible for the governance of this body. We have invested in hundreds of millions of dollars in fossil fuel Companies Since the board of supervisors passed the resolution in 2013. Thats indefensible. You are aligning our investment policy with the federal government and the farce of a the Environmental Protection agency we have. Why . Of all the boards commissions and agencies we deal with germany at the legal state and [inaudible] taken a leadership for acting in bad faith its an excusable. I welcome the Loving Energy of everyone here. We dont have that Loving Energy. We need to see action. Thank you. [calling Public Comment cards. ] hello. Im jackfrom the bay area and i met with just about every member of the board except for mr. Casciato. I look forward to meeting with you on the subject weve been trying to get you guys to divest like four years. As people of said, i just want to mainly speak to all the people here and say, thanks for being here. Thats fantastic everybody here is just terrific. It just wonderful and i hope you all appreciate how profound it is for all these native american speakers to come here. I mean, really. Theyve given us a gift in the United States. They provide an image of what life could be in a society that really cares about the environment and living as part in a sustainable way. So i think its just fantastic that they are here. I want to thank them for being here and i want to sayi have not been able to convince you that your stranded assets are going to be worthless and you should really divest them, but there is a bill sb560 coming through the state legislature that would require the state retirement system to consider Climate Change as an actual risk in their fiduciary responsibility so i urge you to look at that, support it and thank everyone for being here. Next speaker, please. Spell my name isSan Francisco resident. Im here in support of the divesting from fossil Fuels Coalition whether it is investments that Fund Environment all destruction via fossil fuels, funds native american injustice, environment all racism, private prisons, the war machine, we are going to keep this conversation going about ethical investments. People need to demand answers but with their money funds. Turning a blind eye on funding destruction is not an option anymore. The no dapple Water Movement was started by young people who want a livable future with hope clean water, clean air, trees and abundant wildlife i want that future as well. I hope you do, too. This is more than just about the dakota axis pipeline. The keystone xl pipeline, the syrian pipelines or any other pipelines. We need you to show progress and show concrete reports on this issue. On this very urgent issue. Thank you very much. Good afternoon. Thank you supervisors and Board Members. My name is trevor martin. I am a district 11 resident im im a concerned citizen and i want to thank you for giving us this opportunity to speak. Theres not really much that i can say youve heard our committee concerns, many very concerns [inaudible] but i want to stress that the urgency we are in a new era ofour atty. Gen. Just Jeff Sessions and said this is a new era. This is the trump error. Those of the words that came out of his mouth. We cannot look to our federal government to do something that istheythey do not resonate the urgencies of this matter and San Francisco should be the forefrontof this fight. Ive been an active member with a sfno dapple coalition i am also a member of the [inaudible]. I want to thank supervisor fewer and supervisor cohen for passing a resolution to look into divesting from the Dakota Access pipeline, but now theyve reopen kite Keystone Pipeline and their digging as we speak. The damn thing is leaking as we speak in canada. Christ, i mean, you cant get anymore urgent than that. I just want to say that you had for years. We understand its a slow process, but we dont have another four years. We need to be transparent. We need to be open to the public. You need to be understandable and amenable to theaccountable to the people that you are supposed to be investing for. Its not only on ethically sound. It doesnt even make sense. Its not financially sound. Please, divest. Thank you. Next speaker, please. My name is johneminent speak on a different issue no disrespect intended. I do not realize so many people would be here on this issue. Your basic problem is that the sf e sfers is [inaudible] its not increased enough and ongoing strong bull market. It will fall greatly during the next bear market. Probably, your best hope now is to protect your assets from the next bear market that 85 ended status is only about 4 , four points, from a low of 81 , 2013. Its down 25 points from its high of 110 in 2007. Despite the fact the s p has gone up 250 since then. I think the way forward has been hinted at in bills cri report related today. He said that us equity evaluations on the top decile of their historical averages that valuations have historically been a good inverse indicator of longterm returns in a momentum terms tends to value dominate valuation [inaudible] returns to i fully agree with those statements. I will propose once again, Investment Strategy based upon those statements. Very briefly in bull markets, use twelvemonth momentum of ultra low cost indexes to invest in major Asset Classes in Public Markets. With very minimal switching and trading this is not preclude investing as much as possible and only the very best of private equity and even hedge funds. Then as the bull market ages and equity evaluations rise, use fee saved from the hyphae managers to hedge your assets especially public and private equity with index cards with a maximum 1 annual hedging budget. I will continue after the bills comment in item 8. My name is john stenson. I may member of the pension fund i like to talk about my favorite topic here in hedge funds. Why should i do best from them. As you all know,in 2008 was a down year for stock markets. In fact, 2008 was the Third Largest down your in stock market history on generate fifth, 2008 [inaudible] 1 million charge of the event for the Top Hedge Fund managers thats over 10 year period at vanguard s p 500 fund would outperform five hedge funds picked by the hedge fund managers. After nine ye