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David i dont consider myself a journalist. And nobody else would consider myself a journalist. I began to take on the life of being an interviewer even though i have a day job of running a private equity firm. How do you define leadership . What is it that makes somebody tick . David i read the other day that you opened your fund for 24 hours, and 5 billion showed up. Now, how does somebody raise 5 billion in 24 hours . Paul it was not exactly true. David oh. Paul it was true in the sense that once the offering was open, because it was first come, first served, there was a lot of demand, and 2...

David how does somebody raise 5 billion in 24 hours . Paul it was first come, first served. David you have an image of being a person that strikes fear in a lot of ceos. Some people are probably afraid they are going to get a call from paul singer. Paul it does not bother me anymore. David if someone had invested with you in the very beginning, what rate of turn what that have been compounded . Paul one dollar became 160. David is it too late to invest retroactively into that . [laughter] would you fix your tie, please . David well, people wouldnt recognize me if my tie was fixed, but ok. Just...

Actuarial, examine then, the assumption changes are indicated by the toeal bars, ad then, the impact of contributions on your unfunded liability are the the red slivers. So basically, its to give a historical perspective, back in 2007, the plan actually had a surplus of about 1. 4 billion, and over the course of the last ten years, unfunded has increased by about 5 billion for a net unfunded liability as of 2017 of 3. 5 billion. Now there are three main fa factors for this increase. The first is the 2. 3 billion for assumption changes, and you can see that in 2010 and 2015 we had the dependenc...

Valuation. It just shows the reconciliation and recording rate and as bill said, there was aness decrease of 1. 5 in the contribution rate, but there are offsetting events if you will that happened that did have an impact on the rate. First of all, there was a market gain on your assets of 13. 5 , and that increased or decreased the contribution by about 1 of pay, but since you had those market returns, it triggered your supplemental cola that were effective july 1st, 2017, and that basically gave most retirees about an additional 1. 5 increase on their benefits, in addition to their basic col...

Liabilities and your assets. The sources of the unfunded are liability gains and losses which are the gray bars, and thats when people dont retire according to the assumptions, their salary increases or lower or higher than the assumptions, so you have whats called liability losses. The gold bars are your liability losses on your actuarial, examine then, the assumption changes are indicated by the toeal bars, ad then, the impact of contributions on your unfunded liability are the the red slivers. So basically, its to give a historical perspective, back in 2007, the plan actually had a surplus ...