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>> yes. >> is that right? >> yes. what does that look like if we bench mark against our index. >> the whole world and including emerging markets but not small camp we did the study for that too and it looks identical. >> okay, so where does this, i mean, how far are we looking back here in 97? >> we are looking back to 88. >> all right. >> okay. >> i can't read this slide as well. >> it is actually rolling ten-year period and so the period extends beyond where the axis shows. >> so you have... what is the average in the difference? >> well, what we are seeing here is that the average...

don't want to call it fossil fuel companies indexes at all? >> not that i am aware of. >> to reiterate for folks, the retirement board, benchmarks performance against the indexes and that is how you do the measure performance. >> and that is how the managers stay engaged with us to make sure that they are meeting the benchmarks. >> and you think that five years is not enough time to figure that out. >> without the analysis of the extent of where these holdings are and what alternatives might be out in the markets, the public markets to replace these i really could not say. >> i have ...

but, what is the implications for us if we are going to divest? >> the implication is not about actually about portfolio risk, it is not going to increase the portfolio risk, more than what the study demonstrates. >> how are you defining risk? >> standard deviation, the variability... the way, and it is an axium in finance that you get paid for taking a risk and the main me trick is standard deviation, and you budget to spend your risk in order to get the highest return. so, point here is if you do this, it will not increase portfolio risk now there will be costs associated with the ...

deviation, and you budget to spend your risk in order to get the highest return. so, point here is if you do this, it will not increase portfolio risk now there will be costs associated with the deinvestment and there is unwinding of existing positions and i would maintain that five years is way more time than people need for doing that. >> so, fully understanding, the risk management discussion, however, question about have you looked at and analyzed the historical performance of these stocks >> we have. >> would you like me to share? >> yes, i would love it. >> the second part of o...