The Power of Diverse Management to Deliver Outperformance

CalPERS has a fiduciary duty to pursue outperformance. Research shows that there's not money flowing into managers that deliver outperformance, not because of anything other than their identity. You believed in the power of diverse managers to deliver outperformance. And I think they were just, you know, delighted to see that we are actually doing something about that. It was pretty evident to me in order for us to have this. But again, this is part of a bigger journey that we can save for another conversation.