Pension Board - Regular Meeting

Show your face and then we'll start. There you go.

Okay, let's see. Let's start off with a, well, here, let me call to order the meeting of Tuesday, December 10th, the South Miami Pension Plan Board of Trustees. So, Sierra, you want to call the roll?

Okay, let me start off with the, let me look for a motion in case you approve the minutes of September 13th.

I make a motion that we approve the minutes.

I have a motion and a second. All in favor say aye. Aye. All against?

Let me start off the meeting. We have Sarah Carlson here from Foster & Foster who is our new actuary. Maybe you have some background or stuff you can put with Sarah. Do you want to introduce her? She went to what college? Has 19 kids, 42 grandkids, whatever it is. Wow.

We're off to a good start. We're finishing up the transition work right now.

This question I have, okay, is has Alfredo been cooperating with you and getting you all the information that you need?

Is there anything that's behind schedule because of him? Just checking.

Just so you know, he's sitting there thinking, I had to come on here to be abused by Brad?

I'm already used to it. It's okay with me. I have been working with Sarah. It's been great working with her. I know that she's been transitioning, working with GRS. I appreciate all your help, Sarah, honestly. And thank you for giving me that 185 thing that I asked you for on the minimum benefits. It worked for us, so thank you so much. Great. You're welcome.

Did you do a minimum benefits for the 185 plan?

Yeah, I just got it a little while ago, maybe like a month ago.

Normally that comes through me, okay, or did in the past for the last 18 years.

So if you could just send me a copy, sir, please.

I got you. I'll send it to you right now.

Okay, well, I'm not going to look at it right now. Sarah, any comments, any thoughts about anything you've seen so far as you're digging into the account?

In 18 years, let's see, when I first joined, Well, it's almost 19 years now. When I first joined the pension, there was somebody that was just coming off a disability. I have no recollection of this person's name, okay? And what the city does is the city gets a disability policy for a third party, and nobody pays attention to the one on our plan, okay? Did they say they have any past history of dealing with the disability?

Yeah, as you were talking, one thing I'm looking for right now in my emails is we just got our this week, two days ago, I think, or three days ago, maybe, from Jennifer at GRS. They did our OPEB. So I'm going to send it over to you so you could have it. I would assume in the next time we do it, we're just going to move forward with Foster & Foster, which already has our data and makes it easier. Okay. So I'm sending it over to you now just so you could have it already. But we're good for at least two years now.

Do you pay for that or do I pay for that?

Well, I mean, it ultimately always gets paid for.

100%, exactly. Even if I don't pay for it, I pay for it.

But I'm just saying, which board pays for it? What entity does it look like is paying for it?

It's coming from Mars. The city is helping.

Okay. Anything else? Sarah, then, you're welcome to hang around and be bored by us. I mean, David's coming up, and Cam will put on a nice show. If you want to hear about the fantastic returns we've earned during the last quarter.

Well, I try to add a little life to this. Brad, it keeps it lively for sure.

I have a question. I'm not sure. I missed some of what she was saying about the benefits. And you said about the disability. Does that have to do with the benefits for the 1%, for the 185, for the requirements on the disability?

Yeah, Jose, I think this disability is offered from the pension plan, but nobody ever takes advantage of it because the city has that other plan that they pay for. And you go to that disability rather than us. I'm sure she was really, really injured.

Right now, what I'm thinking of is on the pension enhancements for the 185, one of the requirements that we need to adopt is something to do with disability. So I don't know if it's the same, which is something that we've been trying to do to see if the state would waive it so we wouldn't have to adopt that disability portion of the requirements. So I don't know if that's the same as the same disability that we have now with our pension plan.

Which, in other words, comes with a cost, hence why it's one of the four that needs to be paid from the 185. I know what you're getting at. And to simplify, we looked at it different, different ways, and it doesn't meet the minimum requirements. What you're going to be paying for on the 185 will meet the minimum benefits. Okay. That's the bottom line. We tried multiple ways, Jose, even before, and we never were able to succeed. The state said no to us.

probably i think in the last meeting or something you guys had mentioned something that i was looking into it that there might be a possibility so i since i caught the tail end of the conversation i wasn't sure if that's what you guys were talking about no we weren't talking about that but nonetheless we did look into it and we don't need it okay perfect okay move on that's all that's right i know what you're talking about thank you you've been trying for a while and nothing

Okay. Well, the first thing we have, okay, is unless somebody else has something in here, okay, the first thing we have is David Lee's report. And they have you want to take over the take over our screens? Me? Yeah, you're David.

I got you, David. I always got you. You know that.

Well, we've got a new president. And he says, okay, he's going to rock Bitcoin. Okay, so why aren't we buying? No, I'm just kidding.

I'm scared for a second. I still don't understand how you can buy air and it goes up in value. It just doesn't make any sense. I mean, I'm good with the way things are.

I had a question, Bradley. David, thanks for the presentation. Just curious, if I wanted to understand some of the individual holdings under some of these managers like the Adjunct Court or the TA Realty Funds, for example. Is that something that I can get access to?

Okay. Sierra, is that something I would reach out to you for, I guess, and then you'd get it from David? Or would I reach out to David directly?

Everything goes through Sierra. So there's records of what's requested and when it was requested and how quickly he was responded to. It's important that he gets this. You might want to start them off with the symbols for the S&P 500. That's the only symbol we got, right?

Well, send it to Sierra. Send that one and send the, we'll go back to that. I lost it.

I'm going to show you in the presentation.

No, it's okay. It's okay. I've got the, I have the materials. PDF.

Awesome. And then on the fixed income side, my other question was, is there a need for... like you know quarterly income producing assets because there's certain payments we're making we're trying to you know also manage cash flow or are you more strictly just focused on you know appreciation i'm just curious if there's that consideration andrew first of all anything you get from ta realty is confidential okay and you can't share with anybody especially especially them okay and as to your second question do you have any thoughts or ideas of something that

I mean, we're always looking for something unique, okay, that's conservative as hell.

Well, you know, in general, I'm of the philosophy, if it ain't broke, don't fix it. And it sounds like, you know, we've been doing a great job here with the returns and stuff. But I'm just trying to, you know, understand kind of what our investments are and have some thought, you know.

If you have something that you want us to look at, feel free to throw – I mean – I'm always interested in learning something new and maybe there is, you know, maybe you have a thought or an idea that, you know, is good. And I'm not going to, I don't want to hold you back from, you know, I mean, I just don't want to buy a bunch of rehab houses and K and whatever. It ain't no fun.

I appreciate it. Maybe Alfredo coin. It's a new cryptocurrency that he just made up.

Mind blowing. That's just still going out there. It's crazy to me.

We did look at a timber company and we spent a lot of time on it. When it came down to it, I got real nervous. Right after we decided we weren't going to do it, I think there was a collapse in Brazil. That was where part of the assets were. We ended up making the right decision by staying conservative. I've looked at other pensions and in these other pensions, their manager's come up with all of these fancy investments to try to capture another 100 or 200 basis points. And they end up making these investments. They end up never performing as good as they did the year before you bought it.

That's right. And, you know, and I look at some of these. And one of the things that I've done over the years is this is going to be my 19th year. One of the things is, I mean, I've sat in board meetings where we've had investments that nobody had any clue, okay, what that partnership was. And it was only made up of stocks, right? Okay, and so we've gotten away from all these fancy convoluted, let's capture another 115 basis point kind of things. And then you find out it's not liquid. They don't want to sell it for 60 or 90 days. And then what happens from there is you end up seeing what was s

And that's everybody else, too. Okay, Alfredo, in your spare time.

Another presentation, can't wait. I'm afraid you sound like the penguin.

He did sound like from, what do you call it, from Batman. Yeah, right. Okay, what else do you have, David?

Yeah, I mean, I don't see anything that's that much better than what we have now or returning any better than we have. I mean, did anybody get a chance to look at that? Joe, stop playing video games. Unmute yourself.

No, I did not, but I'd be happy to hear David's perspective on it and what he was able to figure out or find out or what kind of response he got back on whichever money managers he was looking at.

Yeah, I still use federated. They've done well for us. Yes. Taking into consideration what you mentioned, obviously, it's been a growth play for a long time other than, I think, what was it, 2022, 2023? Sure, yeah. Well, but they've been sustaining pretty good, and I'm very familiar with their domestic value strategy, and they're very good money managers, so. You know, again, it may not be stellar, but they're solid managers, so I like them quite a bit. As far as their value dividend, it's consistent cash flows, and they're pretty steady on their returns, so I like Federated.

David, can you talk a little bit to the lower beta, about 25% lower beta on the federated versus the rest and the steady flows and or steady growth and the stability of the fund versus the risk return regarding the others. Sure. And that may be something to consider.

Yeah, okay. I mean, I like the fact that, you know, the dividends are still important, and... the stability of the, of the, of the, of the returns and the spread. If you look at the spread between the indexes and the, and the rest is quite a bit, you know, you got about 200 basis points on average, almost 300 basis and the fidelity, you almost have five, uh, three change or two and change. And obviously a very broad change in, in, in the spread of, uh, on the small cap. So I would say we may want to consider something into the federated in my opinion.

I'm good with making a decision like that. I'm just comparing some stuff on my computer here.

What do we have in the small cap now, David? What's the allocation?

10% of the portfolio is purely in the small cap. Okay. I mean, I think if we can spread that 10% a little bit over, other than federated, I'm a little biased towards federated. They're pretty steady, and they have a very concentrated position. Who do you like, Fidelity, MFS, and or should we consider maybe doing 25% each across the board and just look for the lower cost of Fidelity, look for the... you know, maybe some of that partial growth on MFS, but at the same time, not completely leave the small cap. I'm thinking possibly maybe 25% each of the 10%.

Got you. In that sense, then maybe forget about federated and maybe go with MFS, like a 50-50, since they still have growth, but more of a larger cap. That works as well.

I like MFS on the returns. I mean, that's the one. How much is their cost?

Remember, it has been our history since I've been here that we will not get next year

the returns that they are getting this year.

Let me ask you a question, David. Let's say that Trump does go and put 25% tariffs on Europe and add an additional 10% to China and then up to 25% in Mexico and Canada. What's that going to do?

Everything's going to be red. Well, why don't we look at the country and diversification per fund and maybe look at that real quick.

Right. But I'm saying, can we look at each one of the funds concentration per country?

If I was a betting guy, I'd put more on the Japan side. I think that's fair.

But understand something, okay? We can't bet on an individual, you know, that Japan's going to do real well for the next seven years, okay? And then after that, it's going to be Norway or Iceland, okay? We can't do from there, okay? We have to pick, I mean, we have to stick with one of these large funds. And I really, I mean... I really don't have a problem with even moving the whole thing over to the International Index Fund. That's just me. I mean, we take a lot of risk with Three House. It seems to be less than the other international fund, which we closed out earlier this year, I think.

Yeah, so, I mean, I don't mind changing the tactic, okay? I don't mind changing the tactic, okay, if you wanted to go and put half the money in the Fidelity and half of it into the Federated.

I don't have a problem with doing something like that. I know that means the guy's up in David's office and can't have more work, but hey, you know.

Yeah. Do you want to think about this? I like Brad's recommendation also with some of the international stuff here now. I mean, it seems to be still a large cap winning. It seems like large cap still has the upper hand. with a considerable amount of volatility on a worldwide basis and all the uncertainty that's out there right now, I don't see anything stabilizing for the next two to five years, hopefully. I mean, there's a great time to make money, but I agree with Bradley that possibly a lower beta, higher... I believe, if I'm not incorrect, that the... Federated and Fidelity tend to hold la

I agree with you, David. Over time, let's assume we take the volatility, but then you go back to the turtle in the hair kind of thing. If you look at some of these funds, MFS has also done well over time. You know, actually better than the small cap and the world we're in right now, as I said, I mainly a little bit more towards, you know, having larger caps and lesser caps. I mean, for all intents and purposes, I just take 100% of the small cap and go with federated fidelity and MFS and just spread it equally. Again, you're getting into an index total return more or less, but I think each one

Justin, come on. Randy, come on. Jose, give us an opinion.

Before they do, just one quick question. Did I say your name? No, I know you didn't, but I'm going to say it. Just two seconds. Did you guys call me? David, real quick question. I know. And listen, by all means, I think Brad and Joe's, I think they're great recommendations, but would you recommend, obviously you don't recommend spreading it across four, right? We heard that, and you specifically said it, and I understand exactly why. Would you feel the same way about spreading it with three, or would you prefer two? What would be your preference, David? If it was your money, what would you do? Technically, it is your money.

I think David hit the nail on the head. Good call there, Alfredo. At the end of the day, we're talking 50% value, 50% growth. We're playing both sides of the card with good managers. Good call, Alfredo. Good call, David. I like that a lot.

I like that too. I like using the equity instead of going with the index as well. I like equity in this case.

Yeah, yeah, so I think the motion will be to take 100% of the small cap fund and put 50% in federated and 50% in MFS.

I think that's a great decision. I think that's a great plan.

Anybody else have some thoughts? Who else? Justin, come on, smile at least. There you go. At least we got the smile. Randy, any thoughts?

Wait, who's out here? Oh, it's us again.

Okay. Jose, did you have something you wanted to say? I guess not. Okay. You want to make that into a motion then?

Hold on. No, I don't. I'm listening. I'm driving. So don't do this at home, kids.

We know you're at the Cuban restaurant at the window with your cafecito and... Don't lie to us. Oh, he jumped in his car.

I'm in the city of Miami. I'm doing work stuff. Yes, so I can go and sit down at Casa Cuba. I already got in trouble for that.

I make a motion that we move forward with the plan, giving 50% of small caps over to federated and the other 50 to MFS. I second.

Motion and a second. Okay. You understand what they want, David?

Any discussion? Excuse me. All in favor, say aye. Aye. Aye. Aye.

Okay, let's do that tomorrow, people, please. Okay, I will be out of town Thursday and Friday. I'm going to the AKC. I'm going to the AKC Championships in Orlando. 5,000 dogs. And me, that's 5,001 dogs.

Well, I'd like to get it done. Now that we've made the decision, I'd like to do it just because that's what the board wanted. So that's just my opinion. We'll get it done.

Okay. You want to get this done sooner than later. I agree with Brad, whether it's for the better or for the worse. But... You don't want to second guess. That's for sure.

So just do it as soon as possible. I think everybody's okay. Just do it as soon as possible, but not just kick it and wait kind of thing.

I think Sierra got a new bar for her house and she just wants to hang around and

How do we know? You just didn't hang the Foster and Foster sign behind the bar. I have the Celsius.

Let's punch it to the next meeting. Everybody focus on the investment guidelines, okay, for the next meeting, please.

To the next meeting. Joe? Joe's seconded. Motion is seconded. All in favor say aye. Aye. All against? Okay, it passes unanimously. But do me a favor, Sierra, send out that investment policy as a separate email to everybody. You get on all the trustees in the next week or so. And then in another six weeks, send it out a second time with an email that says, in case you missed my first email, we're going to discuss this at the next meeting and we're going to finish it up.

Do you want to talk about your kids' baseball league?

Okay. David, thank you very much. Thank you, sir. Have a great Christmas and New Year's and anything else that you might want to celebrate because you can get a drink out of it.

Okay. So we're done there. Okay. Next up is Brent.

Talk my memory. What are we talking about on the drop? I'm looking at it now. Update on the amending drop language. Oh, yeah, yeah, yeah, yeah. It's built in.

When you exit the drop, okay, you got 90 days to take your money and go someplace else.

We are discussing it. Jose is well aware of it. It is inside of the union agreements. Yes, absolutely.

Make sure that's board recommendation, okay, because we don't enact the laws. We just administer them, but this is something we see that should be a positive for us.

That was incorporated, that language, just so you're aware, the reason I'm sort of, because that was incorporated at the beginning of negotiations and it was already agreed upon back then. So it hasn't come up again just because we've been focused on other areas of the union negotiations.

If you just gave these unions what they wanted, you'd be done with it.

We haven't even started with Randy yet. This is the way you have to present yourself, Randy. It's being positive. Just give us what we want and let's move on and make the city better.

Actually, Brad, we're letting the police loosen them up a little bit and then I come behind and hit the home run. They've got such a weak

person working for them. He's not going to say a word. He's just going to drive around the city of Miami and look for a little coffee bar.

Okay, Brent, let me just break in and say, in the beginning, we got the power of attorney that was signed by Denise using Henry's name, and that was no good. Then we came back and we got a second one with some X's on it, Because we're told that he couldn't write. There were other deficiencies in that one. And now we're up to, this is the fourth one, I think, now.

Yeah, this is the fourth one. I forget, the third one had other problems. The fourth one now is they're saying he's totally disabled. Okay? And if that's the case, I mean... I don't understand how he could be signing something, putting an X on it. Did he take a turn for the worse? I don't know. My opinion, I'd rather be sued by them and then have a judge tell me, go ahead and sign this. Okay, sign off on it. Don't drag your feet. I just, you know, it's more confusing than anything else because every time we get one of these, we just slap our hands on our head and go, oh, my God, okay, what are

Can't we just ask, put this to rest and say, listen, we can send one of our persons, Randy or somebody,

All of a sudden, Randy goes and says something, or I go and I see something. If all of a sudden a long-lost son comes out of the woodwork, okay, we're liable for this money that we dispersed incorrectly. Mm-hmm. Okay, and that's what, you know, I mean, I'm using the super extreme, okay, to show this, but, you know, unfortunately, you know, they've tried to skirt the rules and regulations and, you know, I mean, I'm really at the point where I really think, okay, you know, I mean, I wouldn't be mad if they, you know, got a judge someplace. You know, because we don't know where to go with it.

Can I say something, Brett? Go ahead. Okay. I'm a little bit more familiar with the situation with Henry. Prior to Denise passing away, she was getting Henry all types of rehab and all kinds of things. And Henry was making a – He was doing a lot better. And he would sit up and he was able to move his limbs somewhat where he could make an X. After Denise passed away, he had a major setback to where now he's just, he's bedridden. He cannot sit up. He cannot write. He cannot do anything. I got a question.

Can you have a discussion with him? No, he's not. He don't even know he's there now. He's had a major setback. So with that being said, I don't know what kind of attorney she has or what. I'm sure it's not the proper attorney that should be looking at this because I think that she herself don't know what to do. So I think it's a matter of them not being... too informed as to what to do in a situation like this because Henry right now is 100% disabled and he's incoherent. If you call Henry, he couldn't even answer. He's just sitting there. And the sad part about this whole story is when Denise

Okay, thank you. I'm going to cut you off on account of the fact, okay, you've kind of like proved the point. If he doesn't have the ability to turn to the attorney and say, Mrs., I'm going to call her Mrs. Smith for argument.

Mrs. Wooden, okay, I need for you to do this for me, okay? He's the one that has to... He's been put in this situation. The attorney just can't make this up and say, okay, I'm not disagreeing with you in any way that he might be disabled in your eyes, but he doesn't have the ability to even hire this attorney and give her instruction. So in my opinion, what they need to get is some kind of guardian appointed by the court that will...

Yeah. Well, what we can do is we can look at Sierra and we can say, Sierra, are you working for Foster and Foster of your own volition? Or do they have you, like, tied to the desk with chains?

So we have to clearly listen when we talk to Sarah, okay, and make sure there's no chains.

Yeah, okay, but let's go to the Craig Shapiro thing.

Okay, yeah, let's jump down to new business, okay? If you remember, we discussed collecting the money from GRS and hiring an attorney. Finding an attorney that would work on something this small was like pulling teeth. So I went to Joe's good friend, Craig Shapiro. Craig said, I'll do it. I said, great. We need to put up a retainer with him. One of the things I want to stop doing is discussing the legal strategy that we might have going forward. on account of the fact that if we do that, we really should be having a shade meeting. But that comes with its own expenses.

Well, sir, I guess we should not even talk about it now.

No, no, no, we can talk about writing the retainer. I need to give him a $5,000 retainer so he can see what's going on and then make an assessment of the best way to attack this. I don't, I mean, maybe writing some letters in K will jog them a little bit. You know, maybe if they see that we have an attorney in K that, you know, that this is his wheelhouse, of what he does for a living and he's going to come after them for not paying this money. Uh, just so you know, I remember Craig Shapiro when his mother brought him home from the hospital when he was a baby and his mother used to sit on the

You don't want to have Craig on the opposite side, my friend. That's all I have to say. So whoever he's going after, it's not going to be pleasant for those people.

I just like, well, there was a letter in your packet. I don't know if you all looked at it. There are some suggested changes, okay, that Ron came up with, you know, as to who the letter is titled to or sent to and stuff like that.

He's also a two-term resident of the city of South Miami.

He's a resident also, yeah. So he's basically taking it from one pocket and putting it in the other pocket.

one thing yeah yeah i myself know mr shapiro also very good attorney very good attorney and you're right joe you don't want to have him on the opposite side so yeah you're right you're right i know him well good

Do we have the follow-up motion? He was such a cute little baby in his mother's arms. Go ahead. We need a motion then.

The motion in a second, okay, to approve that. And it's subject to those changes that Ron recommended. Right, exactly. So I have a motion in a second. Anybody want to discuss this any further? All in favor, say aye. All against, nay. It's unanimous. So I can contact him. Where is he on here? Oh, here.

And by the way, while you're doing that, Randy, I heard you about me softening up the city for you and your company. I don't know if that strategy is going to work very well for you because it's not going very well for us.

Man, hey, I hear you're in a knockdown drag out. So I hear, I hear. But beat them, soften them up for me, though. Soften them up. Yeah. you carry guns into those negotiations intimidate okay so that takes care of that item okay if we're lucky we can be out of here in 20 minutes uh we have uh sierra has a list of things to do do we have a new policy

It used to be, Sierra, you sent me these things in advance so I could look at them, not in a package. A week before?

Can I make a motion that we approve that we approve the fiduciary liability insurance with the increase.

We have a motion and a second. Any discussion? In case there being none, all in favor say aye. Aye. All against, nay. Okay, it passes unanimously. Next, Sierra.

Second. Okay, I got a motion and a second. Any discussion? There being none, in Carol's favor, say aye. Aye. Aye. Aye. Aye. All against, say nay. It passes unanimously.

Isn't that what we're working on with David?

Copy me on it. Okay. And I can make any comments.

Send the old one out to me and Brent and Kay to remind us on that. There's not a charge for that, is there? Okay, thank you. That was very nice of you to do that for free.

Yeah, that takes all of a minute or two. Okay. So that completes your report? Yes.

Okay. Moving on to the next business. Alfredo, please tell the clerk to put in the item in case of a new Joe Fernandez for another couple of years. Got it. Okay.

Okay. And then an old business in case of George Green's overpayments. This is something I want to talk with Craig about. Okay, and some more with Brent and Ron, but I'd like to actually do it with the three of them. Okay, on account of the fact is you have resource center and then there's a question. I had asked Ron to do some investigation as the statute of limitations. Okay, we really need to get that done first, I guess, Brent. I'm just advising you on it right now that we're going to try to do the full investigation. It might require an hour of the other attorney's time. Just for strategy

I need a motion that we approve the consent agenda.

I second. I have a motion and a second to approve the consent agenda. Do we have any discussion? There'll be no discussion. All in favor say aye. Aye. All against nay. It passes unanimously.

Jeez, we got through this pretty quickly.

Oh, let's see. You're in your packet for a fund activity from September 7th to December 4th.

Oh, okay. Let's see. Let's see. You received some information on, I guess, we keep getting these checks from Kessler Topaz. Okay. And we haven't been in an individual stock in I don't know how many years. So, you know, we must be doing something right along the way. And then you've got copies of the drop statements. Okay, make those people in the drop your friends. They can loan you money. Oh, wait, Jose's in the drop, isn't he? No. No, he's not in the drop yet.

His wife knows she gets another five years after he makes that decision. Oh, and congratulations to Jose on his son following in his father's footsteps, but with the Florida Wildlife Commission as an officer. Where's he stationed?

Now I can't catch any eagle fish anymore.

You've got to be careful when you're fishing with him. Take me instead of him. There you go. Oh, my daughter signed a contract on the house in Key Largo, so she will be moving down towards you.

Oh, let me know where she's at. Congratulations.

Yeah, thank you. Yeah, she's coming back from North Carolina. She's only going to be two hours away.

The mile marker, I think it's mile marker 89.

She hired her right there on the phone so she has a base income.

And she has a couple of other things that she could do. And the FWC, NK, is bringing her back as a volunteer into their manatee program. Yes. Oh, we've got all kinds of stories in it. But anyway, we don't need to hear those today. Do we have any trustees, reports, discussion, or action? Anybody have anything they'd like to say at this point in time? There being none, NK, we'll move on to public comments.

Go drive. Do not drive at the same time.

Okay. Remember that, Randy. Okay. Okay. Anybody?

I don't hear anybody. Okay. Then I'll take a, oh, Alfredo, it's important that we discuss this with you right here, right now. Right now we have March 14th, which I believe is a Friday morning. Is that good enough for you?

Let me see. Well, look at your calendar. You're right there. I'm looking at it. March 14th is perfect.

Until your girlfriend says, hey, we're going to the Keys.

Oh, happy birthday. Happy birthday. Happy birthday. He's old.

I appreciate it. No, I'm good. But March 14th is perfect. Okay. I thank you for the consideration.

Which I have to say, I like this Tuesdays better than Fridays. Do you want to change them to Tuesday afternoons?

And Tuesdays are really bad for us because we have commission meetings on Tuesday. Today was... Okay, so...

I didn't want to pay the deductible, so... Everybody made it happen.

Everybody made it happen for Fredo. He's special. Yeah.

Yeah. You have no very special I got it. I got a question. Did your union bring him a birthday basket of some kind? I know you're asking Randy.

He's got to be asking you because I'm not negotiating with him. Oh, no, no.

Are you kidding? He sits at the end of the table and just looks and smiles.

I know what he does. That's all they pay him for if they paid him more money in case he'd do more than smile.

You can say, hey, yeah, listen, I found money to give them. No, he doesn't even say that.

All right. I'm telling you. Okay, then I'll take a motion to adjourn.

I make a motion that we adjourn, and I appreciate everybody. Thank you so much, and I hope everybody has a great weekend. Thank you. By the way, March 14 is fine for me, too.

If we have a motion and a second, there being no discussion, all in favor say aye. Aye. Bye, everybody. Happy holidays.