Remarks by Bradley Cassel
193 remarks on the record, newest first · Page 1 of 8
- Play at 0:03
“okay i will wait before you start just uh i just got a text from justin just so you know running late he'll be on in five minutes so he's just well as long as i have a quorum okay i'm happy okay what about andrew have we heard back from him did you call yeah he said he was going to be a few minutes late but he will be joining okay so well let's get going okay and take care of some of the Bookkeeping stuff here. Let me call to order, okay, the South Miami Pension Plan meeting for Friday, September 12th, okay, 2025. It's 10.07 a.m. And let's do a roll call, Sierra, and you can add people as…”
Pension Board · Sep 12, 2025
- Play at 1:05
“Let's see. We have the approval of the minutes. Does anybody have any questions or comments on the minutes of June 13th, 2025?”
Pension Board · Sep 12, 2025
- Play at 1:19
“We have a motion and a second. All in favor say aye. Aye. All against? Okay, that's unanimous. Joe, I'm going to beat up on you today.”
Pension Board · Sep 12, 2025
- Play at 1:36
“On the day in case, on the last meeting, before we get into the consultant's report, before we get into the last meeting, okay, let's see. We... Joe and Kay put forth a... that we... that we... sell a million dollars worth of S&P 500, okay, which we did, okay, and we netted 62.97 and 36. And let's see, as of last night, okay, that same index was at 65.88 and 75, which means we had a 290, or it was 291 points we missed on. You do the numbers, okay, and I, let's see, it's about $46,000, okay, that we missed on, Okay, we can't do that, Joe. Okay, when I tell you, okay, we're investing for 400…”
Pension Board · Sep 12, 2025
- Play at 2:53
“portfolio no no that's not what we we don't trade we don't position stocks like that okay i'm telling you right now it was going somewhere this is this is going to be my 20th year next year okay i've watched everybody try to if you have a board that meets once a week twice a week five times a week You can move things around like that. We meet four times a year, and we're not very nimble. So the bottom line, we need to have as static a portfolio as possible.”
Pension Board · Sep 12, 2025
- Play at 4:32
“But we had plenty of cash in the money market to cover the calls that we have. And what we would do or what we should do in the future is... We trade out of whatever we have, okay? And the instruction, okay, that David and I, for one second, this instruction that David and I in the future, okay, was to sell or to trim down the S&P 500, okay, for any real estate calls that we have. But being, okay, as they're unpredictable, okay, we shouldn't be selling, okay, until we need that money, okay?”
Pension Board · Sep 12, 2025
- Play at 6:54
“We're going to make the wrong decisions.”
Pension Board · Sep 12, 2025
- Play at 7:30
“Get more cash today because the market's even frothier. We're never going to be right.”
Pension Board · Sep 12, 2025
- Play at 7:43
“We had a million and a half dollars in the bank at that time, okay? We don't need to sell it, okay? When we sell things, okay, we sell things, okay, to move into something else, okay? And we're never going to be 100% right. But the bottom line is, is we can't make moves like that million dollars, okay? I mean, that was totally out of the woodwork, okay? And”
Pension Board · Sep 12, 2025
- Play at 8:16
“Well, that's a good discussion we're going to have in a few minutes with Ron.”
Pension Board · Sep 12, 2025
- Play at 8:39
“We'll go through that. Okay. And Ron's report. I don't want to go out. I don't want to go out. Okay. What I want to do is move forward. Good morning, Justin.”
Pension Board · Sep 12, 2025
- Play at 8:51
“You know, I guess you're there. I just got a message from Jose, who's in Georgia. Okay. That his Zoom doesn't connect in Georgia. Where in Georgia are you? Okay. Anyway, let's move on then to David's report, I guess. Okay, perfect. Anybody have a problem with that? Okay, let's move on.”
Pension Board · Sep 12, 2025
- Play at 18:38
“Fredo, remember that doesn't include committed. We're more committed in case we just haven't had the opportunity to, or they haven't called the money yet.”
Pension Board · Sep 12, 2025
- Play at 18:50
“It doesn't reflect that. Okay, go ahead, David.”
Pension Board · Sep 12, 2025
- Play at 19:41
“Okay. So we're done, David? Yes, sir. Let me ask you to hang around, okay, for this question on the partnerships, which I'm going to ask Ron to cover first. TA and affiliated housing, okay, if you could stick around for those, and then you can go about your day. Where are you now? I forgot.”
Pension Board · Sep 12, 2025
- Play at 20:12
“Okay. And you got football tickets for Saturday?”
Pension Board · Sep 12, 2025
- Play at 20:22
“There you go. Okay. Thank you, David and Kay. We're happy with you now, and we'll be happy with you in a year. You've been in the business long enough to know what that means. Anyway, so Ron... Yes. Where's Brent? Brent's hiding in the shadows.”
Pension Board · Sep 12, 2025
- Play at 21:42
“Okay. Okay. 4, 12, 12, 13. Okay. Wait a second. What were you in originally? 11? Yeah, 11, 12, 13, and this is 14. Okay.”
Pension Board · Sep 12, 2025
- Play at 22:45
“But anyway, let me stop you there for one second. David, what other investment does TA have?”
Pension Board · Sep 12, 2025
- Play at 23:09
“Oh, okay. Okay. Ron says something, and the light bulb goes off.”
Pension Board · Sep 12, 2025
- Play at 25:30
“Then I'm going to ask Andrew to speak now and tell us what his concerns were Because I have no clue.”
Pension Board · Sep 12, 2025
- Play at 26:16
“You see, the proper way to have done that would have been to invite Affiliated here to this meeting where you could do it in front of all of us. Do we want to schedule a special meeting in the next week or two to do that because they're not here now? Because if I would have known that this was what was going on, then I could have said, well, tell Nick or one of his people to be here. But of course, I couldn't get an inkling of where we were. So now we're wasting more time. Okay. I mean, listen, Andrew, I thank you for this. Okay. This is your area of expertise. Okay. This is what you do all…”
Pension Board · Sep 12, 2025
- Play at 27:31
“It's a special one-hour meeting where Andrew can question Nick as to what he sees in these contracts. Rather than Andrew has a meeting, then after Andrew's meeting, he has to go through Ron to set up a meeting. And then I'm trying to streamline the process. I guess the question is, do you want the whole board? The board's already given approval. I agree. Alfredo, that's a perfect response right there. That's why I don't understand why these things couldn't have been dealt with before this meeting. Andrew is obviously, in this case, a very important cog in the wheel. Bottom line is, let's deal…”
Pension Board · Sep 12, 2025
- Play at 29:46
“Hold on one second. Let me get my calendar up here. Week of the 22nd. Okay. I'm free that week, okay? I'd rather have it in the afternoon if possible, 3 or 4 o'clock, okay?”
Pension Board · Sep 12, 2025
- Play at 30:23
“folks. How about the 22nd? I can do that. Four o'clock?”
Pension Board · Sep 12, 2025