David Price- When you step back and look at the portfolio through a system level lens what starts to break when you're looking at it through a kind of total portfolio lens.

Well, first off, I want to say good morning to everybody and a big thank you to Bill and Monique and John for inviting me to come today.

I always feel smarter when I come to one of the symposiums and obviously the four great speakers we had kicking everything off.

So it's funny, I do remember that conversation and we said, well, let's have this amazing platform.

Let's get going on it.

Because I think for us as a large diversified asset owner, we're always looking at how do we manage our current portfolio risk? How do we use our influence to lessen that portfolio risk over time and also to influence some of the regulatory legislative issues? And then how do we find those investment opportunities to really move the needle? And that's been our big kind of North Star and guiding light.

And about three years ago, CalSTRS started to use what our CIO terms the one fund approach.

how does it land on your end i mean when you when you think when just answering that question of system stabilizing destabilizing what is why are those important questions for you guys to answer