01-10-2007 Special Meetingti
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MIAMI SHORES VILLAGE
POLICE PENSION BOARD
SPECIAL MEETING
JANUARY 10, 2007
1. CALL TO ORDER
The special meeting of the Miami Shores Village Police Pension Board was held on Wednesday, January 10,
2007 in the Conference Room of the Village Hall. The meeting was called to order at 8:40A.M.
2. ROLL CALL
In order for the record to reflect those present the roll was called with the following members present:
Al Davis
Kurt Gustinger
Present
Lieutenant David McLeod
Officer Clifford Vickers
Absent
JC Rodriguez
Also Present: Mark A. Malatak, Plan Administrator
Lisa Keeley, Recording Secretary
• 3. INVESTMENT CONSULTANT — Alan Kirchner, Merrill Lynch
Interview and Presentation by Investment Managers
Mr. Kirchner informed the Board that one of the presenters was unable to attend the meeting in person, but would
be available by telephone. It was the consensus of the Board that they did not want to interview an investment
manager that could not make arrangements to attend in person.
Mr. Kirchner provided a Manager Interview — Scoring Review worksheet to the Board as a guide for the
presentations.
Mr. Davis arrived at this time.
Aletheia Research and Management — Joe Boskowich, Jr. and Chad Cook
Mr. Boskowich discussed the investment style of the firm. Since inception, the company has had an 18% return.
The company does not rely on traditional channels of information. He indicated that the company does not invest
more than 20% in one industry group and no more than 5% in one stock. Mr. Cook expounded on the risk
management side of the firm referring to the upside/downside capture ratio method that was used.
Mr. Davis left at this time and passed the gavel to Lt. McLeod.
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Police Pension Board January 10, 2007 Page 2
Edgewood Management LLC — Lawrence Creel and Donna Colon
Mr. Creel presented the firm as one that manages risk appropriately by using the team approach. The basic
philosophy of the firm is to invest in high quality growth stocks. They follow a strict discipline by owning only
twenty-two companies in the portfolio.
Discussion on both presentations ensued. Mr. Gustinger moved that the Board instruct the plan administrator to
bring a contract for both the Aletheia Research and Management and Edgewood Management LLC firms to the
next meeting. Ofc. Vickers seconded the motion which passed unanimously.
5. ADJOURNMENT
The January 10, 2007 special meeting of the Police Pension Board was adjourned at 10:20 AM.
Lisa Keeley, Recording Secretary