A 'Thank You' from newly elected Board memberBob Stein

From Bob Stein, May 9, 2009

Subject: Thank You -- STRS Election Results

I was just informed that I have been elected to a retiree seat on the STRS board. I will take office on September 1.

The results were:

Jim McGreevy 25,567
Bob Stein 24,506
Ralph Roshong 12,731
Dave Preslan 10,881

I was pleased that the space between the successful and unsuccessful candidates was nearly double. A squeaker election doesn't show a clear decision either way.

My web site will begin a transition from a campaign site to one more appropriate to a board member next week. One of the goals is to use the site to encourage larger membership understanding and participation. Please continue to visit.

Even before I have a vote I would like to begin to influence decision-making methodologies. The first issue for me is to see if we can remove a few cognitive biases from the selection of our new investment advisory firm and from our expense decisions. Even making the board and membership aware of them would be helpful. This common shortcoming takes many forms but has been at the root of most of STRS's major expense and investment problems. It is important to start this now because the board will reach decisions on many of these issues before the end of the fiscal year (June 30) and may not functionally revisit them for at least another year.

Thank you for whatever you may have done on behalf of my candidacy.

Also, thank you for your participation in the election at whatever level.

Bob Stein
http://www.bobstein.us