Two vie for Hermosa Beach treasurer’s post
David Cohn and John Workman The battle lines couldn’t be clearer as City Treasurer John Workman squares off against challenger David Cohn, managing director of Diamond Capital Partners, on the Nov. 8 ballot. Cohn says Workman presides over a city portfolio with very little diversification and does not make the city enough money. Workman counters that he invests the city’s money with safety uppermost, and gets the highest yield that is safe from Hermosa’s small portfolio. “Yield to maturity is the ultimate measure of performance,” said Cohn, who promises that he can make the city $300,000 a year more than Workman does, without sacrificing safety. “Safety is the first heartbeat of our investment policy,” said Workman, who says that Cohn cannot do better than the $12.6 million he has made the city over his 18-year tenure, without sacrificing safety. Both Cohn and Workman describe the city’s investment treasury as fluctuating between a high of about $24 million and a low of about $16 million, which occurs in November and December, the dry months for tax receipts to the city. Cohn said the treasurer can predict the dips in the treasury, and the city’s expenses, accurately enough to…
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