Yes, Mr. Chairman. Canada's is a new industry relative to the United States'. They've been doing venture capital since the sixties, and it came to Canada in perhaps the late seventies or early eighties, so there's less time on the job.
Largely, institutional investors got into the sector in 1997 and 1998. They had one experience and it wasn't a good one: when the NASDAQ went from 6,000 to 2,000.
American investors who had been doing this since the sixties were able to go through a tremendous 25-year cycle in which venture capital returns beat every other asset class. So as a result, money has been pulled out of the system by the Canada Pension Plan, by OMERS, by Teachers', by the Caisse de dépôt, by bcIMC, and by AIMCo. If Canada's six largest pension plans have pulled out of the sector, there's less money to be in funds, which is less money into companies. It's that simple.