Thank you.
Absolutely, we're aware of.... I believe it's called a U.S. entities list. One of the changing dynamics around being a global investor is that in the broad brush of geopolitics, it doesn't just surface in a particular country. We think about investing in China and what decisions the government may make that could change the rules of the game in that country. Over the last seven years, what we've seen is an erosion of predictability in global trade rules. That has also resulted in various countries, including the United States, thinking through their own relationships with other global trade powers.
National security has really risen to the top of the agenda among public policy-makers in Washington. It's an area that we're following very closely. One of the reasons we're following it very closely is that CPP Investments has been deemed to be an independent pension plan in the U.S. What that means is that we have a special status. There are some very rigorous rules when a foreign investor enters a market like the U.S., rules that could make it much more difficult and more costly to make investments. With the U.S. being the largest economy, it's very important for us to efficiently acquire assets. For example, we recently made an investment in a significant port system in the U.S. That would be very difficult to do without the status that we have. That status means that we have to engage with Washington and with policy-makers so that they understand our approach to China.