That's not a problem. I can hear the echo as well, for what it's worth.
Okay, that's better, if it works for everyone else.
We have this growing reluctance of companies to go public. In practice, that means Canadian companies choose to sell themselves as a way of generating liquidity for their investors. In many important industries, like technology and pharmaceuticals, selling themselves means selling themselves to a foreign company, usually an American company.
Our public markets are generally where companies have scaled up, so I've been very concerned about why companies are refusing to go public. I think the increasing regulation we impose on companies when they go public is the most likely explanation.