I wish we had two hours to speak about this one topic. I think it's a very important question, and it's one I've discussed on many other occasions.
Basically, what is it about Canada that prevents the Canadian managers from taking over those companies? There are many hypotheses—they have not been quantified—but we think they have to do with managerial talent within Canada. For example, if you look at the number of MBAs that graduate in Canada relative to the size of the population, we lag behind that of the United States significantly. That has an effect 10 to 20 years down the road, when you look at the stock of managerial talent.
Secondly, when you think about how thin financial markets are in Canada relative to how thick they are in the United States or Europe, if you look at the amount of bank credit, for example, relative to the size of the economy, Canada lags behind that of other G-7 countries significantly. In terms of raising the capital that's required within Canada, that really limits the ability of Canadians. The whole infrastructure that underlies what would be needed for Canadian entities to rise up to buy these Canadian companies is really lacking.
I could go on, but again, I think this panel of experts should consider that topic as well. That's a very important issue.