I don't think any pension fund of the large Canadian pension funds should be paying bonuses this year, period, especially if they've lost the amount of money they've lost, and in the way they lost the money. That's very important. It's not just losing money; it's where you lost money.
To answer your question, no. When you use this four-year rolling return argument, who does it serve? It serves the interests of the senior executives of the pension fund. It does not serve the beneficiaries or the stakeholders. It serves to line the pockets of the senior executives of the pension funds. That is a key thing we have to keep in mind.
When we have catastrophic losses like those in 2008, it's nice to say this is a once-in-a-lifetime event. Well, Leo Kolivakis wasn't the only one who predicted this. There were a lot of other people who are smarter than I who predicted what was going to happen. I saw it because I was working within the confines of the large pension funds. I went to all the conferences in London and in New York, and I saw it was like a financial orgy on hedge funds and private equity and real estate. Well, the music has stopped, and you know, as Warren Buffett said, when the tide goes out, you'll see who has been swimming naked. There were a lot of people who were swimming naked.