The big shift into alternative investments happened after the tech crash. There were pension funds like the Ontario teachers that got in early with hedge funds, real estate, and private equity, but the major shift happened after the tech crash of 2001.
I'd like to touch upon a point that Mr. Lamoureux just made. We can say we should augment CPP. My personal belief is that we should cap pension funds at a certain size. Yesterday, the chief of OMERS asked for more pension consolidation. Right now there is a jockeying for position with respect to who is going to get more assets. Will it be Ontario teachers or OMERS? I think it's time we start capping these large pension funds, including the Caisse de dépôt et placement du Québec, at a certain size. After a certain size, it becomes harder to deliver the returns that you're supposed to deliver.
I think we should start looking a little more at what's going on in Sweden. I want to emphasize that there is no perfect system around the world. We should cap pension funds and create new defined benefit plans based on the highest standards of governance.