You have struck the chord right there. The difficulty in Canada is that there is not a culture of risk, and certainly there is no culture of risk in the pension funds in Canada, below the largest seven or eight pools that exist. Most pension funds in Canada are too small to be able to bear the kind of risk and the research that's inevitably required for them to make investments. There's no fund of fund advisers in Canada of any significance, and so our large portion of funds that are in small pension funds simply do not invest.
On October 22nd, 2009. See this statement in context.