The CPP was higher. I understand the reason was that the CPP had very little exposure to asset-backed commercial paper. The QPP, or the Caisse de dépôt et placement du Québec, had more exposure to that.
The large government pension funds operate fairly cost-effectively and generally deliver fairly good returns, but I think when you put all of that money into the hands of a few investment managers, you have a diversification risk. When all of the pension money is managed by all of these different managers in the private sector and one of them makes a mistake, it won't affect everybody. If more money is aggregated than we currently have and it's in the hands of a few investment managers, when they do well, it's great. But if they make a mistake, we all lose.