Okay. Thank you very much.
I'd now like to ask a question of Chris Arsenault, who's been sitting there so patiently this whole time. I think he deserves to have some questions asked of him as well.
First of all, I'll go back to the LSVCCs, which is the hot topic today.
I'd like to quote from Professor Jeffrey MacIntosh, who couldn't join us today, from the University of Toronto. He says:
LSVCCs have generated poor returns, displaced more effective private funds, and in net, have impoverished, rather than enhanced the Canadian venture capital industry.
I'd now like to quote from Professor Jack Mintz at the University of Calgary. He says:
These credits have not only been ineffective in generating more venture capital, but they have also helped finance poor projects that should have never been funded in the first place.
The C.D. Howe Institute says:
Providing tax relief to LSIFs has been, overall, a disappointing use of taxpayers’ money.
The LSVCC is an example of an LSIF.
Finally, the OECD recommends the phase-out of the tax credits to labour-sponsored capital corporations
So there seem to be a lot of people speaking against these funds. There are obviously some who are here today who are speaking for them as well.
Do you believe that taxpayers are receiving sufficient value for their investment in LSVCCs? That's really the crux of this matter—value for taxpayers.