Mr. Hayes, earlier today Jack Mintz spoke of a crowding out of private investments in the venture capital industry. People I know in the venture capital industry have not described a crowding out by too much investment in the last while; in fact, they have described a dearth of investments. It's been a real challenge.
You referred to the leverage of private capital. Your message is exactly the opposite of Professor Mintz's message, and you're in the industry. The chamber of commerce, representing venture capital firms and companies within which they have invested—Mr. Arsenault, again, an industry participant....
What do you think of Professor Mintz's assertion that there has been a crowding out of private investment by labour-sponsored funds, particularly given your figures that one third of Canadian VC is actually labour-sponsored venture capital?