Yes. The unfunded liability that exists in countries around the world in terms of their pension or medicare obligations is huge.
Going to another topic, probably on the other side of this tangent, the CPPIB obviously entertains a lot of external managers and has contracts with them to manage and look at assets. On the operating expense side, I've just read through your statement for fiscal year-end. I just wanted to get a sense of your judgment in using external managers rather than bringing it in-house. Last year, you had $1.6 billion in external management fees on total operating costs of roughly $3.3 billion, when you add in transaction costs.
I understand that, but we need to hold organizations to account. You're here today at our committee, and I really want to understand and ensure that these investment management fees you're paying to external managers.... What's your decision-making in terms of not going in-house? You have the size to bring a lot of stuff in-house. I want to get your thoughts on that, please.