Most of the programs we do run in-house. When we can be competitive versus other investors around the world, net of costs, then we will do that. The example that I cited earlier in front of this committee, which still holds true, is our infrastructure program, which we manage entirely in-house. We estimate that if we did that externally, it would cost about 10 times as much money versus doing it internally. For this program, we believe we can have a small team that continues to be competitive versus the best talent and asset managers around the world who are competing for infrastructure.
We can't say that for every single asset class. Talent in investing is extremely scarce and expensive. There are top-decile managers in the world, whether in private equity or in public funds, who we think outperform in the long term even after all of the costs, but we're extremely conscious of the fact that when we're paying that money, we need those returns net of cost to exceed anything we can do in internally.