Yes, that's right. My greatest vice today is that I'm too loquacious.
It's just that the next time you look at this, could PBO try to find a methodology to at least credit a passive approach for its lower management costs? For all of the complications you've just stated—and they are legitimate—notwithstanding, there must be some way, if we're going to compare the two, to give passive management credit for its lower cost of administration—both transactions and management—that it brings.
My request as a parliamentarian is that the next time you do this calculation, you take that into account.