I fully agree with you on diversification. I think it's good. It's in all our interests that the Canadian pension funds are investing overseas.
The only thing I would say, though, is that there is a humongous oversupply of long-term capital versus infrastructure projects. Every pension fund in Canada, in the United States, in Japan, and in Europe would love to invest more in infrastructure. There are simply not enough projects that have been put forward.
That's what I said about the competition. That's why I'm not worried about private equity coming into this. They won't play. They won't get the returns they want in this. That's why when someone in Australia puts in a bankable project for people, you literally have a swarm of people because there are just not that many. We think there are those in Canada; they just need to be structured.
We want this infrastructure bank to be independent and to have world-class structuring skills, so that it can set up these types of things to be attractive but also good for Canadians. It takes a specialized set of skills to do that.
Again, I agree with you on diversification, but there are simply not enough infrastructure projects. It's one of the strangest problems in the world, because we have all this infrastructure and we have all this money, but it's not happening.