Thank you.
On page 24 of the 28th actuarial report, there was one thing that I was very happy to see. Obviously we need to look at things in constant dollars, just because something in 2050 may be 20 times bigger than it is today. You have to give perspective. I was happy to see the virtual standstill in operating expenses. With the additional CPP contributions from 2019, you'll have $99 million in expenses relating, and then it trends down and stabilizes on a percentage basis. I am very happy with that.
I'd like to ask just a general question. The Bank of Canada governors come out with “lower for longer”, in that companies need to expect lower returns when they're looking at their WACC calculation, or the cost of capital. That also has the implication for pension funds, in that in the future pension funds may expect or may have to anticipate lower returns. Could you give your perspective on what the Bank of Canada governor and the deputy governor have spoken about in the last few months in relation to returns for CPPIB going forward?