Thank you.
Let me just comment on those operating expenses on page 24 of the 28th actuarial report. They relate to the administrative cost of the CPP itself, but yes, they do level off, and there is an efficiency in that. That's different from the CPPIB costs.
On the lower-for-longer point, this is a challenge. It is a challenging investment environment globally given global central banks' activity, whether it's in Japan, Europe, the U.S., Canada, or other countries. Interest rates have been driven to low levels and are likely to stay low for a while. We have to find ways of making sure that we continue to have reasonable returns, and therefore, diversification across both geography and asset type is important, as is strategy.
We have a broadly diversified portfolio. We have 25 different investment strategies that we implement. We have investments through some private investments in 42 different countries, so we try to diversify to avoid having all our eggs in one basket or having to depend too much particularly on the low interest rates.