I would like to answer the question on the costs and fees as well.
I think it's very important to look at the trajectory of our costs in the context of what I would say is unprecedented growth for an organization in a very short time, which I believe is unprecedented in the Canadian financial sector. Absolutely, we started as a very small office, and of course the costs reflected a tiny office, but in a very short time this organization has transformed into a truly global powerhouse that is able to buy prized assets for Canadians, and that takes teams.
Of course, in referring to some of our operating expenses, we had at the time one or two investment programs and now have 25. The key question is, what are Canadians getting for that? Are they getting value for those additional costs? We produce all of our performance net of all costs. We also put a lot of disclosure in a very granular level of detail as to what those cost. To be as blunt as I can be, the fund would shrink by $17 billion if it wasn't for active management.