Thank you very much, Mr. Chair.
Mr. Machin, if we look at the geographic distribution of investments made by the Canada Pension Plan Investment Board, we see that 64% of those investments were made in Canada in 2006, but that percentage falls to 15.6% in 2020. That is a very significant decrease. I understand that there is a desire to diversify assets. On the other hand, when you invest a lot of money abroad, you need to have a very good grasp of those markets.
First, I am concerned about the speed of this knowledge acquisition, given both the speed of this investment diversification, and the desire to limit risks.
Second, I'm concerned that there are almost no investments in Canada anymore. Of course, I am more concerned about Quebec, since I am a Quebecker and I want Quebec's economy to do well. How can you explain this decline in investment: is it because the Canadian economy is considered too risky or not diversified enough, or because you don't have confidence in it?
Could you explain how your investment strategy in Quebec differs from the one you apply in Canada, and give us an idea of the percentage of investments made in Quebec as compared to Canada?