It's really important to understand what pool of capital is available here in Canada and who controls it. You have banks that have about 36% of financial savings, pension funds with about the same amount and insurance companies with about 27%. They each have different strategies that reflect the nature of their liabilities.
For banks, if you got your salary last week, you go to the bank and you go to the automatic teller and take your money out almost immediately. Banks have a very short investment horizon, so they tend to invest in short-term loans.
In the insurance industry, it's a longer-term liability, but it can be calculated out and it's quite structured. What insurance companies do is buy bonds of various durations over time.
Pension funds have capital available for the very long term: It's very stable capital and it can withstand lots of volatility. It's perfect for investing in equity, ownership in businesses and taking risks.
What we try to illustrate here is that the money is not staying in Canada. We've had a huge shift away from Canada, whether it's in the public markets or even in private equities. It's not good. This is a serious issue.
You have a pension fund like the Ontario Teachers' plan, which has 0.1% invested in Canadian stocks. Now, think about this for a second. They represent the people. The beneficiaries there are the folks who are training the next generation of Canadians for productive employment, and they're not investing in this country.
That is a big problem. It has to be addressed. We have some ideas on how we can do that. It may involve a bit of detail, but perhaps I could just stop there.