Well, I think that what has been happening in the marketplace is that there's been a wave in the investment field towards indexation. Daniel often refers to it as the zebra mentality. People just want to have a portfolio that doesn't deviate too much from averages, and this has had a big influence on our industry. Canada is about 3% of the global markets in the Morgan Stanley World Index. This has encouraged many investors to think, “Look, I don't want to be caught way offside and have 10% or 20% in Canada.” The question is whether this level of investment is really adequate. We don't think so. In fact, as Daniel pointed out, it's been quite harmful and has reduced activity.
In the end, this is about jobs. Now, people may not be very sympathetic to whether the head trader at the Royal Bank of Canada is getting paid well, because he probably is. However, it begins there. The investment activity begins through the trading desks. Then it has impacts on financing, law firm activity and accounting. It just radiates through the economy.
I don't know whether that answers your question about why that is happening.