One very strong trend in the investment of Canadian pension funds is the move toward more investment in private equity, real estate infrastructure and so on. It now accounts for about 43% of total pension fund assets. What's important here is that when determining solvency, you have to come up with a valuation for these assets, and this is highly dependent on appraisal.
I don't know if anyone among you has ever hired an appraiser, but if you have, you might remember that the first question an appraiser probably asked you was, “What is the purpose of this appraisal? What do you need it for?” That should make you a little suspicious.
The other observation is that if you're not happy with that appraisal, you probably won't be bringing that appraiser back next year, so there's a concern here that there may be some kind of bias that builds into this valuation of 43% of our assets.