Yes. I think it's related to my comments earlier that a lot of capital gains, as realized, are from speculative activities that don't improve our productivity and long-term economic prospects. In some cases of financial intermediation....
There's a lot of literature in recent years from Joseph Stiglitz and Mariana Mazzucato, who largely see the growing profits in the financial sector as being almost parasitic on the real economy. The extent to which these types of provisions encourage capital into more speculative forms of activity—as opposed to real investment that builds our productivity over the long run, like investment in machinery, equipment, factories, buildings and that sort of thing—is problematic.
We should be careful to distinguish those, particularly because economists have a very specific definition of what they're talking about when they say “investment”. It's very different from “investment” on the front page of The Globe and Mail, which tends to be much more about speculation in financial assets and real estate.