Yes, it is a vulnerability that we've highlighted. It's certainly not unique to Canada.
One thing you have seen actually in most major economies is that there's generally a rise in sovereign debts globally. There's also been a shift in the investor base. As you mentioned, hedge funds have come into the government debt market in a bigger way. To some extent, that's welcome. Governments need investors. They've been an important new investor class, but what is concerning about it is that they invest with a lot of leverage. What they do, effectively, is that they use these arbitrage strategies that have fairly low returns. Then to juice those returns, they borrow a lot to increase the return—