Yesterday was a personal milestone for me. It was 35 years ago that I started working consistently in the intersection of public policy and global finance, so I hesitate to say that we've never seen it as bad as it's been. I've lived through the global financial crisis and a number of things. I will say, though, I've never seen it as bad as it is in terms of the global turmoil and the uncertainty.
I said in my opening remarks that we need to invest globally not only for managing the downside risk, for the resilience of the portfolio, but also for seeking the full universe for higher returns. Therefore, diversification is not an option for us.
The other side of it is that there's no place to hide. If we have to be globally diversified, with what is going on in the world today, there is no safe harbour. Everything is relative. All this to say that if you look at the different safe harbours, Canada is increasingly looking like one of those places that, although it's not free of risk, I would say, on a relative basis, it might be a friendlier place for global investors to invest.