I think the capacity is certainly there. The investment opportunities in the world right as we speak are perhaps less attractive in general. Everything seems expensive. That's the nature of the game. With regard to teachers and others, they'll speak for themselves, but my take on how they are handling their plans is that over time.... Teachers are a good example. By now they have a very mature plan. The number of new contributors coming in and the size of the contributions relative to the obligation and the amount of retirees has become quite small. Many of these plans now are negative on a cashflow in versus benefits basis, and under those circumstances, their portfolio does become more conservative. I mentioned OPTrust and HOOPP earlier. These are plans that are very explicit in saying to their members that they're not chasing the returns trying to beat the index or trying to beat the other guy. The thing they're trying to beat is the increase in the size of the liability, the obligations they have to pay, because the primary task is to pay that obligation.
On October 2nd, 2018. See this statement in context.