Actually, you need to look at it on a global basis because, for one Valeant that goes down, you have one Apple or one Yahoo that will increase. You look at the overall valuation of the index. You can take some constituents, some companies, and some shares are going to go down and others are going to go up. When we look at the indexing part of our business, we look at it globally in terms of the global returns that we get from, in this case, U.S. equities.
On June 7th, 2016. See this statement in context.