Thank you very much for that kind of retrospective analysis.
When you're looking at a fixed budget, how do you know when to go in, in advance? Do you have decision-making criteria?
Dr. McGregor, I'd like your views on this because you were talking about policies and funding frameworks, and maybe on a more global scale, you have some sense of what those funding frameworks and policies might look like to make sure we invest in the right technologies and we don't over-invest or under-invest in light of the pace of innovation.
Mr. Williams, perhaps we'll have you first.