I would put it to two things.
First of all, in the study that we did, number one, you're seeing a lot of high-potential people leave. The question is not what the other 90% of people are doing; it's what the top 10% of people who are likely to create outsized returns are doing. Part of the issue is that a lot of those folks have left the country. They're still starting their businesses, but instead of starting them here, they're starting them elsewhere. Therefore, you have fewer high-quality opportunities to invest in.
I think part of it is just that the talent migration is creating fewer opportunities. I'm of the view that, outside of very early-stage investing, good Canadian companies can find capital not only from Canadian investors but from U.S. and international investors. I think it's less an issue of “if you're doing well, can you get money?” and more of whether you have enough businesses forming of which some percentage of them go on to be big.
