Thank you, Mr. Chair.
And thank you to the witnesses for coming today.
I want to start by talking a bit about some of Mr. Masse's earlier comments with regard to good returns from incumbents. We've heard a few times that incumbents have good returns and therefore it should be attractive to come into the market.
It makes sense on a really basic level, but maybe you could clarify that I'm hearing you correctly. I think I'm hearing that when you combine the good returns that those incumbents are getting with the sheer size of the incumbents, the scope of their business, it makes it very difficult, first of all, for a start-up company to come in and compete. They have these big companies, but they are also healthy and able to put up a pretty good wall when you try to compete against them. Second, it makes it very, very difficult to compete for capital. Because they do have good returns, they attract all of the capital--it would seem to make sense--and that makes it very difficult for a start-up company to get capital.
Am I reading that correctly?