Government Operations committee  Some of them are: infrastructure and, to some extent, timberland and agri land. Other liquids are less tied to inflation, like private equity, which is more a function of the market.

Government Operations committee  I would have to come back to you on that. I don't have that here.

Government Operations committee  No. We are essentially in commercial real estate, with some residential, but mostly development, and we're also in shopping malls, so there's very little exposure to that kind of market.

Government Operations committee  Yes, I—

Government Operations committee  We will.

Government Operations committee  We do. Certainly, at the CEO level, I can tell you that most of the CEOs of the large pension plans talk to each other. We would like to do more. As I've often said, it's at the deal team level that it's a little more difficult. They see more competition than we do, but we've rec

Government Operations committee  To go back to Mr. McCauley's point, we haven't made the analysis, but what we can tell you is that against a reference portfolio, which would be a zero or very low-cost base, in the last 10 years we've generated $16.3 billion of value-added, net of our costs. I think it's evidenc

Government Operations committee  Correct.

Government Operations committee  Yes.

Government Operations committee  I will answer the question first internally. Our view is that we have a meritocracy but we do take very seriously diversity because we do think that it leads to better decisions, better operating decisions, better investment decisions, and we've made significant progress. We had

Government Operations committee  I'll let Daniel jump in because that's his area of expertise, but I will tell you that we do expect for the next few years that it's going to be a very low growth, low return environment, and the way to address that is to have diversification. We have the benefit of being able to

Government Operations committee  We have about 17% in real estate. Overall, we have about 32% in liquid assets.

Government Operations committee  Valeant is quoted on the New York Stock Exchange.

Government Operations committee  We would be.

Government Operations committee  If it's part of the TSX, we would be exposed to it.