Benjamin Felix

And the market changes.

Like it's not normal.

So take the S&P 500.

Normally, a company that goes public, it wouldn't even be a consideration that that company may make it into the index because it wouldn't be big enough.

Like it's the 500 leading companies in the US.

Wow.

A newly listed company is not going to fit that criteria.

But now we're in a world where, okay, companies are staying private longer.

They're going public when they're much bigger.

I mean, if I'm S&P, yeah, I'd be considering making changes too.

If you want to represent the 500 leading companies in the US market, well, just because it hasn't been listed long enough, I don't know if it makes sense to it.

For sure.

There's a couple of things that I want to add here.

One is I'd be very interested, Dan, to see the S&P TSX composite and capped composite side by side, but free float adjusted because S&P didn't start float adjusting their indexes until 2005, I believe.

I could imagine that Nortel would have had a lot of closely held shares.

They had a lot of shares in their pension plan, for example.

I'd be interested anyway.

I wonder how much free float adjustments mitigate that concentration risk in the index.

That's my hunch because that was in late 90s that that index concentration got so serious in Canada.

And I know that they changed to float adjusted weights in 2005.