Rich Diaz

And of course, there's other people who say, nope, this time is different.

But nevertheless, the S&P 500 continues to make new highs.

Markets in general are quite buoyant.

And it's interesting.

No, no, no, no.

We'd have to peddle ESG if we'd make more money.

We'd have to peddle ESG if we're in the blob.

My only two cents quickly is just that if they had done – let's say like we had a little time machine –

Or like the counterfactuals.

Imagine if we had gone back, done exactly as Andrew Coyne in the article has suggested, and it was down 20%.

They'd be crying bloody murder.

You know what I mean?

So in a way, these pension funds can never win.

If they indexed everything and they did super well, then they'd be like, oh, why are we paying you millions of dollars a year to manage it?

And if they index, then they did really, really poorly.

And they'd say, well, you're fired.

They're extremely well compensated at the CPP.

No, they're not.

They have a huge private equity component, like a real estate component.

performing.