and then think about the background of this incredibly important role and what backgrounds are relevant from an operational perspective and in terms of quality of judgment.

Right.

I think Christian's comments were very good in the general scenario of a CIO.

But what I've been seeing, especially in the United States, is CIOs that are... really entering what I would call the deal junkie syndrome.

And that's really caused, I think, by the CIO's compensation because we're seeing more and more CIOs, their compensation being tied to carry or deal flow.

And so they're incentivized to keep this carousel spinning.

And it's starting to look like activity is actually being mistaken for progress or perhaps even strategy.

If you have a portfolio, which is basically all in funds and securities, you probably take somebody who is a little bit more of an asset management background.