How Does GIC Allocate Capital Around the World?

GIC price capital around the world basically on a spread to risk-free rate basis. And then we have a system that allows us to sort of evaluate everything up and down the risk spectrum. It's not perfect, frankly, in a world with zero interest; it probably tends to possibly understate risk returns in developed markets. But what it's important about it is it provides an organizational principle to make decisions rationally.