I understand the financial argument for mitigating risk. That argument makes sense individually. I think the implications are a bit different at the collective - national level. If Canada tanks and Auatralia is fine, sure CPP’s runway remains longer and pensioners are paid, but the rest of the economy around them falling apart with high unemployment doesn’t make for sustainable retirement. The pension payouts are only as good as what they can purchase. If the local economy can’t sustain services and prices, what those pensions can actually buy here since pensioners don’t live in Australia, can change dramatically. And in bad economic conditions locally, we need local investment to keep the economy able to deliver the goods and services us Canadians need, retirees included. This is why there’s an argument made for pension funds to shift investment home. An argument Carney makes.