Daniel Needham: My feeling is, in this environment – this isn't an environment where we need to worry about people selling now. I think the idea that people are reducing their exposure, maybe that makes sense. This is not 2008-2009. We're seeing stock prices and asset prices, pretty much everywhere around the world, go up a lot. So, I think, the idea – I don't think the risk is that people are not taking enough risks now. I think it's the opposite. I think investors are aggressively positioned in aggregate and I think that – it seems to me that it's more of a fear of missing out environment than one of excessive aversion. I mean, really, the market volatility we've had this year is a blip relative to the pretty extreme bull market that we've seen, especially in the U.S.

 I think U.K. stocks actually, which is – U.K. is a fairly large market, around 10 per cent of the, sort of, listed global equity market, and we think that looks relatively underpriced. Now, when I say relatively, we think stocks prices are still pretty high everywhere, but the U.K. is pretty unpopular. You've got the whole Brexit concern. So, you've got the nice macro risk that everyone gets excited about and that's creating some really interesting bottom-up stock opportunities in the U.K. as well as an aggregate opportunity that we see. So, the pound is – it's been rallying recently, but it's relatively depressed as well. So, we think in those environments where people kind of trade on headlines tend to create opportunities. And so, we think the U.K. is also relatively attractive.