On the simple logic, I wouldn't argue with that point. I would say, though, that from my perspective, the portfolio interventions are very important, the portfolio strategy. For example, I'm not going to put a lot of money into energy efficiency in a building when I may only have a five-year occupancy plan left for the building before I dispose of it, or before the tenants move on to a different use. It's not just the factor of energy; it's the total life-cycle cost. I get my investment, I get my return, but how long am I going to use that building?
On April 18th, 2013. See this statement in context.