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billion of net income, CPP Investments directly and indirectly incurred $1,617 million of operating expenses, $1,449 million in investment management fees and $2,067 million in performancefees paid to external managers, as well as $427 million of transaction-related expenses. To generate $46.4 bps and below the 28.6
And we looked more like an industrial conglomerate than — RITHOLTZ: That’s where I was going to go. And that comes from having our capital invested alongside theirs, and having very strict requirements for performance before we get paid performancefees. We’re a builder of businesses.,
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