The obscuration by dust of most of the growth of supermassive black holes.

Supermassive black holes underwent periods of exponential growth during which we see them as quasars in the distant Universe. The summed emission from these quasars generates the cosmic X-ray background, the spectrum of which has been used to argue that most black-hole growth is obscured. There are clear examples of obscured black-hole growth in the form of 'type-2' quasars, but their numbers are fewer than expected from modelling of the X-ray background.