People thought they were going to make a lot of money. And then at one point, it got too hot, and the government wanted to knock it down. Trying to get it up and then knock it down, both were a mistake. And part of the reason, some people think, is that they wanted to equitize some of their companies. A healthy stock market helps equitize companies and reduce the country's debt burden.

It's an advantage for both parties to have the other. It also creates good stability of earnings. Our business mix means we have a diversified earnings stream, which is one of the things why we got through the tough times so successfully.

I'm a really big believer - this is not a statement about President [Barack] Obama, but whoever is president - that good policy is really important.

As countries get wealthier - all of them, together - you're going to have financial assets. That is a good thing. You could argue the assets were traded too much, or that they're too highly valued, or too leveraged.

We're not fair weather friends. We've been in places for a long, long time.

You don't run a business hoping you don't have a recession.

It's moderate growth, with some parts of the world better than people think, and better than last year [2015].