I don't like the term "universal bank." The Chinese government legitimately wants to have a very strong economy. When they talk about SOE reform, they know that's part of it.

I also believe that most of the emerging economies have a fairly large amount of foreign exchange reserves, relative to 10 years ago.

I think the politics have gotten better in the United States, which makes it easier to pass legislation, budgets and treaties.

We invested in the downturn and we never stopped serving our clients.

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 always tell people, "There's a book on everyone." I get some of that book before I do anything. If I want to deeply understand someone's reputation, I'll talk to their friends, their former bosses, their peers, and I'll learn a lot about them. I want them to be trusted. I want them to be respected. I want them to give a s - -. Then there are the intangibles: physical and emotional stamina, the ability to confront issues. I can ask all I want about those things, but I also have to see a lot of it.

My father and grandfather were stockbrokers, and they would actually take stock certificates from a vault, give it to a runner, and send it to another vault. Then somebody said, "Let's digitize it and have one vault." Now the DTCC clears and settles almost everything, and the cost of doing a trade is a tenth of what it was before.