No one has the right to not assume that the business cycle will turn! Every five years or so, you have got to assume that something bad will happen.

If you were a corporation needing financial services, and I can give you something better, faster, and cheaper across 12 products as opposed to eight, that's business. I'm doing it because I'm serving you; I'm not doing it because I want to be universal.

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 hate the word universal, because I don't know exactly what it means. The question is, does it work for the client? Travelers was a diversified, financial conglomerate that did very well. The businesses had nothing to do with each other.

Manipulating currencies is when you're going into the marketplace and buying something in large amounts to depress the value of the currency.

There are two types of depreciation. There is one where you're manipulating currencies. And that's not what Japan is doing.

It's good for America when the rest of the world grows, because you can sell more to the rest of the world.