All our clients know that we're there, we're steady, we do a good job, we earn a fair return for ourselves, which I think is critical.

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

Good regulation should be conducive to business and to customer protection.

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

It can take a long time to get the rules in place that are conducive to growing, sometimes.

It's hard in all countries. Democracy is hard, but it's better than the alternatives.

If you're making all your money simply betting on interest rates, that's not a business. Flow is a business. On the outside, they look the same for a while. But when you dig into them, no, they weren't exactly the same.