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.

I've been regulated my whole life. We have progressive taxes. It's not a free-market free-for-all. I completely understand that society has a perfectly legitimate right to put in structures and regulations and rules that make it fairer, better, cleaner.

We, Americans, have the best country on the planet. We have schools, universities, food, water, energy, peaceful neighbors, low corruption, you name it, deepest and widest capital markets. That doesn't mean we shouldn't identify problems. We don't have a divine right to success.

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

I'm not going to name anybody, but I think there are about five to 10 global institutions that will emerge as our primary competitors across the board. They're adjusting to this new world, like we are.

Let's look at lending, where they're using big data for the credit side. And it's just credit data enhanced, by the way, which we do, too. It's nothing mystical. But they're very good at reducing the pain points. They can underwrite it quicker using - I'm just going to call it big data, for lack of a better term: "Why does it take two weeks? Why can't you do it in 15 minutes?"

The term "too big to fail" must be excised from our vocabulary.