I do believe that some of these regulations made the markets more volatile, and it remains to be seen how bad that can be.

We're trying to win business by doing a good job for the clients, as opposed to, "We think being big and universal is just a great, wonderful thing." It's not a morality thing. It's a "Does it work for the client?" thing. Everything we do is because a client uses us. Everything we do is because a client chose to use us of his own free volition.

Don't do anything stupd. And don't waste money. Let everybody else waste money and do stupid things; then we'll buy them.

Economies of scale are a good thing. If we didn't have them, we'd still be living in tents and eating buffalo.

You would expect to see that first in high-yield [debt], but it was in the most liquid thing in the world. So that, I think - it's a little bit of a warning that we've got to be prepared and just be careful.

After the tsunami in Japan, we were open for business. In fact, I flew there 10 days after the tsunami to show our support for the Japanese people.

If the economy grows, housing gets better, quicker.