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

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.

I want you to say to me right from the start, "We are here to serve customers. We're not here for me to make a lot of money. We're not here to bet on interest rates or credit spreads. We are here to serve our customers really well over a long period of time, and that's how you build a successful business." And so I want to see that, too, you know?

They [Chinese] have very smart, experienced people. I don't want to paint them all with the same brush. There was a little bit of a feeling that the stock market, which went from something like $4 trillion in valuation to $10 trillion, that the Chinese wanted that.

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.

Wall Street gives money to both [Democrats and Republicans] because they want to be on the good side of whoever becomes president .

I speak to lots of people around the world, and no one would tell you that 25 basis points will make a difference to them.