I believe it's a good thing that people say, "Can we find a way to live together in peace?" And they did, for the most part.

The best thing to do is muddle through and maybe, over time, create a solution of that, if someone really wanted to exit, the legal basis on which you could exit. Because right now there almost doesn't exist one.

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.

It's moderate growth, with some parts of the world better than people think, and better than last year [2015].

My guess is the big Chinese banks will be in 100 countries by then. They will have very sophisticated operations, and they may very well have bought banks around the world in countries that allow it. I mean, I don't think the American government would allow them to buy JPMorgan. But they will be able to buy a sizable big bank in the U.S. at some point. Whether they do or not, or if it's allowed or not, I don't know.

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

Finance went from being a small business, effectively, to being a big business. In part, that's the growth of the world's wealth. That's called savings.