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

That's probably good, all things being equal, for emerging markets, not bad, even though it may not be great for all their currencies.

There are two types of depreciation. There is one where you're manipulating currencies. And that's not what Japan is doing.

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?

But in general, as countries get wealthier, there's going to be more savings, which means you're going to have intermediation. So part of it is just the huge growth in wealth, and part of it was globalization - these companies, these clients getting much bigger and much more global.

We had a lot of gridlock on a lot of issues. But, the American system is pretty resilient.

Japan, Europe, [and] America probably [are] better than last year [2015], not China.