Anybody with a shopping cart, ball of twine and pen and paper could do an IPO in this market, ... Pulling your IPO due to market conditions is a pretty poor excuse - this market is as good as it gets.

When an offering is priced at $17.50 and runs up 50 percent in a matter of minutes, it's trading forces, not fundamentals, driving it.

Willis is a big insurance brokerage and very profitable,

India is very suddenly a hot theme in our market. We've seen them explode quickly. But the problem is that they can cool off as fast as they heat up.

It would be difficult to sell it with their most recent period, which is a horrible result. Goldman Sachs is probably saying that this would be a tough story to tell on the road when you have a declining business, when the other investment banks are posting record numbers.

It looks like there's some market for these retail. I think the deal works really.