The strength of our business franchises continued to generate strong underlying financial results.

We had terrific results, yet we're not firing on all cylinders. The one we're not firing on is our consumer business, which we saw good customer interaction and lower credit costs, but we also saw revenue growth was not where we hoped it would be.

We have the opportunity to grow the consumer business dramatically.

no longer believes that financial conditions are favorable enough to support a continued expansion in p/e ratios.

The only way to regenerate the world is to do the thing which lies nearest us, and not hunt after grand, far-fetched ones for ourselves.

Europe is clearly showing continued signs of strength, and the ECB is responding to that. There is a chance yields rise from here.