In the near-term, the market would prefer a Bush victory because he is familiar and represents lower taxation on equities.

Portfolio performance for a calendar year can often be improved by simply selling the worst performers at the end of January.

If you can get 4.5-percent incremental performance over the course of 15 years, that really adds up, ... That speaks to investing in consistency and quality, as opposed to high valuation.

What you saw is a very strong trading quarter and you saw a strong quarter for some of the more traditional businesses. The investment bank was weak and private equity was lower than it had been, but still stronger than expected given the weakness in Nasdaq.

We think this company more than most would be leveraged to an improvement in market conditions and lower rates. Market activity comes back this company has a lot of operating leverage and it should show through on the bottom line.

More and more people are going after the consumer.

The banks that got hit the hardest had capital exposure and global exposure.

While it will not be a real exciting year, it will at least be an up year. We're talking about real returns of high-single-digits, and that's not so bad.