We look closely at the investment styles, narrowness of the market – the extent to which a handful of stocks drive the whole market – and market inflections.

Overage in the quarter (was) mostly due to very strong investment banking results, particularly trading, and good expense control,

Clearly, risks do exist and there is no doubt that some will get into trouble, especially if interest rates are forced up suddenly, but a structural rather than cyclical change seems to have occurred.

When we look at investment, it appears to be structurally too low. The political tension will hold down the Taiwan dollar too.

The Obama administration's large and sustained increases in debt raise the specter of another financial crisis and large future tax increases, further chilling business investment and job creation.

I look at my forecast and, frankly, I was off by $180 million on their investment-banking side. M&A did extremely well.