Transcript

And our major argument was that in the different environments that any business has to adapt to, whether it's the market, or the technology, or the capital markets, or the, you know, the regulatory framework, you can look at any one of those three and say, well, those have some different characteristics, and this one organization has to connect effectively, adapt to that.

And at the same time, they have to put the whole thing together on the inside so it comes out with a coherent product that is successful in the marketplace, with a relevant technology, and all the other things that go to make up a successful firm. So it is a story of adaptation, really.

And you can turn to Darwin to think about that process that is—you have to get behind words like, "succeed," or, "survive," and say, "Yeah, but how?" And that's why adapting to particular things, and lining up with them, and still—and differentiating as necessary to do that in the different parts, but still finding ways to integrate those activities so that they, you know, form a coherent whole that will work.