Tony James

So we weren't driving down.

Sometimes an asset manager can drive down in return for more commodity returns.

We weren't doing that.

Yep.

And so that was a great run, I have to say, but we got very lucky.

But I started focusing right away on culture, again, coming from DLJ where I had, and my experience with Costco, culture is so important.

And that required making some changes in people and talent.

I think virtually every, the leader of every business almost was changed because a lot of culture comes from leadership.

We moved from being a collection of real, of talented people, but difficult people that didn't work together to a team orientation.

We put in place processes that

that people initially said, why should any processes, by definition, bureaucracy, so I don't want that.

But processes that encourage better decisions, sharing of information, and more efficient use of time actually frees people up.

And I'm very much against bureaucracy and hierarchy.

We did a lot.

We added – there were some businesses I felt we should be in.

We added those.

And there were some businesses we shouldn't be in, like the buyer business, so we spun those out.

So it was a long journey, but it was a fantastic journey.

I think I'm a good manager of small elite teams, Navy SEAL-type teams.

I don't think I'd be a good manager of the U.S.