It's a bottoms-up process. We make a decision based on their contribution as well as the market forces.
This record performance was the result of strength across virtually all of our businesses. While the second quarter was characterized by uncertainties that roiled the interest rate, credit, commodities and equities markets, the third quarter saw trends reassert themselves.
Activity levels are probably higher than I've seen in my 25 years at Goldman Sachs. Client activity is very, very high. CEO confidence is quite high. You see lots of merger activity going on.
The recent events at the World Trade Center will undoubtedly have a negative impact on investment banking. Although economists believe a U.S. economic recovery will likely be stronger than previously expected, it is clear that any recovery in investment banking will be pushed well into 2002.
Obviously, this was part business model and part environment. The growth we've had, and the model we have in place, allows us to perform well in almost any kind of environment.
Our businesses are quite diverse, and there's no single item that would make or break us. This was a broad-based gain, with every major business contributing.