These trends are surely of great importance for financial pricing. There will always be individual businesses that fail because of technological obsolescence, flawed strategies and so on – idiosyncratic risk remains. That is why the list of firms in the Dow Jones 30 or the ASX top 50 is rather different today from a decade or two ago.
Let me first of all thank all those who praised us – you will not be too surprised that I would briefly like to look back on some of the achievements for which we were praised before I consider the room for improvement.