So trust founded on enduring values and optimism. The next is a belief in people. I could quote many instances, including of course this school, which is a prime example of the positive difference which can be made by great people. But the one I choose is the question mergers. The clich which has become unchallenged is that there is no such thing as a merger of equals.
Any merger is always a takeover.
Well, that is often the case. But having lived through a series of mergers I think there is another conclusion to be drawn which is that a takeover if it is just a transfer of assets from one owner to another, with the people left behind and laid off, is always going to be suboptimal. That sort of merger may produce great savings and a very successful business. But it will be suboptimal because the new company will lose the talents of those who go. And that is beginning to pay off.