With few exceptions, the markets were not kind in 2002. Market participants that could tap into their institutional memory and hard-earned experience of living through other down cycles and that could take advantage of strong, positive, enduring cultures had a real edge over those that could not.

Firms remind themselves that nothing lasts forever. Goldman Sachs leaders reminded their teams, in the boom years of the 1990s, that "trees don't grow to the sky." They pointed to past generations of Goldman Sachs leaders who saw periods of great success but also had to wrestle with times of crisis.

Our disciplined management approach, our financial prudence and the strength of our core franchise have paid off this year, as we have continued a leadership position in our most important investment banking businesses.

Over the past 133 years, Goldman Sachs and its people have been tested by adverse markets, economic conditions and events. We have survived and grown stronger and more successful as a result of that passage, and it has defined the characteristics of the organization.