“Expanding pretax margins through scale and expense discipline, which creates low double-digit earnings growth, which plus some amount of capital return creates mid-teens EPS growth.”

In context

“e up on the hour, do you want to take it... Peter Crawford: Yes. So thank you. And certainly, thanks, everyone, for the questions and certainly thank you all for the time today. And we clearly spent a lot of time over the last several months discussing interest rates and cash balances, sorting, trading levels. I think what you've probably heard is, I certainly -- none of us can sit here and tell you exactly how those will go over the next few months or quarters. But one thing we remain very confident about is our outlook through the cycle. Confident in our long-term financial formula, which, those of you who followed the company for a while, recall as high single-digit to low double-digit client asset growth, including 5% to 7% organic growth, leading to a similar level of revenue growth. Expanding pretax margins through scale and expense discipline, which creates low double-digit earnings growth, which plus some amount of capital return creates mid-teens EPS growth. That formula remains as relevant today as ever. So you want to put all together what you see as a company poised to combine strong revenue growth over time with significant capital return. But also, I think this goes back to what Walt said, a company that isn't now and has never been satisfied, pressing ahead from a position of strength. Thank you all, and we'll look forward to talking with you again in October.”