Cyber-threat is the single most serious threat faced by the markets. The United States is very good at cyber warfare and counter warfare, but so are others. This is what we call 'asymmetric' warfare where adversaries have been able to level the playing field.

Cancer cells grow faster, adapt better. They are more perfect versions of ourselves.

The defining feature of our era is that the next generation are bona fide digital natives. They're backed by technology, making them tech-empowered. Thanks to social media, they can sway vast audiences in mere moments. They possess a crystal-clear agenda about the environment, justice, equality, and beyond just financial markets, they're reshaping social and political narratives.

We've built two great contagion machines. Firstly, international travel which has enabled vast numbers of people to fly over great distances. Secondly, the internet – and in particular, the way the internet has evolved... we saw the rapid growth of clickbait, sensationalist content, and the internet became a machine for disseminating contagious ideas.

Nuclear weapons were invented out of fear. The United States was afraid that Hitler was developing an atomic weapon, and they had to get one to deter him from ever using it. When the U.S. Manhattan Project that built the bomb began, no-one ever thought we would use a weapon like this; it was considered beyond the pale—a weapon that would indiscriminately kill hundreds of thousands of innocent men, women, and children.