Small companies and large companies all face technological change and changing consumer patterns, and changing retail patterns – you mentioned Amazon. So, we all struggle, and it could be – I don't have any crystal ball – but it could be that the smaller companies are actually quite well-placed for the future. You can't get much smaller than small, but large companies can get smaller. I don't say that that's what will happen, but it is conceivable that book publishing will be a smaller industry. It's not going to go away but it could happen.

And I divide my time between Britain and the US – it's convenient. I like both countries, sometimes I like one country more than another, sometimes not. But I have a feeling for both countries and I think if there is anything I'm proud of in respect of my Penguin years, in a business sense, is that when I came to Penguin in '78 it was British; when I left it in '98, I think it was '98, it was still British. Most of the other companies had changed, they were either Australian or German or French or whatever, but Penguin was British. The irony is that last year Penguin ceased to be British-owned and it is now German-owned, and that has its own ironies since my own background is German/English.