On February 8, Mr. Cohen was a guest on Bloomberg Radio's “Surveillance” program where he discussed the M&A climate and his outlook on the economy, among other subjects. Mr. Cohen said the current high levels of corporate cash reserves indicated that businesses are still uncertain about the direction of the economy. For the same reason, he also said he expected to see more bolt-on deals than major transactions in the coming months. “If you do a big deal and it goes bad, it is a disaster,” Mr. Cohen noted. “Bolt-ons can be injurious but not disastrous.” However, he added that he was optimistic about the economy. “I think people are gaining more confidence as we go further and further away from the 2008, 2009 crisis and when there seems to be less and less evidence that there is a risk of a double dip,” Mr. Cohen said.