As a whole, [changing] is deflation force that is being underestimated. Whether each person thinks of it in the context of the word deflation ... what they think of it is, "Hard to hold my margin. I'm under margin pressure. I'm under sales pressure. I'm under cost pressure."

John Cryan and I worked together at UBS, and I think John is one smart, hardworking individual, and I wouldn't bet against John. I wish him well.

The consensus is a very dangerous thing to get complacent about.

Without going too deep, without globalization I am not sure everyone would be able to have a supercomputer in their pocket at the low cost.

One of the great parts about my job is I travel the world. I was in India right before the [Narenda] Modi election, and I don't think he was the frontrunner until the end.

That is the brilliant thing about the millennials. They're not obsessing about, "Hey, there is not going to be a job for me" - they're trying to take advantage of how good a life they can have without having to create so much nominal income.

A big secular thing going on is technology and deflation. This is where I think millennials are getting that it is an improvement in life, and they're taking advantage of it.