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."

We pick on retail, I think, because each individual has experience with retail. It is easy to talk about.

I think [millenials] are taking advantage of deflationary forces to improve their life while not maybe having to chase the nominal money that was needed to buy a whole car, a whole house, a whole couch.

In most industries, technological change is happening at a rapid rate.

You see a wave of populism in the world. There is something wrong. This maybe because of technology.

In most industries, technological change is happening at a rapid rate. I find it is happening in different ways to every industry in the world, and positioning yourself for that, and trying to get ahead of that, is a big conversation right now. Digitization has created opportunities for everybody to accumulate information in a way they were never able to, and analyze it with a speed that just wasn't there.

There are only two people running [Donald trump and Hillary Clinton] - you have to pick one of two people, and it's not like I said Mickey Mouse was going to win. This is why, like you said about Brexit, inside of London I don't think they saw what was going on.