I asked one retailer, I said, "Let me ask you, are you going to raise prices next year?" They looked at me and said, "Not only are we not going to raise prices, we're going to have to lower prices, increase the quality of the goods, and turn the inventory quicker."

Do people have confidence? I think the real confidence you need is the confidence in your outlook, and I think people are pretty confident it is a low-growth world.

There was a time when people thought that if you piled a bunch of mortgages together, the top of the pile was AAA. There are a lot of things that become consensus.

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.

We're a small part of this ecosystem. When we go to a school and talk about investment banking, they are these monster financial conglomerates, and so we end up in the same pot. That is still an issue for us.

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

There is a desire for change. There is a millennial generation that doesn't like what they're seeing, but doesn't quite know what the solution is.