The investing public understands that you need to do things to position yourself.

You get behind some of the numbers, like the underfunded pensions in the US, and I'm not sure people even understand how wrong their situation is.

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.

Whatever it is, in a 1% GDP world, I think people feel like there are other things they have to do other than just organic growth.

By the way, I'm not sure the managing director who was 50 in 2005 understood that the job had changed - that when he or she came out of school in 1986, that it was different. How would they know? We've got to admit that.

I worked at Drexel Burnham and DLJ, and then I worked at a financial conglomerate that had 60,000 people - there was a difference. But we went to the schools and said it's the same. The experience I had in 1992 is exactly what you're going to get in 2002.

The leverage Wall Street has to change the world is greater than technology. At a very young age, you're in the room with CEOs, making critical decisions. It should be exciting. It is exciting.