In each business, there is a process, or a delivery system or information system, that is changing rapidly under them.

I've always said this: I've never seen a Michelin three-starred restaurant that was a buffet. They usually serve à la carte. I do think the delivery of a specific service, a specific advice for a specific reason, is the way you get the equivalent of a Michelin three-starred relationship.

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.

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."

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

The ability of people to reach their own news sources now, and create different views, is really unbelievable, and [populism] may be part of this.

I think people sense that - that there is something not right about that equation [in the USA].