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.

Not everybody has experience in drilling for oil in the Permian Basin, but the same thing is happening in every industry everywhere in some manner.

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.

There are some very difficult things to understand that globalization is providing, that people really think are just here but really are a function of some of that. There are some very difficult arguments.

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.

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. Income is there to create quality of life, but you can share your car and get where you want to go, and you can travel the world by couch surfing. I think they're 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.

Everybody is looking at their base business and saying, "What else is it? Sure, we do this, but while we're doing that, what else do we know about our customer, and what does that enable us to do?" That comes from the access to information and the ability to analyze it with a speed they never had. I think everybody is thinking that way.