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.

A big secular thing going on is technology and deflation. This is where I think millennials are getting that it is an improvement in life, and they're taking advantage of it.

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.

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.

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.

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.

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."