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.

It was phenomenal to see what was going on there. I came away from there so energized about India, and I was pretty sure that [Narenda] Modi was going to win an election that wasn't easy to see.

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

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.

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.

We pick on retail, I think, because each individual has experience with retail. It is easy to talk about.

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.