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.

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."

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.

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.

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.

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.

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.