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.

The only thing I find executives down about is the regulatory environment.

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.

John Cryan and I worked together at UBS, and I think John is one smart, hardworking individual, and I wouldn't bet against John. I wish him well.

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.

I want to be clear. Who knows if [ Donald Trump] will be a vessel that people will get behind, it might not be, but there is a movement out there.

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