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

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

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.

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

I went to Brazil, and you get on the ground and you see it, and you could tell the government was in trouble two years ago. This was just going to sweep the government aside, and it was a force you could feel. Brexit, the same thing.

I don't want to pick on Deutsche Bank, but I think the world of the regulated financial conglomerate, it is a strange thing. There is nothing in common between writing checks and running branch offices, issuing credit cards - those are good businesses, but they really have zero in common with M&A advice. They're a different customer.

If you're not exposing yourself to a non-consensus view somehow over the course of a day, you can reject them, but you should expose yourself to them.