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

Without going too deep, without globalization I am not sure everyone would be able to have a supercomputer in their pocket at the low cost.

Everybody is looking at their base business and saying, "What else is it? Sure, we do this, but while we're doing that, what else do we know about our customer, and what does that enable us to do?" That comes from the access to information and the ability to analyze it with a speed they never had. I think everybody is thinking that way.

There are only two people running [Donald trump and Hillary Clinton] - you have to pick one of two people, and it's not like I said Mickey Mouse was going to win. This is why, like you said about Brexit, inside of London I don't think they saw what was going on.

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.

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.

The consensus is a very dangerous thing to get complacent about.