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.

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.

You ever go out to a restaurant now? You can get quality food - you can go out and get the best food that was available 20 years ago. They'll put it on a plate, you'll sit in a plastic chair because nobody values the chair, the white tablecloth, the maître d', but they'll put on your plate some great food for what used to be available at Applebee's prices. There are some really nice things going on, some external values being delivered to people.

Remember, for 5,000 years people probably rode those horses. They probably felt that horses were a permanent part of civilization. Everybody has had this moment.

You see a wave of populism in the world. There is something wrong. This maybe because of technology.

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.

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.