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.

The leverage Wall Street has to change the world is greater than technology. At a very young age, you're in the room with CEOs, making critical decisions. It should be exciting. It is exciting.

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.

You see a wave of populism in the world. There is something wrong. This maybe because of technology. The ability of people to reach their own news sources now, and create different views, is really unbelievable. There is a desire for change. There is a millennial generation that doesn't like what they're seeing, but doesn't quite know what the solution is.

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.

In each business, there is a process, or a delivery system or information system, that is changing rapidly under them.

[Millennials ] are sharing cars. They're sharing apartments. I'm not sure my generation quite knows how to take advantage of it.