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 challenges, the changes we're talking about often seem to them like unbelievable opportunities to deliver a product quicker, better. If you can improve the quality, lower the cost, and improve the turns - and you can do that because your information systems, your delivery systems, are better because of technology - well, you see that as a wonderful opportunity to gain market share.

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.

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.

I think that life expectancy over the last 10 years has increased dramatically. You're living longer.

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.

One of the great parts about my job is I travel the world. I was in India right before the [Narenda] Modi election, and I don't think he was the frontrunner until the end.