I think people sense that - that there is something not right about that equation [in the USA].

In most industries, technological change is happening at a rapid rate. I find it is happening in different ways to every industry in the world, and positioning yourself for that, and trying to get ahead of that, is a big conversation right now. Digitization has created opportunities for everybody to accumulate information in a way they were never able to, and analyze it with a speed that just wasn't there.

We're a small part of this ecosystem. When we go to a school and talk about investment banking, they are these monster financial conglomerates, and so we end up in the same pot. That is still an issue for us.

I asked one retailer, I said, "Let me ask you, are you going to raise prices next year?" They looked at me and said, "Not only are we not going to raise prices, we're going to have to lower prices, increase the quality of the goods, and turn the inventory quicker."

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.

The investing public understands that you need to do things to position yourself.

Do people have confidence? I think the real confidence you need is the confidence in your outlook, and I think people are pretty confident it is a low-growth world.