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.

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.

If you're not exposing yourself to a non-consensus view somehow over the course of a day, you can reject them, but you should expose yourself to them.

It is hard to compare over generations. I think a lot of the top talent is choosing other fields. We look pretty hard - we put a lot of time and effort into finding talent.

That is the brilliant thing about the millennials. They're not obsessing about, "Hey, there is not going to be a job for me" - they're trying to take advantage of how good a life they can have without having to create so much nominal income. Income is there to create quality of life, but you can share your car and get where you want to go, and you can travel the world by couch surfing. I think they're taking advantage of deflationary forces to improve their life while not maybe having to chase the nominal money that was needed to buy a whole car, a whole house, a whole couch.

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.

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.