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.

Everybody is looking at their base business and saying, "What else is it? Sure, we do this, but while we're doing that, what else do we know about our customer, and what does that enable us to do?" That comes from the access to information and the ability to analyze it with a speed they never had. I think everybody is thinking that way.

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."

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.

Whatever it is, in a 1% GDP world, I think people feel like there are other things they have to do other than just organic growth.

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.