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.

I do think [in USA] is a need for change. There is something wrong when you have $20 trillion of debt and crumbling infrastructure at the same time, and really fewer people employed than have been. Something is wrong.

In most industries, technological change is happening at a rapid rate.

Everybody is talking about synergies. You've got to take out every cost you possibly can. You have to position yourself as your services change.You have to think about in five years from now what is going to happen technologically to you. And then you do have to think about M&A or your balance sheet, and you have to think about everything in the context of, "Am I prepared to meet that challenge?".

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.

I've always said this: I've never seen a Michelin three-starred restaurant that was a buffet. They usually serve à la carte. I do think the delivery of a specific service, a specific advice for a specific reason, is the way you get the equivalent of a Michelin three-starred relationship.

The only thing I find executives down about is the regulatory environment.