I worked at Drexel Burnham and DLJ, and then I worked at a financial conglomerate that had 60,000 people - there was a difference. But we went to the schools and said it's the same. The experience I had in 1992 is exactly what you're going to get in 2002.

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.

I think [millenials] are 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.

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.

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

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?".

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."