You see a wave of populism in the world. There is something wrong. This maybe because of technology.

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.

We pick on retail, I think, because each individual has experience with retail. It is easy to talk about.

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.

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.

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.

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.