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

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

As a whole, [changing] is deflation force that is being underestimated. Whether each person thinks of it in the context of the word deflation ... what they think of it is, "Hard to hold my margin. I'm under margin pressure. I'm under sales pressure. I'm under cost pressure."

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.

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.

[Millennials ] are sharing cars. They're sharing apartments. I'm not sure my generation quite knows how to take advantage of it.

I think that life expectancy over the last 10 years has increased dramatically. You're living longer.