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

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.

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

I find it is happening in different ways to every industry in the world, and positioning yourself for that, and trying to get ahead of that, is a big conversation right now.

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.

There are some very difficult things to understand that globalization is providing, that people really think are just here but really are a function of some of that. There are some very difficult arguments.

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."