Income is there to create quality of life, but you can share your car and get where you want to go, and you can travel the world by couch surfing.

Remember, for 5,000 years people probably rode those horses. They probably felt that horses were a permanent part of civilization. Everybody has had this moment.

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.

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.

The challenges, the changes we're talking about often seem to them like unbelievable opportunities to deliver a product quicker, better. If you can improve the quality, lower the cost, and improve the turns - and you can do that because your information systems, your delivery systems, are better because of technology - well, you see that as a wonderful opportunity to gain market share.

There was a time when people thought that if you piled a bunch of mortgages together, the top of the pile was AAA. There are a lot of things that become consensus.