I think the economy in the US has surprised. The old adage is that if America sneezes, the rest of the world catches a cold. If the US economy does well, the global economy will do well.

Being called a sophisticated snake oil salesman was a low point in my personal career.

I think the asset management industry, especially in the US, is going through a pretty tough time. If you talk to the CEO of a US asset manager, morale would be at a low, even though stock markets are at almost record levels.

Asset management CEOs globally are looking at their business models. They're looking at costs, they're looking at making their businesses more efficient, because they're seeing revenues under pressure all over the world.

I think the economy in the US has surprised. The old adage is that if America sneezes, the rest of the world catches a cold. If the US economy does well, the global economy will do well.

I think the issue that millennials have is that the return on asset classes such as bonds, cash, are so low now compared to the historical levels that it's very difficult for them to save enough to be able to retire comfortably. If interest rates do trend back upwards, it may be less of a problem going forward.

I think the retirement crisis globally is a major problem. I think it's especially prevalant in countries such as Japan, where immigration is an issue. I think the US is more shielded from it than most countries in the world. It has a higher birth rate than Japan, immigration is tolerated here unlike probably it is in Japan. I don't think it's as big an issue in the US as it is elsewhere in the world.