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

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 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.

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 sign of complacency in the stock market is when people don't worry. At the moment, everyone worries about everything. They worry about geopolitical risk, about political risk, they worry that the markets are too high. The time to really worry is when everyone thinks that markets are going up and everything is going really well.

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.