That is the brilliant thing about the millennials. They're not obsessing about, "Hey, there is not going to be a job for me" - they're trying to take advantage of how good a life they can have without having to create so much nominal income. 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. I think they're 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.
In most industries, technological change is happening at a rapid rate. 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. 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.
You see a wave of populism in the world. There is something wrong. This maybe because of technology. The ability of people to reach their own news sources now, and create different views, is really unbelievable. There is a desire for change. There is a millennial generation that doesn't like what they're seeing, but doesn't quite know what the solution is.
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 would point out is that most of the change over the past 5,000 years has been arithmetic, and it now logarithmic. Digitization, the whole Moore's law thing where it doubles every 18 months - that is a speed that is faster than most people are used to.
It is a very interesting world. I'm excited. It is much more optimistic than people think, and there is going to be huge job creation from all these things, and there are going to be huge life improvements.
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.
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.
That is the brilliant thing about the millennials. They're not obsessing about, "Hey, there is not going to be a job for me" - they're trying to take advantage of how good a life they can have without having to create so much nominal income.
There is a lot of opportunity in all of this stuff [like healthcare business]. I don't know why everybody is focused on the negatives.
[Millennials ] are sharing cars. They're sharing apartments. I'm not sure my generation quite knows how to take advantage of it.
I want to be clear. Who knows if [ Donald Trump] will be a vessel that people will get behind, it might not be, but there is a movement out there.
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.
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.
If you're not exposing yourself to a non-consensus view somehow over the course of a day, you can reject them, but you should expose yourself to them.
There are only two people running [Donald trump and Hillary Clinton] - you have to pick one of two people, and it's not like I said Mickey Mouse was going to win. This is why, like you said about Brexit, inside of London I don't think they saw what was going on.
The consensus is a very dangerous thing to get complacent about.
I think that life expectancy over the last 10 years has increased dramatically. You're living longer.
You ever go out to a restaurant now? You can get quality food - you can go out and get the best food that was available 20 years ago. They'll put it on a plate, you'll sit in a plastic chair because nobody values the chair, the white tablecloth, the maître d', but they'll put on your plate some great food for what used to be available at Applebee's prices. There are some really nice things going on, some external values being delivered to people.
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.
Without going too deep, without globalization I am not sure everyone would be able to have a supercomputer in their pocket at the low cost.
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.
I think people sense that - that there is something not right about that equation [in the USA].
I do think [in USA] is a need for change. There is something wrong when you have $20 trillion of debt and crumbling infrastructure at the same time, and really fewer people employed than have been. Something is wrong.
There is a desire for change. There is a millennial generation that doesn't like what they're seeing, but doesn't quite know what the solution is.
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