Ken Moelis Quotes
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I asked one retailer, I said, "Let me ask you, are you going to raise prices next year?" They looked at me and said, "Not only are we not going to raise prices, we're going to have to lower prices, increase the quality of the goods, and turn the inventory quicker."
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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.
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I don't want to pick on Deutsche Bank, but I think the world of the regulated financial conglomerate, it is a strange thing. There is nothing in common between writing checks and running branch offices, issuing credit cards - those are good businesses, but they really have zero in common with M&A advice. They're a different customer.
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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.
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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.
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In most industries, technological change is happening at a rapid rate.
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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.
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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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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."
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It is hard to compare over generations. I think a lot of the top talent is choosing other fields. We look pretty hard - we put a lot of time and effort into finding talent.
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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.
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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.
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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.
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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.
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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.
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You see a wave of populism in the world. There is something wrong. This maybe because of technology.
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I worked at Drexel Burnham and DLJ, and then I worked at a financial conglomerate that had 60,000 people - there was a difference. But we went to the schools and said it's the same. The experience I had in 1992 is exactly what you're going to get in 2002.
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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.
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I've always said this: I've never seen a Michelin three-starred restaurant that was a buffet. They usually serve à la carte. I do think the delivery of a specific service, a specific advice for a specific reason, is the way you get the equivalent of a Michelin three-starred relationship.
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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.
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I think that life expectancy over the last 10 years has increased dramatically. You're living longer.
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I think people sense that - that there is something not right about that equation [in the USA].
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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.
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In each business, there is a process, or a delivery system or information system, that is changing rapidly under them.
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Do people have confidence? I think the real confidence you need is the confidence in your outlook, and I think people are pretty confident it is a low-growth world.
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It was phenomenal to see what was going on there. I came away from there so energized about India, and I was pretty sure that [Narenda] Modi was going to win an election that wasn't easy to see.
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We're a small part of this ecosystem. When we go to a school and talk about investment banking, they are these monster financial conglomerates, and so we end up in the same pot. That is still an issue for us.
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I went to Brazil, and you get on the ground and you see it, and you could tell the government was in trouble two years ago. This was just going to sweep the government aside, and it was a force you could feel. Brexit, the same thing.
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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.
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Not everybody has experience in drilling for oil in the Permian Basin, but the same thing is happening in every industry everywhere in some manner.
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