A Quote by Ken Moelis
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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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.
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.
The big thing I noticed from High-A to Double-A is that when you have an advantage count as a hitter, you're not going to get as many fastballs. Adjusting to the 2-0 changeup, that 3-1 off-speed pitch - things like that. I think my swing can stay the same; I just was getting myself out.
I don't believe in being lazy, but I do think that this "big kid" thing may just be misinterpreting people who are taking advantage of all their opportunities and not tying themselves down to traditional gender roles or traditional life roles.
I think I have a big advantage. But it's certainly a three-person race. And you have a couple of other people that are very talented there too. So we have a five-man race. And I think that it's going to be not easy. I have a big advantage. But a long way from being won.
Deflation and secular stagnation are the risks of our time.
No matter how non-technical your life and work, you're going to have to interact with technology and technical people. If you know something about how devices and systems operate, it's a big advantage.
I accept the proposition that there has been a significant improvement in underlying productivity growth in the United States, that it is very closely tied to improvements in information and communications technology, and that it is likely to spread around the world. But I resist the new economy label because it seems to encourage a disrespect for the old rules that could seriously undermine our success in taking advantage of the new opportunities.
I'm not a big believer in revolutions. What people call revolutions in technology were more of a shift in perception - from big machines to PC's (the technology just evolved, fairly slowly at that), and from PC's to the internet. The next "revolution" is going to be the same thing - not about the technology itself being revolutionary, but a shift in how you look at it and how you use it.
When there's deflation, it means that although most markets are shrinking and people have less to spend, the 1% that hold the 99% in debt are getting all the growth in wealth and income. Deflation means that income is being transferred to the 1%, that is, to the creditors and property owners.
The entire political class and ruling Wall Street class are zero-percent-interest zombies who talk about 'deflation' in the value of their second, third, and fourth homes. This is paper-deflation, zombie-deflation, and has nothing to do with the real economy.
I think the big thing is the fairy tale. It's taking old folk fairy tales and retelling them in modern day. I think it's just taking you out of everyday life, and everyone loves a good fairy tale.
I've traveled everywhere, and it's been amazing. I used to think taking a flight was kind of a big deal, you know? I'm from the valleys of South Wales and when my family used to go on holiday, it was a big thing. Packing the bags, checking in, not losing your passport, going through customs, the X-ray machine, all that stuff used to be quite an intense thing. Now it's like catching a bus, I don't even think about it.
I think it's amazing when technology is used in a smart way, but the responsibility that comes with it... I think there's a lot of technology that we're using that we haven't thought through. It's a bit scary to put all your trust in technology and to think that that's what going to save us. We're going to have to make some compromises.
I have no opposition at all to technology. I think technology is a wonderful thing that has to be used thoughtfully, and we can't just assume that every bit of new technology improvesthe quality of life; it's really in how the technology is used. What I am very disturbed about is this trend of everything happening faster and faster and faster and there being more and more general noise in the world, and less and less time for quiet reflection on who we are, and where we're going.
Research shows that if patients believe they are taking the real drug, they are more confident of improving and, so, improve even if they are actually on the placebo. Conversely, if they suspect they are taking the placebo, their expectancy of improvement declines, and so does their improvement.
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