David M. Rubenstein, Co - Founder and Co - Executive Chairman, Carlyle Group, USA; Member of Board of Trustees of the World Economic Forum, Gideon Rose, Editor, Foreign Affairs, USA, Jane Harman, Director, President and Chief Executive Officer, Wilson Center, USA, Amos Yadlin, Executive Director, Institute for National Security Studies, Israel, speaking at the „ Leading a New Multilateralism “ Session at the World Economic Forum Annual Meeting 2020 in Davos-Klosters, Switzerland, 22 January. Congress Centre - SenadarCopyright by World Economic Forum / Christian Clavadetscher
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Videos of Top Private Equity & Hedge Fund Managers from the World Economic Forum 2020 in Davos

Caproasia | Davos 26th January 2020

On the 21st to 24th of January 2020, the world’s rich and powerful gathered at the World Economic Forum 2020 in Davos, Switzerland for its 50th annual meeting.

” The World’s Rich & Powerful at the 50th World Economic Forum 2020 in Davos, Switzerland  “

Attending and speaking at the events include world leaders United States President Donald Trump and joined by leading investment managers from private equity and hedge funds: Ray Dalio, Bob Prince, David Rubenstein, Stephen Schwarzman and many more



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We put together exclusive videos of Private Equity & Hedge Fund Managers from the World Economic Forum 2020 in Davos.

  • Bob Prince, Bridgewater Associates
  • Ray Dalio, Bridgewater Associates
  • Stephen Schwarzman, Blackstone
  • David Rubenstein, Carlyle Group

Links:

Exclusive Videos:

 

#1 Bridgewater Associates Co-CIO Bob Prince on Bloomberg

Video: 12 minute 30 seconds | Source: Bloomberg

 

Bob Prince, Bridgewater Associates

” I will tell you what’s mispriced – interest rates “

#1 Calls the end of the Boom-Bust Cycle

“This is the end of the Boom-Bust cycle.  Cycles and growth are caused by the boom and bust in credit.  Credit expansion, credit contraction. And those expansions and contraction and credit are largely driven by changes in monetary policy.”

#2 The Federal Reserve is in a Box

“The Fed is in a box. They can’t tighten and they can’t ease, and nor other central banks.”

#3 Interest Rates are Mispriced

“Assets are expensive.  I will tell you what’s mispriced – interest rates.  It’s not that assets are cheap.   It’s that interest rates are low.  Interest rates are unusually low for the level of economic activity and they’re set there intentionally to keep this thing going.”

Bob Prince is the Co-Chief Investment Officer of Bridgewater Associates.  Bridgewater Associates is the world’s largest Hedge Fund with more than $160 billion assets under management. Bridgewater Associates is founded in 1975 by Ray Dalio, who is the Co-Chairman and Co-Chief Investment Officer.

 

#2 Bridgewater Associates Founder, Co-Chairman & Co-CIO Ray Dalio on CNBC

Video: 16 minute 27 seconds | Source: CNBC

 

Ray Dalio, Bridgewater Associates

” Wealth last less than average, about five years “

#1 Monetary Policy in Tight Spot

“We’re in a spot in monetary policy where you can no longer stimulate the same way you did before you used to push a button and go and it would go up.”

#2 Politics & Ineffective Monetary Policy 

“if you get a downturn, and there’s a probability in the next term you’ll get a downturn.  You don’t have effective monetary policy and you have people at each other’s throats – and that’s what I’m worried about”

#3 Wealth Last Only 5 Years

“Wealth last less than average, about five years.  Because you look at the appreciation. ”

#4 Cash is Trash

“You can’t jump into cash.  Cash is trash.”

#5 Monetary System 101

“There are 3 monetary system.  (1) In the old days, it had intrinsic value, you carry around gold coins. (2) Then we come up with the idea of banks or even central banks.  And what they do is they create certificates or notes that have claims on those things. And we put many more certificates than there is money in the bank.  And then there is a linked system – we did that and we broke that in 1971. (3) And then you have a fiat monetary system – which means you can print whatever amount of money you want.  And we are in that part of the cycle.”

#6 Risks & Returns of Bonds

“Bonds are not going to provide much in the way of returns.  I will be afraid of sanctions on those bonds.  Meaning the President can unilaterally says, I don’t have to pay the debt.”

Ray Dalio is the Founder, Co-Chairman and Co-Chief Investment Officer of Bridgewater Associates.  Bridgewater Associates is the world’s largest Hedge Fund with more than $160 billion assets under management. Bridgewater Associates is founded by Ray Dalio in 1975.

 

#3 Blackstone Chairman, CEO and Co-Founder Stephen Schwarzman on CNBC

Video: 16 minute 10 seconds | Source: CNBC

 

Stephen Schwarzman, Blackstone

” This is like a hockey game, where you used to have 35 shots on goal – things you could buy.  Now it’s like 5.  So you have much fewer things that are worth your time to analyze “

#1 Valuations Relative to Public Market

“I think all markets have gone up pretty dramatically you know over the last few years I guess the S&P is somewhere around 19 times.   And if you pay a premium to that, that’s pretty high.  It’s partly justified by the prospect of continued growth, partly justified by the fact that interest rates are so low.

#2 Private Equity Funds Valuation Methodology

“I don’t think the funds are marked up too high, because you don’t mark them up to exit.  You have a cash flow model and so those marks don’t change dramatically.  What changes is when you exit.  And when you exit now, you are getting higher prices than you expect, because everything is up.

#3 Investing into Companies Now

“The more interesting issue is the issue of purchasing things now.  Because they are getting pretty expensive.  And to buy something, you have to see something reasonably remarkable in in terms of your ability to improve the operations of a company”

#4 Buying Less Companies
“I wouldn’t say stepping back.  This is like a hockey game, where you used to have 35 shots on goal – things you could buy.  Now it’s like 5.  So you have much fewer things that are worth your time to analyze.  That that doesn’t mean that those things won’t happen.  But your opportunity set is significantly reduced.”
#5 On Compeititon

There’s always competition.   I don’t know that there’s more.  We are in the large end of the market.  There have always been 7 to 10 competitors.  The names change sometimes.

 

Stephen Schwarzman is the Chairman, CEO and Co-Founder of Blackstone.  Blackstone is world’s largest private equity group and a leading investment firm with $571 billion assets under management. It is founded by Stephen A. Schwarzman and Peter G. Peterson in 1985

 

#4 Carlyle Group Co-Founder & Co-Executive Chairman David Rubenstein on Bloomberg

Video: 7 minute 00 seconds | Source: Bloomberg

 

David Rubenstein, Carlyle Group

” It used to be in private equity, people wanted net internal rate of return of 20%.  Today if you can get net internal rate of return of 15% per annum, people were happy “

#1 Private Equity has Grown 

” When I started (1987), there were 250 private equity firms in the world. Now there’s 8,500 private equity firms in the world ”

#2 Lower Private Equity Returns

” Rate of return have come down.  It used to be in private equity, people wanted net internal rate of return of 20%.  Today if you can get net internal rate of return of 15% per annum, people were happy with that because interest rates are so low ”

#3 Ease of Raising Private Equity Capital

“The people that have to raise the money don’t say it’s easy but it’s not as hard as it has been historically.  Because private equity has now been accepted as a real asset that is not alternative, it is mainstream.  Also the sovereign wealth funds and the public pension funds have so much money and they’ve made so much money on public equity returns and also private equity returns they have to deploy it.  And they’re giving it to private equity firms in part because they seen it as a hedge against the recession.”

#4 Tech Companies Trillion-Dollar Valuation and Profitability 

” When you have something this big and you have something this profitable, usually the US government comes along and says hey you’re having too much money here and we need to do something about that.  But that doesn’t seem to be happening right now ”

David M. Rubenstein is the Co-founder and Co-Executive Chairman of Carlyle Group.  The Carlyle Group is one of the world’s largest private equity group and a global investment firm with $222 billion of assets under management.  It is founded in 1987 by Daniel A. D’Aniello, David M. Rubenstein and William E. Conway, Jr.

 

Credits: World Economic Forum, Bloomberg, CNBC

 


About the World Economic Forum

 

The World Economic Forum

The World Economic Forum is the International Organization for Public-Private Cooperation. Established in 1971 as a not-for-profit foundation and headquartered in Geneva, Switzerland, it is independent, impartial and not tied to any special interests.

In the early 1970s, the Cold War between United States and Russia had split the world while the Vietnam war split America.  With a growing oil crisis in 1970s, a German economics professor and engineer founded the World Economic Forum.

The World Economic Forum was founded by Professor Klaus Schwab, an engineer and economist in 1971. He created the “stakeholder theory” which means that company should serve all its stakeholders including employees, suppliers, and the community it is part, and not just only its shareholders.  The vision for this socially responsible “stakeholder capitalism” became the guiding principle of the World Economic Forum.

He chose Davos as the home for the annual meeting for the escape from the everyday that the mountains represent in Swiss and German culture.  This year in 2020, the World Economic Forum in Davos, Switzerland held its 50th annual meeting.




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