This panel discussion features prominent global financial leaders discussing the current economic landscape, future challenges, and opportunities, with a particular focus on the impact of technology (AI), geopolitical instability, climate change, and the evolving role of capital markets.
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The Apprentice so um welcome to the
panel and thank you very much for having
us here and we have 11 people on the
panel we have 75 minutes so that means
everybody gets an
hour um for all of you who think you
should be on this panel we only have 11
uh we were thinking of having 12 if we
had 12 you would be on the panel so just
imagine that it you missed it barely but
thank you all for coming and I want to
thank you for hosting us and let me just
uh say at the very beginning I don't
think there's ever been a panel with as
big an assemblage of financial talent
and skill as you've been able to put
together here so thank you for doing
this um I'll try to go around
alphabetically generally but why don't
we start with our host so um Yer uh tell
me on AI and I I point out AI is a major
subject you're interested in uh I
noticed that Saudi Arabia has in both
words AI now maybe that's a CO
coincidence but uh AI is obviously
something you're focused on and how do
you think that you can make Ai and can
be made inclusive so that people aren't
left behind and are you 100% convinced
that AI is going to be a benefit for
society as opposed to a
detriment thank you um I mean I started
um I think back in 2014 but the
generative AI which is the new
thing and um it requires a lot it requires
requires
um the infrastructure which is the uh
chips it requires the platforms the data
centers uh and all the um uh other uh
ABS to work with it I mean now what
we're seeing uh with the um you know
chat gbt and the other um AI platforms
is just a tip of the is ber this is just the
the
beginning okay so we need to get all the
um all the
um companies that generates the ABS with
the companies that generates the um
chips the data centers to work with the
governments to have some kind
of an accord or some agreement on how to
use and harness AI for good MH and to do
so we have to be to be more inclusive we
cannot just make the AI as an exclusive
thing so you have many models the U uh
the closed
um model and the open model and we have
seen some of the closed um uh model the
close source model that
is either uh certain ideology or
politics plays a lot and there's a big
difference between what the internet is
today and what AI uh is doing so it has
to be a a
collaboration countries have to work to
have some kind of a strategy or
agreements not only countries but I
think um supernational organization like
the United Nation or the uh World Bank
or some of these big entities they have
to work together with different
countries on making AI more inclusive so
you pointed out in your opening remarks
AI consumes a lot of electricity in
other words to make AI work it there's a
lot of electricity that has to be
consumed are you convinced that the um
the the effects of all the electrc
electricity that's generated all of the
climate change that might be affected by
AI is worth the benefit in other words
is it really going to be beneficial for
society to use as much additional uh
electricity uh to get the benefits of AI
it is no doubt someone mind I mean
generative AI is um the second um phase
of AI then we will go maybe to the super
AI sometime in the
future um so all of this would need huge
data centers and that's why we were
talking to everyone and we started
building so many data centers and the
world need more data centers now the
problem is to your point the uh power
consumption with this data centers and
as I said in my opener remarks you will
um just one day of Chad gbt learning is
the equivalent of about
26,000 homes in the US which consumes a
lot of uh
energy so we have to work on um how we
can balance you know the bro and cons of
the use of uh
AI what we doing for instance in Saudi
Arabia I think is a good solution we in
our in our targets by the year 2030 we
want to have 50% of our power uh
generation to be based on renewable and
the other 50 will be based on gas
which emit less than uh liquid so we
have to invest
more in the renewable uh energy if you
look at the targets by 2040 I think it's 283
283
trillion dollars needed to be um
invested uh cumulatively from the year
20 20 until uh 2040 we haven't achieved
much what we have achieved so far as
like 1.7 last year or 1.2 trillion so
that means we have to pce our
investments or deployment by 5 trillion
in annual base globally final question
at this point um you are the chairman of
Saudi ramco which is the largest
corporate uh oil producer in the world
you're also the head of pif which is uh
one of the largest Sovereign wealth
funds in the world as the head of pif
you're responsible for producing roughly
% of the alternative energy that is
supposed to be produced in this in the
Kingdom yet you're also producing
enormous amount of non-alternative
energy at uh at Saudi Arco how do you
balance the two every day do you wake up
and say I'm going to do a little bit of
alternative energy I'm going to do some
for carbon energy how do you balance
this uh that's a great question actually
what we doing in aramco is should be all
the oil and gas companies should really
consider doing we are are the lowest
emitter when it comes to the oil and gas
uh production by far if the other oil
and gas
companies uh start doing what aramco is
doing in their production I think we can
reduce the
emission by um
uh by big numbers I don't remember the
exact numbers but it's the equivalent of
oneir of the both residential and
Commercial em mission in the world so if
we can do that that will be a great
thing but the problem the that most of
the oil and gas companies have they're
not incentivized enough by their
governments to to do something like that
while in pf we are doing 70% as you said
of the renewable uh energy we're trying
to balance things and we've working a
lot with aramco they're
co-investing uh with most of our
initiatives in addition to what they're
trying to do now in the blue hydrogen
and the sequestration which would reduce
all the uh emission so I don't see any
okay contradiction of what I'm doing in
both entities so as the head of pif do
you ever have an experience where
somebody comes to you and doesn't tell
you they have a great investment idea
for you to invest in you ever have that
where somebody doesn't give you a great
idea when they're talking to you to for
you to invest I'm sorry I don't
understand the
score everybody comes up of course no I
do everybody comes everybody comes to us
of course with the with the greatest
idea on the face of the Earth or history
and uh we really inviting them to do so
but we do have a huge process big
process on you know filtering all the
things looking at the benefits versus
the risk we've uh done of course really
some great Investments and we're really
proud of it um we have less failure
Investments which is a good that means
our system and framework and governance
is working let me turn to Ray Delo Ry um
you built the largest hedge fund in the
world uh Bridgewater and uh you're also
in your new career also an author you've
written a number of New York Times
bestselling books in one of your recent
books you talked about five forces that
are affecting the global economy so can
you succinctly tell us how these forces
are going to move the economy forward
positively adversely I'm a fear but
positively potentially uh uh yeah as a
global macro investor for the last 50
years my job has been to bet on what is
going to happen globally macro and uh
what I learned in my lifetime is that
many of the things that surprised me
happened with because they didn't happen
in my lifetime but they happened many
times in history particularly the 1935
uh 192 uh 30 to 45 period so these five
forces have always interact and I think
everything that we're going to talk
about today will be related to those
five forces and they interact and those
five forces of course are the debt money interest
interest
rate um economy Force the second is the
internal order or disorder force in
other words the internal conflicts that
we are having today and the debts that
we are having today are the largest
since the 1930 to 45 period and also you
go back in history and you've seen
enormous amounts of those they have
implications the third great force of
course is the international geopolitical
force uh two great Powers uh that are
rival powers and then of course the uh
fact that there isn't a single World
Order there isn't a single world power
it's very different than in 1945 when
the new world order was created because
you have a war a dominant power comes
out or a dominant powers and they set
the rules and everybody goes by the
rules well this is a very different
world and so uh those three forces um I
wanted to examine those over the last
500 years because to think about Rises
and declines of Reserve currencies uh
Rises and declines of Empires and so on
I needed to get the perspective over
that and I discovered
that the other two great big forces uh
were acts of nature uh which droughts
floods and pandemics have killed more
people than Wars and is are certainly a
dominant Force at this time and then the
fifth gr Force has always been man's
inventiveness and Technologies so we
have these five forces interacting so
everything that we're going to talk
about will be related to each one of
those and I think if we step back and we
put that each one of those in a historic
perspective say how are there degrees of
influence com compared to those in
history the largest wealth gaps since
the 1930 to 45 period populism and so on
so those are the five forces I think if
we're looking at them and their
evolution it's like watching a movie
play out over and over again if you have
that his iCal perspective and as we're
looking at it what we're seeing around
the world today as we go into the
elections that we're going to see in the
United States which are going to be over
irreconcilable differences about wealth
and power and then we look at the
geopolitical situation and then we look
at the climate issue the climate issue
is going to cost us it's estimated
between 5 And1 trillion dollar a year in
a world GDP that produces 100 trillion
so anyway I think that those five big
forces as we look at if we look at
historical perspectives and analogous
periods I think that that'll help us I
think we have to be concerned about that
Dynamic that's taking place put put it
simply for next year are you optimistic
about the global economy or
pessimistic pessimistic pessimistic
pessimistic about the look you you have
you have a political you have a monetary
you have an a a conflict type of
environment at the same time you have
the greatest inventiveness we talk about
this fabulous technology development
that has so much potential to um produce
wonderful things and then I the also
it's a it could be a problem so if you
take the time Horizon the monetary
policies that we're going to see and so
on will have greater effects on the
world and you look at the world gaps so
you it's difficult to be optimistic on
that and I think
now uh the real issue I think is how we
deal with each other okay okay if we it
was said earlier very well you know um
Peace if we can if we can keep a peace
if we can have a com a a healthy
competitive environment without having a
war with each other we will be in good
shape we will make ad adaptations okay
Jamie Diamond uh you have led for quite
more than a decade the most profitable
and lest market cap Bank in the world JP
Morgan so are you optimistic about the
economy going forward and are you as
obsessed as many people are in the
financial World about whether the FED is
going to increase interest rates again
or cut interest rates does it make that
much difference to the economy as you
see it yeah so David thank you folks
thank you for having me here again and
uh I'll give you the optimistic thing I
think it's wonderful I've been coming to
Saudi Arabia since 2005 and which
changed here is so dramatic and so good
uh and not just with they've done inside
Saudi Arabia but trying to bring peace
to the Middle East uh and please in
spite of what happened uh in Israel I
urge you all to keep up that effort it
is the only way to get there with some
leadership from Saudi Arabia for all the
folks in the Middle East and I'm
generally an optimist I think you you'd
be foolish not to look at some of these
things taking place today in uh Ukraine
Middle East uh obviously my heart goes
out for Ukraine uh but also it's
affecting oil food uh food prices gas
prices migration potential starvation is
probably the most serious thing we faced
and I hear people talking about ESG all
the time I just would put on your table
the most serious thing facing mankind is
nuclear proliferation if we're not
sitting here 100 years from now it will
be nuclear proliferation it's not a
climate and so uh so I think when you
look at the geopolitical situation as
complex as we've seen I I don't know if it's
it's
1948 or
1938 obviously all hope it goes away I
think it's a little bit of wishful
thinking it's going to take real
leadership on the part of many people
out there and then I look at the
financial situation the fiscal spending
which is more than is ever I'm talking
about the United States but almost true
around the world it's more than it's
ever been in peacetime by a long shot
with the highest debt levels we ever had
by government and there just kind of
omnipotent feeling that central banks
and governments can can manage through
all this stuff I I I'm cautious I don't
think it makes a piece of difference
where the rat go up 25 basis points or
more like zero nun nada I think whether
the whole curve goes up 100 basis points
you know I would I be prepared for it I
don't know if it's going to happen but I
look at what we're seeing today more
like the 70s a lot of spending a lot of
it's going to be wasted I'm in favor of
this whole uh ESG effort on the other
hand if you look at the way we're going
about it uh it's almost like governments
want to whack them all and force it but
no carbon taxes no rational way to go
about it that would be more important
the United States for example you know
you can't build pipelines through to
reduce coal emissions you can't build uh
you can't build get the permits to build
solar and wind and things like that so
we we better get our act together I'm
hopeful when I listen to all the R&D see
around the world we will make the
breakthroughs we need to be climate but
it's going to be a day later and longer
than it should be because of our own
basic uh incompetence I also want to add
add one last thing I'm taking it from
Bob Gates to fix this it's going to take
real leadership from the Western World
in particular uh America but leadership
which is not just military diplomatic
development finance and this development
Finance I don't know if AJ is still here
what we need in development Finance
dwarfs what governments can do so it it
can't be done without private capital
and private Capital you know isn't going
to come in if they you know you buil
something it gets taken from a
government something like that so we
have a lot of work to do it's one of the
reasons I think these events are
positive uh but I I would be quite
concerned and the other thing about when
you look at economics I think people
prepare for possibilities and
probabilities not calling one course of
action since I've never seen anyone call
it I want to point out that central
banks 18 months ago were 100% dead wrong
okay so maybe there humility about
financial forecasting I I would be quite
cautious about what might happen next
year it's been uh said I think you've
commented on this that you would like to
be president of the United States if you
could be appointed maybe not run for it
do you think you're old enough you're
only in your mid-60s you think that's
old enough to be president United States
I I'm still
maturing Larry thinkink uh started and
still runs the largest asset management
firm in the world called Black Rock uh
Larry do you see a tital way shifting to
fixed income investments from Equity
Investments and do you think that will
continue for quite some time or do you
think that's really not a tidal wave and
people people are basically still
investing in equities as much as they
did before well again thank you for
being here it's always great to be in
the Kingdom as Jamie said the
transformation of the kingdom in the
last seven years is is totally
heartwarming um and I would also just
want to Echo um as
capitalists as Business Leaders we we
all have a responsibility to speak a
little louder today in a polarizing
World um in a polarizing world where
we're seeing
terrorism we're watching two Wars and
here we are trying to talk about you
know how to build make it a better world
that's what this fii is about and so we
also have to then focus on the
unpleasant parts of what's denying the
world for better growth so um we all
have to be better humanitarians and we
all have to be more focused on how to
make sure that the political side of the
world uh understands uh that uh peace
and prosperity does work a lot longer
and uh and does shape and LIF more human
beings uh to middle class and higher St
standard of living uh and conflicts
actually uh uh create much more Global
problems for for the majority of the world
um we are going to see higher interest
rates David we're going to see higher
interest rates for longer um this
reminds me of the 70s I think some of us
were were on trading desk in the 70s
um and
um the' 70s was all about bad bad policy
today it's about bad policy
again um and big macro shifts as Ry
spoke about it um the polarization the
politization of Supply chains the
fragmentation is a big result of it that
is inflationary let me over over also
say populism is very inflationary
because we respond to the immediacy of
the moment we don't talk about long-term
issues uh uh as we see more and more
countries move to the far right we see
more um threats towards
immigration uh uh the lack of
immigration um is very inflationary
especially in economies like the United
States I'm talking about legal
immigration um and so and then we have
um we've had a government I'm talking
about the US now that in 2000 we had an
$8 trillion
deficit and today we have a 33 trillion
deficit so the deficit has grown by more
than a trillion dollars each year over
the last 23 years that is highly
inflationary the balance sheet of the
Federal Reserve um is highly
inflationary and so all these different measures
measures
um are much more structural much more
difficult so as a result of that
interest rates are going to remain
higher opportunities for investors are
going to be able to be very
patient um you could do nothing and
enjoy a positive return all right so are
you expecting a hard Landing or a soft
Landing in the United States or you just
can't project I would I do not we will
not see a hard R soft Landing in
20124 um the amount of fiscal stimulus
that is just entering the economy which
is very inflationary the chips act the
IRA and the infrastructure acted about
$970 billion the largest piece time non
uh pandemic moment of fiscal stimulus at
the same time our Central Bank is trying
to arrest the economy and and and so
that's that that just hitting the J
curve uh and and you see u in labor
settlements right now what's going on
and labor talk 20 25% increases in wages
so I I don't see a problem but I do
believe the Federal Reserve is going to
have to raise rates higher which
probably will mean by 25 we may have a
soft we may have a hard Landing that is
the only way I see how we're going to be
arresting this but I don't expect it uh
anytime soon I think the power of the
economy the power of the consumer that
Jamie about a lot um is giving me
Comfort that the economy is fine
obviously other parts of the world the
the European economy is is facing much
more severe headwinds and the one thing
that I would say about the US economy we
have a spectacular capital markets we
have the greatest Capital markets in the
world every country is trying to build
their own Capital markets I had many
conversation yesterday about how the
kingdom is trying to raise its capital
markets in our Capital markets we have
the most unique mortgage
Market 98% of all mortgages are fixed
30-year fixed so the transmission of
high rates in the US economy just takes
much longer to impact the
economy and so that transmission is not
being impacted as fast as the
transmission of higher rates in other
parts of the world that's in Europe
where they have more fiveyear fix and
floating especially in the UK you see
the transmission of higher rates
impacting economies faster so um we you
know and I would just say one last thing
intersecting what Yer said intersecting
uh uh what a said uh when when you
intersect what technology is going to do
uh robotics in the intersection of of AI
and Robotics we are going to have a
boost in productivity and that is going
to be the next wave for deflation that
is not going to happen anytime in the
next few years so I'm more optimistic
today than I was four years ago the
transformation in medicine how we are
shaping lives through diabetic uh
therapies that are now showing total
impact on the health of heart disease of
diabetes of kidney disease and we you
know I know something quite personally to
to
me the medicines
for dementia and Alzheimer's is is
changing the curve of decline by
50% there are so many reasons to be
optimistic and the pages on the
newspapers on websites is all about the
pessimism and I'm more of a Believer how
technology is going to shape these
economies and help us out we may have
one or two years of struggling but I am
powerfully optimistic about how
technology is going to be rapidly shape
our world he Jane Frasier is uh running
running City the CEO of city and one of
the largest banks in the United States
and I think the first woman to run a m
major Money Center Bank in the United
States well we had to go outside the
United States to find a woman to do that
but you're native of uh of uh Ireland
Scotland SC David shame upon you okay so
um are you optimistic or you're pessim
pessimistic going forward and what's the
biggest challenge in running City these
days or a major Money Center Bank um
it's it's we're sitting here with the
backdrop which I think we all
acknowledge of uh the aftermath of the
terrorist attack in in Israel and the
the events have been unfolding since and
it's desperately sad um so it's hard not
to be a little pessimistic given that on
the other hand we're also as we talk
about in a world where um there is a new
s in
ESG uh which is security be food
security energy security it can be
defense it can be Financial Security and
that's certainly a theme that all the
the CEOs around the world are talking
about how to build more resilience
countries companies are doing so so from
Ci's perspective um as we operate in
many different geographies around the
world as do many colleagues around the
table it's coping with a world where
globalization is becoming more
fragmented the risks associated with
globalization are getting more connected
together um and how do we manage and
navigate that um and as as Ray said uh
you've got a multiple different forces
that every company every leader has to
navigate so I think it's important to
have big ears and thick skin these days
in uh in running any Enterprise so for
the women that are watching or that are
here um what would you say is the
biggest challenge for a woman to rise up
in a major Financial Service institution
is there any discrimination anymore or
is there more than there used to be and
what was the secret to your rising up oh
well let me just point out quite a OD a
remarkable job the kingdom has done on
this front I've been coming here not
quite as long as Jamie but 15 years and
the last four years have just been
spectacular in the change that's
happened since coming from coid um it's
exciting to see and I think this this
country is a good model for how to make
sure that there is the education the
access to opportunity and it's not token
gestures but it's focusing on
recruitment it's focusing on development
it's focusing on the promotion of women
and providing access to Opportunities
and I have to say male allies are very
important in that Rise um and several of
you around the table have been wonderful
allies to me
okay so Patrice mppi um Patrice is I
think one of the most prominent business
people in Africa and very actively
involved in philanthropy and business in
South Africa Patrice why do does the
Western world not really invest that
much in Africa relatively speaking uh I
think only 1% of private Equity Dollars
around the world go to Africa every year
uh do you see any change occurring and
AFA going to be more attractive to
Western investors or do you think it's
actually going the opposite way it it's
very s simple I mean Africa has to
continue to be globally competitive an
exciting destination for investment both
domestically and globally uh Investments
don't investors worldwide don't have to
invest in any specific country or
continent there's a lot of exceptional
work that has been done in Africa like
many other developing countries will
there be challenges in the future
absolutely yes I mean we we've invested
billions of dollars uh in Africa we
could have invested in other parts of
the world we've invested in India and
and in Europe and in America so I think
overall there's a there's a new group of
young African leaders some of the
smartest brights as African study in
America you and I are part of the
Harvard University Global advisory
Council exceptional
Talent Bright Young African study in
London and in other parts of the world I
think the future looks great and what
area would somebody wants to invest in
Africa where would you recommend that
what type of things Venture Capital
buyouts technology what are the areas
you think are particularly attractive
well I think the key issue is uh you've
got to find the right partners and uh
and as I said the the the bottom line
is the perception that there isn't any
capital in Africa is misf founded uh the
financial services company that we are
the bigger sh in has got in excess of
$80 billion uh I think part of the
challenge is we have to diverse we have
to invest in other parts of the world
but which means me we also have to
invest outside Africa which are the best
opportunities I think technology is
changing the face the opportunities in
Africa and in the developing world and
and uhu if you look at uh the impact the
the the fastest growing economies in the
world are from the continent but of
course they start from a low base so uh
there's lots of investment in
agriculture we will continue in the
mining industry uh the the challenge for
us now is to beneficiate in the
continent and and those beneficiation
opportunities have to make commercial
sense but overall you know the
Partnerships globally and there's a
significant amount of Investments that's
not just going to Africa but to the rest
of the developing World okay so no Quinn
is the CEO of
HSBC uh a major European bank I think
the the the largest bank one of the
largest banks in Europe and that did not
take any assistance from the government
in ' 0708 so as you wake up every
morning are you worried about the
European economy or are you more worried
about the Chinese economy you have a big
presence in China as well so what
worries you more the Chinese economy or
the European economy well let me talk
about the European economy First Look
clearly it had a massive inflationary
shock with the gas the dependency on the
gas price um that then led to a big
shift in some of the demand curve for a
number of Industries in Europe anything
to do with consumption High Street
massive demand curve shift um Europe at
the moment is still in terms of real
rates is still negative and if you
contrast it with the us the real rates
in the US are positive so you then got
the currency pressure in Europe as well
but that demand shift has created a very
low growth economy in Europe still with
high inflation but coming down and the
real shock was the resilience issue the
real shock was the dependency on a
single source of energy um and I think
if you if you play that into
postco all Industries in the world all
governments of the world have had that
shock on resilience so I seeing a huge
amount of diversification of Supply
chains taking place um and that is
impacting China as well the exports from
China are impacted by geopolitics the
need for resilience in supply chain and
the need for diversification but I think
the real challenge for Europe is
near-term and probably medium-term
growth it will get inflation under
control although there is the potential
for a second wave wage inflation is
still not under control in Europe and
particularly in the UK I think we're all
seeing evidence of that biting now in
our economies um and I so therefore
there is the potential for persistent
high high interest rates and high
inflation in Europe in the in China I
think it's more near-term pressures as
they've corrected the economy with some
massive policy correction but
medium-term I'm still very confident of
the growth opportunities in China
hindsight is usually 2020 but uh so
let's tell us in hindsight was brexit a
good thing for England and a good thing
for Europe or not a good thing I'm going
to I'm going to I'm going to put a
different slant on that um the timing of
brexit was very fortunate in that it
coincided with coid I think if you look
at it from a political point of view
Boris Johnson achieved brexit at a time
when the economy was already flat and
actually the economic impact imp of coid
was more damaging than the econom and
and actually the economic impact of
brexit was muted because it was already
a very suppressed economy so when we run
stress tests on the UK economy for
brexit on top of coid it didn't make a
lot of difference you were already at
Rock Bottom what you're now seeing is
the emergence of the brexit overhang
coming as the economy is rebooting in
Europe and the economy rebooting in the
UK the UK at the moment if you listen to
the Chan the UK is still doing it's low
GDP growth it's still better at the
moment than Germany or France will it be
longterm that's a different matter he uh
Steve schwarzman built Blackstone at the
largest uh market cap alternative
Investment Company and uh the largest in
terms of assets or management market cap
and so forth Steve uh a lot of money has
come into alternative investments in
recent years particularly in Blackstone
from retail investors um is that going
to continue as the economy maybe slows
down a little bit in the United States
St or you think retail is a great source
of investment capital for alternative
investment firms in the future as
well well David um there's $80
trillion uh in uh retail investors uh
and they're only invested in our area uh
Alternatives maybe 1% maybe two when I
started in the alternative business in
1985 institutions at that time had 1% or
2% that was it now they're
25% uh so uh I I think and I've been
planning on this since
2010 uh which shows you my timing may be
off uh that that there's no reason why
retail investors wouldn't want to get
the same uh type of positive experience
uh that that institutions do uh you
Alternatives should be able to generate
500 basis points or more uh than than
not using them so why wouldn't you use
them uh so there were some regulatory
inhibitions but but now I can tell you
uh from talking to the people who run
these systems that that they want really
dramatic uh increases in Alterna for
their customers um institutions are in
one way a much more stable uh source of
capital uh
because they're very disciplined uh they
take advantage of dips uh the the retail
investor has more volatility sometimes
when the world gets gets in a bad
position they just don't want to invest
so you have to look at the growth uh
over a cycle
uh and we're doing like really well uh
with this we have uh probably a quarter
uh of the trillion dollars we manage
that that comes from uh retail uh High
net worth investors uh I think that's
going to grow as long as you give them a
good experience uh and it's also um you
have to have very good sales and service
it's much more service intensive than
than you would think Steve you also have
one of the biggest real estate
investment operations in in the Western
World um many people think that the real
estate world is going to suffer uh
decline because interest rates have been
high people aren't coming back to work
physically so much that maybe people
don't need as much office space are you
expecting a big decline in the value of
commercial real estate in major cities
or do you think it's been exaggerated I
I think it depends on this sub asset
class David so uh Office Buildings um in
the United states to some degree also uh
around the world because the pandemic
people got used to you know staying at
home uh and it was actually more
profitable for them to stay at home
because one they didn't work as hard
regardless of what they tell you uh and
the second is they don't spend money to
commute uh uh you know they can make
their lunch at home uh uh they don't
have to buy expensive have closed and so
their incomes are are higher so so just
um one or two quick statistics uh in the
US in the office Market uh buildings are 20%
20%
vacant um
Unleashed actually there's another 20%
that somebody's leased but the people
don't come in so you're looking at
office building that
basically are 40% unused so I expect
when those leases roll off the companies
will cut back the amount of space so say
you have
30% uh unused space and Office Buildings
that means those Office Buildings are
not survivable you know as economic
entities um now that the exception is
office buildings that are 10 years old
or less people like being in those so
that's going to have a very bad ending
on the other hand there are other
categories uh of real estate like
warehouses they're still going up you
know like 8 % a year in terms of leases
when somebody rolls off an old lease
they've gone up so
much there's an increase to them of 50 to
to
60% so there are a variety of of
areas whether it's student housing
whether it's actually even affordable
housing all kinds of commercial real
estate are doing very well uh and so the
broad brush that people paint with
commercial real estate which basically
because Office Buildings are very tall
you can see them uh and that's sort of
your vision uh so you're going to have a
mixed outcome Jamie you asked your
employees that are told all your
employees to come back to work 5 days a
week are they doing that 60% 5 days a
week 30% 3 days a week I mean three days
a week mandatory we track it and it
includes coming in on Friday 10% have
always been working from home if it
makes sense 100% of our MDS required to
go to work every day I don't think you
can lead people and work from home okay
Neil Shan Neil built the biggest uh most
successful Venture Capital business in
China under the Sequoia China name now
he has his own company um so is it easy
as it was 10 years ago to invest in
China and uh do you think it's going to
be more complicated for Western
investors to invest in China in the near
future well it never been easy invest in
China you made it look easy you you you
you you have to work very hard because
there two thing there one that you know
there's a lot of competitions if you're
looking at the you know the work ethics
right people talk about 996 9:00 a.m. to
9 p.m in and six days a week uh I think
that's prior to many of those uh you
know startup companies and also to large
companies and the competition is fierce
so in order for you to uh creating
strong return you really have to uh you
know find a way to position yourself to
provide in value and you work need to
work as hard as your CEOs the second
point I want to make is that you need to
take a long-term views and uh this you
know obviously country just like many
others you're seeing the Economic and
Business Cycles up and downs and the
very important thing is to obviously
take a longterm view uh you know luckily
venture capital and gross capital and
private equity which will uh been
participating has been a you know long
tail asset but you know when you make an
investment take a longer term view uh
from the macro perspective as well on
the macro perspective and and able to uh
you know stick around and even some of
those business might go in up and downs
I think that's probably the most
important so uh let me ask you uh today
uh you an early investor in bite dance
which owns Tik Tock is Tik Tock going to
ruin Western Society As We Know It uh
many people think that Tik Tok is going
to destroy our youth and so forth why
are you're not worried about Tik Tock
destroying Society well clearly there
are a lot of uh I think you know you
know uh issues uh those companies have
to address not just uh uh you know Tik
to I in general when those company
become you know National Champion China
when they go to uh overseas countries uh
they need to obviously work in with the
local partners and make sure that they
accepted uh you know locally uh as uh
obviously uh very very uh good citizen
and it's it's it's a you know process
that I have seen you know you know like
you mentioned the Tik Tok has been gone
through this and and you know and
obviously learn how to work in with you
know the partners in the US and partners
in Europe and in Middle East for example
and and to uh to uh to really you know
contribute to the ecosystem not just
being you know 100% commercially the US
China relationship is not in great shape
some people might say um does that
affect your ability to operate in China
or it doesn't make much difference I you
know like I said I think you know take a
longterm View and obviously uh and you
know focus on the entrepreneurs uh
because at the end of the day uh you
know entrepreneurs well you know helping
you to create you know uh value and you
have to trust them that they able to
navigate all the different regulatory uh
challenges hey David Solomon is the CEO
of Goldman Sachs uh an iconic and one of
the largest investment banks in the
world and Commercial Bank as well so
David the m&a business has been down a
bit the last year or so is that because
of interest rates or why do you think
that is and you see the the m&a world
coming back at some point and you headed
the investment banking part of Goldman
before you became CEO so you know this
business pretty well you know m&a m&a
David is a function of confidence and so
if you listen to the dialogue today uh
i' say there's great uncertainty um and
people always try to frame things you
ask the question very clearly you know
are you optimistic are you pessimistic
you know long term I'm certainly
optimist IC but I'm uncertain right now
and if you're a CEO and you're uncertain
you tend to be cautious about doing
significant things uh that change the
trajectory of your business and bring
outside you know factors into your
business you know over time scale
matters enormously in the competitive
nature of global businesses and so m&a
activity can EB and flow but as people
become more certain in the environment
they have to move forward and continue
consolidation and scale to compete
effectively you know we've seen you
we've seen in the energy space over the
course of the last couple weeks couple
very significant deals to create more
scale more
consolidation um I think we had a an a
level of extreme confidence uh as we
were coming out of the pandemic because
of all the fiscal stimulus because of
how free money was and so you saw an
extraordinary boom in m&a activity very
significant portion of it was driven by
Financial sponsors and private Equity
Capital that's all now reset and so you
know my strong view is m&a activity over
reasonable periods of time decades grows
in parallel with economic growth and
market cap expansion will continue on
that journey and you'll see a pick up in
strategic m&a a few years ago maybe 10
years ago or so it seemed like half the
classes at Harvard Yale Princeton
Stanford other really good schools
wanted to go to Goldman Sachs right out
of college is that still the case people
still rushing in how many employees do
you have coming in or prospective
employees every year and do can you take
all these people or is it gone down and
people now want to go into Tech startups
or public service or something well
there's a lot of competition for good
people in the world you know Goldman
Sachs uh feels very good about where it
it'ss competitively to attract people we
had 265,000 applications for 2600
analyst jobs out of University and we
had over a million people apply for
positions at Goldman Sachs last year we
have 45,000 employees at Goldman Sachs
so it's certainly a very interesting
compelling place for people to come
learn meet other people grow gain
experience a small portion of them stay
and build their careers in our
organization that's the way it's always
been most of them go out into the world
and you know wind up at events like this
or running businesses doing all sorts of
interesting things so we have we have a
compelling I think human capital
ecosystem I think all businesses like
ours All Professional Services
businesses have to have a very
compelling competitive ecosystem for
talent talent is so important in all the
businesses around the table if you don't
find your own way of having that
compelling ecosystem if you don't give
people good experience good education
good mentorship good Economic
Opportunity an ability to meet and
network with people that they want to be
around it makes it much more challenging
over time to run a good business okay
and let me ask you another question you
asked your employees to come back or
maybe told your employees to come back
are they coming back and they're
actually physically in the office now we
we are our business is by and large
operating the same way now on a global
basis the same way now as it did before
the pandemic I would say in the United
States on Fridays there's a slight
difference versus what there was before
the pandemic but we're pretty close and
i' you know I'd also amplify that we run
a big Global business we operate in 50
countries you know outside of the United
States there's a lot less discussion
about this issue than there is inside
the United States but for our organization
organization
we have encouraged and I think people
have realized they want to be together
50% of the people who work at Goldman
Sachs are in their 20s um when you're in
your 20s you want to be with other
people uh learning growing experiencing
so we've managed to get our organization
we think to a very good place okay uh
Shamara I guess you're used to being
last because W is uh probably at the end
of the alphabet is at the back end of
the alphabet probably not the first time
that you've been the last but uh you're
obviously uh very successful in the
business world for those who don't know
she's the CEO of mcari which is a very
large Australian based bank and probably
the leader in um investing in in uh
infrastructure related kinds of projects
so is infrastructure investing now being
affected by artificial intelligence by
ESG and are you as active in that area
as you were before and is it as
profitable as it was before yeah well I
mean if I could just start by saying um
infrastructure investment we've been
investing now for 30 years trying to
develop this as a separate asset class
and we still see it as being in its
first Innings because um to the point
Steve was making about representation in
people's portfolios out of this sort
more than 100 Trill of managed Assets in
the world it's grown to being only 1.2%
at this point and while there is scope
for other asset classes to go we think
there's reasons this one should so we
view the whole world as an emerging
market for infrastructure investing and
we think that's both from the point of
view of the savers whose money gets
allocated through their portfolios that
it has a good liability match to those
sort of savings it gives good
diversification in terms of correlation
to hedge funds public Investments other
Alternatives um and also in times of
rising rates it gives some resilience
because the revenue line is impacted by
that so we think in investors world
there's scope for more to be allocated
but we also think much more importantly
in the communities where we invest
infrastructure investment does Drive
improved living standards and prosperity
and hopefully we'll go some way then to
reducing the instability in the world RJ
was talking about dealing with uh
poverty as well as livable planet and so
that's why we are passionate about
trying to drive more investment in this
area and in terms of um recent
developments now our population has gone
from about 1.8 billion where it was for
20,000 years just in the last year has
rocketed to 8 billion people on this
planet and going to 10
and that's driving the need for way way
more investment in this class you talked
about Ai and ESG but um if I could talk
about four buckets of where we invest as
examples um energy and utilities is a
very basic one and I know there's work
done by the Rockefeller Foundation
saying access to Reliable energy is the
biggest driver of improving living
standards in the world and um today um
world Bank data says that 1.1 billion
people don't have access to any
and more worryingly half of those don't
have access to clean water so huge
investment needed in Utilities in
infrastructure around the world to lift
people's living standards also if I
could talk about Transportation
infrastructure another really basic area
where communities need this investment
um it gives people access to higher
paying jobs if they can travel it drives
more connectivity um and also even in
the developed world you know as the
populations get bigger we need to trade
more and special ized Seaborn trade
needs to pick up so we need a lot more
investment in the development and
developing World in digital infrastru in
transport infrastructure and then I was
just moving to digital where not just AI
it's the latest manifestation in what
human beings have amazingly in my
30-year working life done with
technology it just blows my mind and we
now um have much more um ability to
deliver remote areas education healthc
care digitally so um fiber optic
networks Towers data centers that his
Excellency was talking about all need
investment and the the last one when you
talked about ESG is climate change
response where and you were going to ask
me a question so I'll stop there well I
ask you for those people here who
haven't been to Australia why should
somebody want to invest in Australia is
it a good place in which to invest um
generally what what is the advantage of
investing there and related to that uh
us the the Australia China relationship
has been complicated lately has that
affected your bank in any way um yeah
well first of all in terms of investment
in Australia we actually have really
good foreign direct investment and I was
going to say in infrastructure just to
finish on that RJ was saying there's a
lot of private Capital wanting to invest
the big challenge is investable
opportunities and drisking them and the
reason Australia does attract a lot of
investment is because there is a
reliable climate there to invest so huge
energy companies transport companies
coming to invest and similar to What's
Happening Here in the Kingdom setting a
Glide path for private Capital setting
up regulatory Frameworks Etc um but more
importantly the Deep expertise of the
private sector to Dr risk so um
Australia is attracting a lot of
investment Australia like a lot of
countries now sits in the situation
where the geopolitical tensal is
increasing between China and the US and
I guess um you know I've heard African
leaders say this they want to deal with
everyone in the world and we had people
talking to the importance of peace and
Harmony in the world ideally we want to
engage with everyone Australia has a
very strong alliance with the us but
also with China we're really working
hard to improve relationships as a
country um so for mcari as a bank um our
business is very domestically Australian
in what we do in banking but in terms of
infrastructure investment all of these
regions are important and attractive to
us so yes we want to invest in the
veloped world but China we do a lot in
data centers in renewable energy did
mcari have a lot of women CEOs before
you but we had six people and they were
all male so um so far I like Jane I'm
batting first so yes sir um you are
involved with the building of a major
city in Saudi Arabia neom which I guess
is going to have uh going to be really
the wave of the future not going to have
carbon I guess it's going to be all
Electric in many ways uh how what's the
progress of that and is it costing more
than you thought and why should somebody
want to invest in that project if they
were having some spare Capital to invest
in Saudi Arabia
Arabia
um so it took us um few years in doing
the planning because this is a really
long-term um
project um we have it in faes uh the
first phase should be between 2027 and
28 and hopefully we will um
get at least 300 ,000 people residing
over there um and then the other phases
will be in the 2030 and mid-30s and then
2040 and
2045 the um aspirations and the
Ambitions that we have is to have
somewhere between 7 to 9 Mill million
people reside in there this is a huge
line about 100 74
74
kilm as you said it's um the carbon
footprint there should be zero and we're
not talking about Net Zero no it is zero
everything that we're using over there
is uh based on renewable energy all the
infrastructure going to be underground
trains and other vehicles the um the
challenge that we have is how to um use
the mobility vertically and
horizontally with the least amount of
time to um go from point A to point uh B
so we started the I mean now even if you
fly over uh neom you can see the line at
the infrastructure so we started with um
with the infrastructure there and uh it
is closely monitored by the uh chairman
of our board for and the chairman of
neom who's the crown Brands he has um
almost um monthly or bi-weekly board
meetings just to follow up on what we're
doing but neom is bigger than the line
neom has 16 different sectors and has
seven main Regional um projects one of
them is um oxagen which is the first
industrial city in the world that is
based all in uh renewable so you've go
ahead I'm sorry you've been involved a
fair bit I think it's fair to say in the
golf world golf um by hanging out with a
lot of famous golfers have your has your
own golf game improved your handicap
gone down or it's getting worse by the
day on S you get all kind of TPS from
them you can hasn't gotten better all
right so uh we haven't talked about uh
some ongoing Wars that are now uh
unfortunately in facing the world uh
does anybody want to comment on whether
this is going to affect the global
economy or your investment outlook for
the world Larry or or Jamie or Steve and
anybody want to talk Ray anybody whether
what we see now in in uh Gaza what we
see in Ukraine is that affecting your
outlook on the global economy and and
your willing willingness to invest in
certain areas Larry I would I would
start off saying we don't know the
duration of the the conflicts obviously
um I'm in most of my travels in the last
three two weeks um the word Ukraine was
never uttered um obviously that we need
to talk about that um obviously the
situation in Gaza and Israel um we're
watching it we're reading about it
immediately today every day I wake up to
read what's going on and talk to my team
Jamie there's no question it if these
things are not resolved um
it probably means more Global
terrorism which means more
insecurity which means more Society is
going to be fearful less hope and when
there's less hope um we see contractions
in our economies and so I think um there
is consequences to War uh and to fear
and instability and I think it will lead
to less hope and a lot more fear and it
will then lead to much greater
contraction if we don't navigate this as
a world and that's why I think we all
have that responsibility to talk about
it and to try to do something about it
Jane or or Jamie or Steve Steve yeah
after um the 73 War you had a recession
uh so um you know history doesn't always
repeat exactly uh the way uh you know
you'd think um but but but it doesn't help
help
uh global economy one thing I wanted to
add just sort of slightly off point about inflation because that's been a
about inflation because that's been a big topic and
big topic and overlay um you know we we have about 250
overlay um you know we we have about 250 companies that we own with
companies that we own with 750,000
750,000 people uh and um we're seeing a
people uh and um we're seeing a different picture uh than is reflected
different picture uh than is reflected here um uh uh the input costs in our
here um uh uh the input costs in our company uh companies you know that
company uh companies you know that that's what it cost to make stuff uh in
that's what it cost to make stuff uh in in in the third quarter um were zero
increase and that runs counter to this hot
hot inflation uh and we're seeing with the
inflation uh and we're seeing with the FED um our Revenue growth has gone from
FED um our Revenue growth has gone from 133% in the first um uh uh in the second
133% in the first um uh uh in the second quarter to 8% growth still growing but
quarter to 8% growth still growing but that's a pretty big decline uh in a
that's a pretty big decline uh in a quarter but but the profits are up
quarter but but the profits are up 16% so the only way you get that it with
16% so the only way you get that it with with decreasing rates of sales is it's
with decreasing rates of sales is it's not costing you as much to Manu
not costing you as much to Manu manufacture things um so so that that
manufacture things um so so that that tells me also uh a year ago we were
tells me also uh a year ago we were companies were growing people
companies were growing people 10% now they're growing people
10% now they're growing people zero so it says to me that that the FED
zero so it says to me that that the FED is actually having pretty good
is actually having pretty good impact in terms of taking inflation uh
impact in terms of taking inflation uh out of the system uh and a third rough
out of the system uh and a third rough of the CPI uh is in
of the CPI uh is in shelter a year ago that was running 12
shelter a year ago that was running 12 133% now it's roughly around 1% but the
133% now it's roughly around 1% but the FED doesn't measure it that way they
FED doesn't measure it that way they average the high numbers with where you
average the high numbers with where you are now so if you put that
are now so if you put that together you at least the way we see it
together you at least the way we see it you you're really
you you're really having much lower uh inflation than some
having much lower uh inflation than some of the numbers that are being uh
of the numbers that are being uh reported okay so anything anybody else
reported okay so anything anybody else want to comment on the wars ongoing
want to comment on the wars ongoing what's impact your assessment if if not
what's impact your assessment if if not let me go we have about 7 minutes left
let me go we have about 7 minutes left let me just go around everybody if you
let me just go around everybody if you could just say what makes you optimistic
could just say what makes you optimistic about the future in one or two words is
about the future in one or two words is there anything that makes you optimistic
there anything that makes you optimistic about the future uh why don't we start
about the future uh why don't we start here um I mean again um I would give the
here um I mean again um I would give the same answer that I gave uh um last year
same answer that I gave uh um last year um we have a plan we have uh objectives
um we have a plan we have uh objectives and we have um uh like political
and we have um uh like political will right proposition and right people
will right proposition and right people to execute so I'm very
to execute so I'm very much um optimistic in the future and I
much um optimistic in the future and I discussed um U this before with Ray um
discussed um U this before with Ray um he had some pessimistic views and uh me
he had some pessimistic views and uh me and some others we had some
and some others we had some positive optimistic views and we
positive optimistic views and we discussed why we had um different views
discussed why we had um different views because we're both very informed and
because we're both very informed and educated about uh certain numbers and
educated about uh certain numbers and stats and economic
stats and economic events I think the the reason why you
events I think the the reason why you will be pessimist or Optimist
will be pessimist or Optimist is if you are passive investor or an
is if you are passive investor or an active investor and the difference
active investor and the difference between the two if you're going to the
between the two if you're going to the financial markets
financial markets only that's a passive investment because
only that's a passive investment because you really cannot change what you're
you really cannot change what you're investing in but if you're going
investing in but if you're going into um establishing things Green Field
into um establishing things Green Field projects building uh data centers
projects building uh data centers building cities building things of that
building cities building things of that nature you are an active investor and
nature you are an active investor and you can work especially for for me
you can work especially for for me personally as the governor of PF working
personally as the governor of PF working with the government investing uh the
with the government investing uh the monies of the government of the country
monies of the government of the country we can put the whole ecosystem to work
we can put the whole ecosystem to work in our advantage so I am uh very much
in our advantage so I am uh very much Optimist Larry optimistic what makes you
Optimist Larry optimistic what makes you optimistic I I think um as a species we
optimistic I I think um as a species we solve problems okay um so I think um
solve problems okay um so I think um over a long history of humanity we saw
over a long history of humanity we saw problems we may have a lot of short-term
problems we may have a lot of short-term problems we may have issues but um I I
problems we may have issues but um I I would continue to be heavily long-term
would continue to be heavily long-term invested over a long cycle okay Shane
invested over a long cycle okay Shane the average worker today spends 80% of
the average worker today spends 80% of their time processing and 20% on content
their time processing and 20% on content AI will turn that on its head 8020 will
AI will turn that on its head 8020 will go the other way that is a great
go the other way that is a great enrichment of human lives hey Jamie what
enrichment of human lives hey Jamie what makes you optimistic I think we've
makes you optimistic I think we've already mentioned the enormous progress
already mentioned the enormous progress Saudi Arabia has made but if you go
Saudi Arabia has made but if you go around the world that was true for
around the world that was true for Ireland years ago South Korea uh several
Ireland years ago South Korea uh several other countries and other countries got
other countries and other countries got the wrong way so
the wrong way so technology I think the R&D the brain
technology I think the R&D the brain power of both investors and and is
power of both investors and and is extraordinary uh it's it's not a given I
extraordinary uh it's it's not a given I I think that this is a very complex
I think that this is a very complex world it's getting more complex and it's
world it's getting more complex and it's quite dangerous Steve David I look at um
quite dangerous Steve David I look at um you know sort of the future a bit with
you know sort of the future a bit with all the factors from this amazing panel
all the factors from this amazing panel frankly it's just a privilege to be here
frankly it's just a privilege to be here but but I also look at it from a cycal
but but I also look at it from a cycal point of view I've been through
point of view I've been through six of these Cycles in my career and and
six of these Cycles in my career and and now we're coming off the top and and
now we're coming off the top and and we're starting to go down so that would
we're starting to go down so that would say to me that next year perhaps is not
say to me that next year perhaps is not so wonderful uh but then you'll hit your
so wonderful uh but then you'll hit your bottom and and then you know we'll go up
bottom and and then you know we'll go up again and and and given all the positive
again and and and given all the positive things people talking about the trend is
things people talking about the trend is up uh but we're living in a post
up uh but we're living in a post pandemic world and that's what's Driven
pandemic world and that's what's Driven the spending after um uh you know sort
the spending after um uh you know sort of the pandemic which led to the
of the pandemic which led to the inflation which LEDs leads to the higher
inflation which LEDs leads to the higher rates which then LEDs to the central
rates which then LEDs to the central banks sort of trying to kill that and
banks sort of trying to kill that and and then we'll go up again after that
and then we'll go up again after that okay the trees what makes you optimistic
okay the trees what makes you optimistic I mean this world has got a lot of
I mean this world has got a lot of exceptional people and I mean people are
exceptional people and I mean people are on this table and various others truly
on this table and various others truly uh committed passionate to make the
uh committed passionate to make the world a better place the youth in the
world a better place the youth in the developing World throughout the world
developing World throughout the world and also human creativity technology and
and also human creativity technology and and yes sir Saudi is doing exceptional
and yes sir Saudi is doing exceptional work not just in Saudi but in the
work not just in Saudi but in the developing world and in Africa and you
developing world and in Africa and you know lots of good people committed to a
know lots of good people committed to a better world Shamar what makes you
better world Shamar what makes you optimistic um same as Larry and Patrice
optimistic um same as Larry and Patrice I really believe in humanity and our
I really believe in humanity and our ability to extend our lifespans the
ability to extend our lifespans the quality of Our Lives um we solved coid
quality of Our Lives um we solved coid and we've come out with incredible
and we've come out with incredible technology now for virtual communication
technology now for virtual communication so I think we just have to put our heads
so I think we just have to put our heads down the privileged people in this room
down the privileged people in this room and get on with delivering the solutions
and get on with delivering the solutions what makes you optimistic yeah I'm I'm
what makes you optimistic yeah I'm I'm uh optimistic because the younger
uh optimistic because the younger Generations uh and and I think they are
Generations uh and and I think they are the future of the E economic growth and
the future of the E economic growth and you know every single time when I spend
you know every single time when I spend time with the young CEOs young
time with the young CEOs young entrepreneurs are coming back with a
entrepreneurs are coming back with a more conviction for the future and what
more conviction for the future and what we need to do is give give them support
we need to do is give give them support capital and on top of that uh mentorship
capital and on top of that uh mentorship and obviously the growth of the world
and obviously the growth of the world will driven by large companies but also
will driven by large companies but also be driven bymes and try to disrupt those
be driven bymes and try to disrupt those Industries and also I think you know
Industries and also I think you know giving the younger generation hope that
giving the younger generation hope that they can creating social Mobility which
they can creating social Mobility which is also very important right no um I
is also very important right no um I think there's going to be two or three
think there's going to be two or three breakthrough Technologies in healthcare
breakthrough Technologies in healthcare that will change people's lives
that will change people's lives dramatically and I think there'll be a
dramatically and I think there'll be a couple of breakthrough technology in
couple of breakthrough technology in other Industries um and I think 20 30
other Industries um and I think 20 30 years from now we'll look back and say
years from now we'll look back and say those two or three or four or five
those two or three or four or five things change the world I'm negative on
things change the world I'm negative on one thing I'm I'm going to give you a
one thing I'm I'm going to give you a negative not just an optimistic I am I
negative not just an optimistic I am I am concerned about a Tipping Point on
am concerned about a Tipping Point on fiscal deficits all right um I think it
fiscal deficits all right um I think it won't come gradually it when it comes it
won't come gradually it when it comes it will come fast and I think there are a
will come fast and I think there are a number of economies in the world where
number of economies in the world where there could be a Tipping Point and it
there could be a Tipping Point and it will hit hard minute to go optimistic
will hit hard minute to go optimistic what makes you optimistic uh
what makes you optimistic uh his Excellency said it very well um I
his Excellency said it very well um I there there
there there is um deals that are going on and
is um deals that are going on and there's an entrepreneurship that is
there's an entrepreneurship that is phenomenal so the there are more deals
phenomenal so the there are more deals that can be made in order to make more
that can be made in order to make more change we're seeing this happen all
change we're seeing this happen all around in all dimensions and the
around in all dimensions and the entrepreneurship that is happening is is
entrepreneurship that is happening is is fantastic I mean the magic formula is
fantastic I mean the magic formula is find the most talented inventive people
find the most talented inventive people and provide them with the capital and
and provide them with the capital and ability to do that now that changed is
ability to do that now that changed is very much by location okay so I when you
very much by location okay so I when you ask me to deal with the world as a whole
ask me to deal with the world as a whole it's a different thing one of the
it's a different thing one of the reasons that I think this place is so
reasons that I think this place is so exciting is because it's a talent magnet
exciting is because it's a talent magnet for bring for bringing people like this
for bring for bringing people like this together to be able to do this
together to be able to do this entrepreneurship I think you'll see
entrepreneurship I think you'll see Renaissance States in other words the
Renaissance States in other words the neutral countries and there are just
neutral countries and there are just three basic things you need to do you
three basic things you need to do you need to earn more than you spend have a
need to earn more than you spend have a good income statement of balance sheet
good income statement of balance sheet you need to compete well but not fight
you need to compete well but not fight internally and you need to stay out of a
internally and you need to stay out of a World War those places who do that which
World War those places who do that which do that and do this Innovation I think
do that and do this Innovation I think are going to have a wonderful time in
are going to have a wonderful time in history there were the well I'll just
history there were the well I'll just leave it at that all right David
leave it at that all right David optimistic uh optimistic always but i'
optimistic uh optimistic always but i' I'd agree with what what what jimie said
I'd agree with what what what jimie said it's not a given but I'd point to three
it's not a given but I'd point to three simple things that have been said in a
simple things that have been said in a number of ways advancements in science
number of ways advancements in science advancements in technology and the
advancements in technology and the optimism and resiliency of the human
optimism and resiliency of the human spirit all right well um this has been a
spirit all right well um this has been a very exciting interesting panel how many
very exciting interesting panel how many of you have been able to convince your
of you have been able to convince your children that what you do is so
children that what you do is so interesting they want to do the same
interesting they want to do the same thing you're doing anybody nobody okay
thing you're doing anybody nobody okay all right G I want to thank you for
all right G I want to thank you for assembling everything and thank Richard
assembling everything and thank Richard for putting together thank you very much
for putting together thank you very much well done d
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