{"id":21613,"date":"2023-06-12T14:30:49","date_gmt":"2023-06-12T18:30:49","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/forbes-iconoclast-summit-2023-wisdom-from-the-worlds-most-influential-investors\/"},"modified":"2023-06-12T14:30:51","modified_gmt":"2023-06-12T18:30:51","slug":"forbes-iconoclast-summit-2023-wisdom-from-the-worlds-most-influential-investors","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=21613","title":{"rendered":"Forbes Iconoclast Summit 2023: Wisdom From The World\u2019s Most Influential Investors"},"content":{"rendered":"
\n

A<\/abbr>lmost midway through 2023, markets have bounced back from a lousy 2022 more robustly than many investors inspected, but fears of a recession haven\u2019t faded completely. More than 30 influential investors and business leaders converged on Pier Sixty in Manhattan for the second annual Forbes Iconoclast Summit on Monday to break down how they\u2019re positioning their portfolios and steering their companies and clients through the delicate environment.<\/p>\n

Billionaires Ray Dalio, Bruce Flatt, Jonathan Gray, Marc Lasry and Toto Wolff are all taking the stage, as well as Goldman Sachs CEO David Solomon, Formula 1 superstar Lewis Hamilton and Ariel Investments co-CEO and Starbucks chair Mellody Hobson.<\/p>\n

Below is live coverage of the summit as we\u2019ll be following all of the day\u2019s panel discussions in real time. You can also join the conversation on social media using #ForbesIconoclast.<\/p>\n

Goldman Sachs\u2019 Crystal Ball<\/strong><\/h2>\n

Goldman Sachs CEO David Solomon started the summit with a keynote conversation with Forbes Chief Content Officer Randall Lane and addressed Goldman Sachs chief economist Jan Hatzius\u2019 forecast last week lowering the probability that the U.S. will enter a recession in the next year to 25% from 35%.<\/p>\n

\u201cThe economy\u2019s been incredibly resilient,\u201d Solomon said, \u201cbut if you\u2019re running a business like ours, you have to be prepared for the downside\u2026. I\u2019ve got a sense that inflation is going to be a little stickier than the current market expectation.\u201d<\/p>\n

Solomon also discussed Goldman\u2019s recent struggles with its consumer banking products, which the investment bank attributed about $3 billion in losses to since 2020 in January, and didn\u2019t rule out further layoffs at the investment bank after it shed 3,200 jobs in the first quarter. He noted that Goldman Sachs paused its standard performance reviews that cut some staff annually during the pandemic, so this year\u2019s cuts are part of the readjustment.<\/p>\n

\u201cThe direct to consumer platform was harder than we thought,\u201d Solomon said. \u201cIt\u2019s important for a business like Goldman Sachs to always be looking for more avenues to invest in, and when you do that, some things are going to go well and some things aren\u2019t.\u201d<\/p>\n

Solomon ended the conversation on a higher note about the state of capitalism and free markets in the U.S. \u201cThe system\u2019s not perfect, but I think it\u2019s the best system there is,\u201d he said. \u201cWe need to advocate for the fact that this is something most of the world looks at and strives for.\u201d<\/p>\n

Long-Term Opportunities In China And Europe<\/strong><\/h2>\n

JPMorgan asset and wealth management CEO Mary Callahan Erdoes, Brookfield CEO Bruce Flatt and Baroness and member of the House of Lords Dambisa Moyo sat down with Forbes<\/em> executive editor Diane Brady to discuss the state of long-term, global investing as China re-opens its borders after years of isolation during the pandemic.<\/p>\n

\u201cHome-country bias is a real thing,\u201d Callahan Erdoes said. \u201cAssets outside the home country continue to be underappreciated.\u201d Looking beyond companies\u2019 home borders, especially as China continues to re-open post its pandemic isolation, the JPMorgan executive shared her excitement, with trepidation, to do business with the country.<\/p>\n

\u201cIf it isn\u2019t happening at the governmental level, make it happen in business,\u201d she added. Flatt and Moyo agreed with the opportunities in China, especially given Middle Eastern and Asian investors\u2019 interest in growing their business in the region. \u201cWe can choose who to do business with in China,\u201d added Flatt.<\/p>\n

Downturn conditions for the market and regulatory uncertainty for banking also make Europe an attractive region for banks to expand their businesses to, said Callahan Erdoes, emphasizing the need for a long-term view. \u201cYou have to stress-test your portfolio.\u201d<\/p>\n

\u201cThe key question is how do you put money to work over a long period of time,\u201d added Moyo.<\/p>\n

The Changing World Order<\/strong><\/h2>\n

Billionaire hedge fund manager Ray Dalio, the retired founder of Bridgewater Associates, gave the audience a history lesson with Forbes <\/em>chairman and editor-in-chief Steve Forbes about how investors can learn from centuries of history before their lifetimes to understand the present and prepare for the future.<\/p>\n

\u201cThings that surprised me often surprised me because they didn\u2019t happen in my lifetime, but they happened many times in history,\u201d Dalio said. \u201cBy studying the 1920s to 1945 period, I understood the nature of the 2008 financial crisis.\u201d<\/p>\n

Dalio pointed to three major social and economic factors that are unique to the current cycle: \u201cenormous\u201d and increasing amounts of debt, internal conflict surrounding wealth inequality that has spurred the rise of populism, and the rise of another world power like China today. The billionaire investor warned in April that he fears the U.S. and China are on the brink of war over the new world order.<\/p>\n

\u201cIf you have a financial crisis at the same time as you have large wealth gaps, and therefore big disagreements, you are likely to have populism,\u201d he said. \u201cThose two things coming together are an explosive combination.\u201d<\/p>\n

\u201cMerger Monday\u201d<\/strong><\/h2>\n

Despite two billion-dollar deals closing this morning, global dealmaking has been \u201cpretty subdued for the start of this year,\u201d Michal Katz, head of investment and corporate banking at Mizuho Americas, said in conversation with Aryeh Bourkoff, founder and CEO of capital markets firm LionTree, and Forbes<\/em> CEO Mike Federle. The M&A specialists are seeing the light at the end of the tunnel as merger activity seems to be picking up, with an influx of capital from sovereign wealth funds.<\/p>\n

\u201cIf you\u2019re a strong, well-capitalized company, this is your time to act,\u201d Katz added.<\/p>\n

Industrials, healthcare and technology are sectors with particularly high deal activity, Bourkoff and Katz pointed out. Interest in artificial intelligence is also driving capital into industries that could benefit from the automation. Indeed, Novartis announced today it purchased Chinook for $3.5 billion in its race to fight rare kidney disease, and Nasdaq announced the acquisition of fintech Adenza for $10 billion.<\/p>\n

To Bourkoff, \u201cliquidity is more important than scale\u201d at a time where a shifting market is forcing dealmakers to shift on the defensive.<\/p>\n

Forbes\u2019 Next Chapter<\/strong><\/h2>\n

Luminar Technologies CEO Austin Russell discussed his recent agreement to buy a controlling 82% stake in Forbes<\/em> from Integrated Whale Media and the Forbes family, with much of the stake syndicated to other investors. The deal valued Forbes at nearly $800 million, and Russell said he has more than $500 million in commitments, with the majority from American investors but with a global footprint that reflects his hopes for international growth.<\/p>\n

\u201cIt\u2019s already an incredible, very profitable business right off the bat,\u201d said Russell. \u201cIt\u2019s still probably at a fraction of the potential of what it can be able to do.\u201d<\/p>\n

The 28-year-old won\u2019t have a day-to-day role at Forbes<\/em> and will continue to manage Luminar, which develops sensors for self-driving cars. He is a member of the Forbes <\/em>30 Under 30 Hall of Fame and was briefly the world\u2019s youngest self-made billionaire before Luminar\u2019s stock price declined. Russell has bought tens of millions of dollars worth of Luminar shares in the last few weeks.<\/p>\n

\u201cI have a 100-year vision to save as many as 100 million lives and 100 trillion hours on the road, Russell said. \u201cIf you can do something as simple as not allowing your car to smash into the car in front of you, then that will save countless lives.\u201d<\/p>\n

Moving Beyond the Tech Stack<\/strong><\/h2>\n

Artificial intelligence experts discussed the new frontier of the technology\u2019s applications across industries and around the world as the topic becomes the latest trend to overtake investors and business leaders alike.<\/p>\n

\u201cFinally the power of computers has reached a point where AI has pushed the threshold of what was previously considered to be the depths of its capacity,\u201d said Amir Salek, senior managing director at Cerberus Capital Management. \u201cThis is the first time that AI has enough data and computing power at the same time.\u201d<\/p>\n

But investors are looking at opportunities beyond the tech stack. Companies \u201crun the risk of mirroring the dot-com movement in the early 2000s where all these companies are fighting for the extra 2%,\u201d said Noor Sweid, founder and managing partner of Global Ventures.<\/p>\n

Instead, they\u2019re looking at opportunities beyond the infrastructure and into its applications. AI for microfinancing solutions in Africa, healthcare and education are more capital efficient, added Julian Salisbury, chief innovation officer at Goldman Sachs\u2019 asset and wealth management division.<\/p>\n

\u201cThere\u2019s a confluence of performance and accessibility\u201d that is defining the new wave of AI innovation, said Salisbury.<\/p>\n

The Allocator\u2019s Dilemma: Balancing Risk And Return<\/strong><\/h2>\n

Ashvin Chhabra, president and CIO of Euclidean Capital, which manages the portfolio of hedge fund billionaire Jim Simons, and Ed Cass, the CIO of $570 billion Canadian pension fund CPP Investments, both urged caution about the direction public and private markets are going. Chhabra was skeptical of the valuations of trendy artificial intelligence stocks and tech firms that have surged this year.<\/p>\n

\u201cI think technology is overhyped,\u201d said Chhabra. \u201cWe already have the technology to solve most of our problems, and we\u2019ve had it for the last 50 years. It\u2019s human beings that solve problems, not technology.\u201d<\/p>\n

Cass noted that the assumptions that inflation will retreat from 4.5% to around 2% and interest rates will be able to come down aren\u2019t guaranteed and recommended being underweighted to fixed income investments in the near term. CPP Investments\u2019 portfolio is around 60% private assets, he said, where dealflow is still moving at a snail\u2019s pace.<\/p>\n

\u201cWe\u2019re definitely seeing areas of the market that appear to be broken,\u201d Cass said. \u201cThe volume of activity right now is very low. You have a big gap between expectations on the part of buyers and sellers that hasn\u2019t been crossed.\u201d<\/p>\n

Family Offices as Catalysts of Change<\/strong><\/h2>\n

HRH Princess Jahnavi Kumari Mewar, founder of private equity firm Auctus Flora and a senior member of one of India\u2019s most powerful royal families, urged family offices to work together to solve some of the world\u2019s most pressing issues.<\/p>\n

\u201cAre we doing anything to actually influence social policies?\u201d she asked Forbes Women president Moira Forbes. \u201cI don\u2019t think we are.\u201d<\/p>\n

The royal, who started working at her father\u2019s investment company when she was 16, has spent a large portion of her career building up her family office and her own investment firm. \u201cIt was shocking how apathetic people can be within your own family,\u201d she said. From consolidating real estate assets, implementing legal contracts and delineating a clear investment strategy, she has seen the family office\u2019s structure mature.<\/p>\n

Her private equity firm, Auctus Flora, has been an outlet for the Princess to invest in causes she cares about. \u201cIf that capital is a bit more meaningful in the way that it is invested, it will actually propagate the thought process of creating clusters of investments.\u201d Any kind of disruption in the world will inevitably impact the family, she added.<\/p>\n

Cooperation with other family offices is in both parties\u2019 best interest, she said. To established family offices with a history of sizable returns, it is even more important to act on social causes like climate change and war.<\/p>\n

\u201cWe need to look at family offices as not only us, but look down five generations down the line,\u201d said the member of the Mewar family\u2019s 77th generation. \u201cIt\u2019s not just for the world, but also your immediate self-interest.\u201d<\/p>\n

The Dissenters: Where To Make Contrarian Bets<\/strong><\/h2>\n

Alternative asset managers Victor Khosla, founder and CIO of Strategic Value Partners, and Boaz Weinstein, founder and CIO of Saba Capital Management, both shared ideas of where to find attractive investments during a period of slow growth in the U.S. For Khosla, it\u2019s across the pond, where Germany\u2019s economy has contracted and asset prices have fallen in other areas of Western Europe like the United Kingdom. For Weinstein, it\u2019s in closed-end funds, many of which can be purchased at discounts to their market value of around 15% to 20%, he says.<\/p>\n

Both are otherwise largely taking a wait-and-see approach with high rates and trillions of dollars of debt maturing, but Khosla pointed to commercial real estate maturities on the horizon that could fall to enticing levels with that industry in a precarious state.<\/p>\n

\u201cWe\u2019re in for a four-year or five-year slog as we work through these higher rates and what they mean for valuations, especially in the debt markets,\u201d said Khosla. \u201cAll of this stuff is going to start to get repriced quite dramatically.\u201d<\/p>\n

Weinstein is still looking for good arbitrage opportunities and cautioned that investors who wait too long for a perfect level could miss out on a good enough place to buy. He also thinks Treasuries yielding upwards of 5% are a good place to stash capital while waiting for opportunities to arise.<\/p>\n

\u201cI look at the market and see incredible complacency, whereas you could find a lot of safety and security in T-bills,\u201d said Weinstein.<\/p>\n

<\/fbs-ad><\/p>\n

MORE FROM FORBES<\/strong><\/h4>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Almost midway through 2023, markets have bounced back from a lousy 2022 more robustly than many investors inspected, but fears of a recession haven\u2019t faded completely. More than 30 influential investors and business leaders converged on Pier Sixty in Manhattan for the second annual Forbes Iconoclast Summit on Monday to break down how they\u2019re positioning […]<\/p>\n","protected":false},"author":1,"featured_media":21614,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-21613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-featured"],"yoast_head":"\nForbes Iconoclast Summit 2023: Wisdom From The World\u2019s Most Influential Investors | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Almost midway through 2023, markets have bounced back from a lousy 2022 more robustly than many investors inspected, but fears of a recession haven\u2019t\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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