U.S.

“I think it's great that outside the U.S., you don't see guys making 30 or forty million dollars while their CFO makes 500,000. You just don't see that. You see a lot more reasonable equity payouts and or salary payouts in those companies, which I like a lot, b…”

“The first is, it's not a phenomenon in most countries. It's a U.S. Phenomenon, but even in this country, it's down to about 27 and a half percent of companies actually issue quarterly guidance, so it's a minority practice.”

“Now, I think in Europe or in Asia, I think there are still cheap LBO opportunities, right? So a firm like Bain or Blackstone, they're still seeing opportunities to do really attractive buyouts ex-U.S. But within the U.S., you can't.”

“There is no question the gap between the biggest companies and everybody else in their industries, the gap in profitability has widened very significantly, and that widening has been much more pronounced in the U.S. Than it has been elsewhere.”

“We support CDP. We're pushing all our companies to undertake CDP work, which is formerly known as Carbon Disclosure Project. It's been very successful in Europe and the U.S., been very unsuccessful in Asia.”

“It was roughly 15 percentage points cheaper to produce in China versus the U.S. Back in the early 2000.”

“When you fast forward to 2015 and 16 and look at the cost gap between the U.S. And China, what you'll find is that China's competitive advantage was pretty much fully eroded by then, so it was no longer You know, that compelling to just simply produce in China…”

“I think that this great power competition between China and the U.S. And potentially other countries mixed in creates a really interesting environment for frontier markets like Africa, maybe some of the less developed countries in Latin America and Asia as wel…”

“And so I think if Trump wins again, they see the writing on the wall, and I don't think they're gonna reach out by thinking of, oh, let's negotiate with the U.S.”

“Unlike in the U.S. Or in Europe where I'm listing because I need a liquidity event or I need to raise cash, that's generally not the case for the large majority of the cheap companies. They're listed as some kind of legacy.”

“Although we have different particular metrics with which we stress test institutions for traditional financial stress in the U.S., Those would be relevant, but the more important thing would be to make sure that we coordinate and do it on a consistent basis in…”

“And it was a graph showing the percentage of premature deaths in the U.S. That are due to different causes, and the largest wedge in that graph was 40% due to behaviors that we could change. So decisions about things like eating drinking, smoking, vehicle safe…”

“They have 300,000 electric buses, and the U.S. Has 400.”

“Many of our emerging market Success stories started off as carbon copies of successful business models in the U.S., and then we evolved and changed depending on local conditions.”

“What I would say is that Brazil is cheaper in terms of price to growth. So when you look at the price to growth, most of these compounds are trading at .8.75. So compared to the U.S., they're relatively cheap. And the high growers, let's say the really high gr…”

“For U.S., the constraint is that they can't build a coalition of the willing against China. If every country in the world is going to cheat, if France is going to sell airbuses, if America pulls back on Boeings, if that's what's going to happen, then there is …”

“So if you look at household debt as percent of disposable income in China, it's higher than that of the U.S.”

“And the reality is you're comparing, it's not that you're comparing apples and oranges. You're comparing apples to tennis balls. They're not, it's not even the same fruit. It's not the same system. It's not. And so all the rules that you think, you know, you c…”

“We started that about 12 years ago. Extended that across our entire industrials portfolio over a period of time, so we've done it maybe 12 times with manufacturing businesses, and then in total today have 25 live cases of this across all of our different verti…”

“Right now, when you look at how people are positioned, everybody's positioned for option one. The U.S. Is the only place to be.”

“Meanwhile, we've just had 15 trillion of capital destruction in the U.S. Alone.”

“Europe, you have not been able to strip the macro from the micro because the macro has been driving the micro for much of the last two decades. In the U.S. It's been much less so.”

“The African markets didn't perform particularly well really since 2015, 20 15 through 19. The African markets in general underperformed the rest of the world and in particular the U.S.”

“So there are between 60 and 70 of these co-ops scattered around the U.S. Those co-ops cannot lend outside of their geographic area.”

“For investing in Asia. I always think it should be 500 basis points more. Europe should be two to 300 basis points more. Right? US is just more liquid.”

“I would say to you, that's true, unless you're investing in the U.K. Because the U.K., the legal system there, is actually stronger than it is in the U.S.”

“Since 1960, travel and leisure spending in the U.S. Has grown by about seven percent per year, more than double that of GDP.”

“There's been really good evolution in the type of manager in India, in venture, which looks like the U.S. A lot now in terms of the type of person who finds themselves with a venture fund, and it used to be investment bankers, a transaction experience, and it …”

“I think in hindsight, we recognize now that there was more dialogue between the U.S. And the U.K. Than we had appreciated, and they were probably doing the U.S.'s bidding in a certain way, which is Surprising, but then they really reversed course when the U.S.…”

“That's pretty big today in Europe, and it's just catching on here in the U.S.”

“And in venture, we're typically targeting, I'd say, 80% in information tech, and the rest in healthcare and biotech, and then 60, 70% the U.S., and the rest in proven parts of venture centers around the world.”

“I actually think the solution set for the U.S. Is going to be hybridization of everything.”

“And I think we can through deregulation, energy, independence, and dominance in the U.S., and a growth mindset. We can get back to growth. I feel very strongly that this is the last chance to grow our way out of this.”

“Now the U.S. Is doing fiscal consolidation just as China and Europe step on the fiscal accelerator.”

“What's happening right now in the U.S., and I don't want to be too facetious or critical, but the U.S. Is starting to trade in many ways like an emerging market.”

“If you're Japan or Korea, you're dependent on the U.S. Security umbrella, you've got U.S. Troops in your territory, you're always going to do whatever deal the U.S. Puts in front of you.”

“We saw this kind of discrepancy during COVID, and it took the economies a year to get back on their footing. This time, it's going to be just as bad. I don't see how the economy doesn't grind to a standstill. These strict discrepancies are going to be very uni…”

“You're also going to get political pressure on all the Canadian pension funds that are massive to repatriate capital and to bring back money from the U.S. You're going to get the same pressure on European pension funds.”

“We're now discussing a Bitcoin strategic reserve at the federal level in the U.S. And in 31 states.”

“In the last month or two, there's been a shift in that, more towards restriction of the sale of Venezuelan oil to the U.S., In practice, what it's doing is pushing it to China, which is odd, because that would seem counter to the U.S. Objectives.”

“20% of many of these countries' GDP are remittances from the U.S. To the countries.”

“And I think, again, like we said at the beginning, this multipolar world, Latin America will certainly be together with the U.S., and that will mean further growth, integration, opportunities.”

“So the impact, if you look around the world, which are the regions who are going to be more impacted, Latin America falls under the category of minimal impact.”

“Goldman had a report on evergreens in the fall of twenty-twenty-four, and there's really only in the U.S. At the time, there's like 200 evergreen funds. So there's not a lot of choices relative to the thousands of closed-end funds that people can invest in.”

“When you look at the macro dynamics in the U.S., gym membership grows every year.”

“They'll probably end up in the U.S. Eventually as well.”

“I think that people inaccurately in holding, let's say, the U.S. As the benchmark for rule of law, for sanctity of contract, for this, for that, unfairly denigrate a lot of these other places because there are rules in all of these places. There are laws in al…”

“We do think a lot of the startups, if you look at AI, the best AI founders generally find their way to the U.S. Right now.”

“Up until 2019, the U.S. Was an importer of travel. More people came to the U.S. And stayed in hotels than left the U.S. To stay abroad. We have now become a significant exporter of travel. More people leave the U.S. To go abroad than come in.”

“I now have come to the realization that it's a hard perch, high hurdle to leave the U.S., take my one marginal dollar and invest in country X in the emerging markets and expect a competitive risk-adjusted return.”