15 NASDAQ DOWN 47, EARLIER
TODAY DURING PENAL AT WORLD
ECONOMIC FURTHERMORE RAY DALIO
WE HAD IN ON ARE GETTING
COMPLICATIONS INORDINATEING
POLICY PONL.
>> THE QUESTION REALLY IS WHEN
HE MONETARY POLICY IS
DENOMINATED ONE'S OWN CURRENCY
THEY ARE CYCLES THE ABOUT
CYCLE LIKE IN CHINA I AGREE
ONE OF THOSE CYCLES PEOPLE DAY
PAENGS TO THEY HAVE POWER THEY
CAN HANDLE THAT CYCLE, BUT
THERE IS A WEAKENING THERE,
THERE IS A SLOW UNCERTAINTY
SUBSTANDARD GROWTH RATE IN
EUROPE SIGNIFICANT SLOWING IN
THAT PARTICULARLY PERIOD
SHOULD WARN EASIER MONETARY
POLICY.
>> HE SAID NOT EXPECTING THE
FEDERAL RESERVE AND DOESN'T
THINK FEDERAL RESERVE SHOULD
RAISE INTEREST RATES AT ALL IN
2019 GIVEN BACKDROP JOINING ME
CO-CEO CARR LIKELY GROUP, GOOD
TO SEE YOU AGAIN.
>> GOOD MORNING, I GUESS GOOD
MORNING, EVERYONE.
>> GOOD AFTERNOON HERE IN
EUROPE THAT IS FOR SURE, LOOK,
YOU OWN VESTED 250 COMPANIES
TWO 12 BILLION DOLLARS ASSETS
UNDER MANAGEMENT YOU'VE GOT 70
BILLION OF THAT ALREADY IN THE
GROUND COMPANIES THAT YOU OWN
ALREADY SO TELL US WHAT YOU
ARE SEEING, FROM THIS
INCREDIBLE VANTAGE POINT FROM
250 SXOEN
2 5 SXOEN
2 5
250 COMPANIES ARE THEY SLOWING
DOWN.
>> GLOBAL GROWTH IS ABSOLUTELY
SLOWING, BUT NOT STALLING, AND
I THINK THIS IS WHERE THE
MARKET IS BEING A LITTLE BIT
SCHIZOPHRENIC WHAT WE SEE
THROUGHOUT THE GLOBE DAY IS
GROWTH, BUT NOT AT PACE WE SAW
LAST YEAR.
THE BIGGEST CHANGE I THINK IS
IN CHINA.
AND THE FOURTH QUARTER WE HAVE
SEEN THE DATA, OUR COMPANY
DATA WOULD SUGGEST THAT CHINA
SLOWED A LITTLE BIT EVEN MORE
THAN WHAT WAS SUGGESTED IN THE
OFFICIAL DATA FOURTH QUARTER
ALTHOUGH WE DID SEE RECOVERY
IN DECEMBER, CHINA IS DEALING
HE WITH SOMETHING VERY NEW A
CONSUMER DRIVEN SLOWDOWN IN
GROWTH, AND ONE OF THE GREAT
RECOGNITIONS IS CHINA USED TO
BE EXPORT ECONOMY IS REALLY
DRIVEN BY THIS GIANT CONSUMER
CLASS CREATED OVER THE LAST 20
YEARS, AND THAT CONSUMER CLASS
IS NERVOUS THEY ARE NERVOUS
FOR ALL THE SAME REASONS THAT
OTHER PEOPLE IN THE WORLD ARE
NERVOUS THAT IS REFLECTING
IT'S IN CHINESE ECONOMY.
>> FOR THOSE OF US STUDIED
CHINA WE KNOW CHINA AS EXPORT
BE MEMORY OTH IN THE WORLD WHY
AIR STINKS IN TERMS OF AIR
QUALITYPRODUCING PRODUCTS FOR
WORLD, SPEWING OUT POLLUTION
ONE OF THE ISSUES IS TURNING
THAT ECONOMY AND THIS IS LIKE
TURNING A HUGE CRUISE SHIP
FROM AN EXPORT ECONOMY TO
CONSUMER LED ECONOMY THEY ARE
DOING IT.
THEY ARE DOING IT, ALTHOUGH
NOW THEY ARE HAVING TO DEAL
WITH ALL THE SAME THINGS U.S.
DEALS WITH, WHICH IS CONSUMER
CONFIDENCE, AND WHEN YOU HAVE
A TRADE WAR, AND HE EVERYBODY
HAS ACCESS TO HEADLINES TODAY
OVER THE INTERNET THE CONSUMER
CAN GET WORRIED IN FOURTH
QUARTER CONSUMER IN CHINA WAS
WORRIED YOU HAVE.
>> BEEN AN INVESTOR IN ENERGY
I KNOW THAT TELL US WHERE YOU
SEE GROWTH IN THE WORLD WHERE
ARE YOUR MOST IMPORTANT
INVESTMENTS RIGHT NOW LATEST
DATA COMING OUT OF THE GLOBAL
OIL INDUSTRY PARTICULARLY THE
FORECASTERS FOR DEMAND, IN AN
IS IN FACT INCREASING THE
REASON WHY DEMAND IS
INCREASING GENERALLY IS THE
GLOBE IS STILL GROWING, AND
THAT PUTS A LARGE DEMAND ON
OVERALL ENERGY USAGE WE STILL
SEE A TREMENDOUS OPPORTUNITY
IN NATURAL GAS AROUND THE
WORLD IT IS THE TRANSITION
FUEL OF THE FUTURE WE SEE IN
RENUTRITIOUSLY YOU FUELS
PARTICULARLY WIND AND SOLAR
NATURAL GAS ABOUT TRANSITION
FUEL A LONG TIME WITH EQUITIES
BESSEN DOWN, CAPITAL ACTUALLY
NOT GOING INTO THE TRADITIONAL
ENERGY INDUSTRY WE SEE SOME
GREAT VALUE.
>> ARE THERE VALUES IN RETAIL
ANOTHER AREA OF YOUR
INVESTMENT WHAT ARE YOU SEEING
ON RETAIL.
>> RETAIL WE OWN A NUMBER OF
VERY SUCCESSFUL RETAIL PLAYERS
THE KEY TO GREAT RETAIL TODAY
IS INNOVATION, DIGITAL OFFENSE
AND IN FACT DOING IT
DIFFERENTLY THAN IT HAS BEEN
DONE HISTORICALLY, SO WHO CAN
WHO CAN TRULY DISPLAYOFF
TRADITIONAL WAY RETAIL IS DONE
THE COMPANIES WE HAVE BEEN
VESTING IN ARE YOU WAITING
SITTING ON CASH AS YOU ASSESS
THE PERFORMANCE OF YOUR
PORTFOLIO NOW THAT OF YOU HAVE
LFR INVESTED IN OR POISED TO
PUT NEW MONEY TO WORK?
OR WHEN INTERCEPTORS
GOVERNMENT SHUTDOWN INCLUDED
WOULD YOU BE POISED TO SIT ON
CASH.
>> REMEMBER MARIA WHEN WE ARE
EP TRUSTEDZ WITH CAPITAL WE
HAVE FIVE AND SIX YEARS TO
INVEST SO IT THERE IS NO
PRESSURE AT ALL.
AND OVER THE CLAST FOUR YEARS,
WE SET A GOAL TO RAISE A
HUNDRED BILLION DOLLARS
FINISHED UP THIS YEAR 2019,
AND THAT CAPITAL IS READY TO
BE VESTED INVESTORED WHERE WE
EXPECT ECONOMY TO DEFINE IT'S
FOR ABOUT FAVORABLE THAN
FASHIONABLE.
>> UNITED STATES ECONOMY THIS
IS REALLY GOOD SHAPE.
IT COULD CHANGE IF WE DON'T
SEE PROGRESS, ON TRADE WITH
CHINA, AND GOVERNMENT
SHUTDOWN, BECAUSE THOSE HAD
THE REAL ABILITY TO TURN
PEOPLE'S OPTIMISM INTO
PESSIMISM, BUT THE
UNDERPINNINGS FOR THE U.S.
ECONOMY ARE QUITE GOOD AS I
SAID THE BIG CHALLENGE IS
MARKETS ARE VOLATILE SO THAT
CREATES BUYING OPPORTUNITIES
FOR US WHEN WE SEE A COMPANY
THAT WE THINK WE WOULD LIKE TO
BUY DAY BUT OVERVALUED SEOULE
BUY DAY BUT OVERVALUED ALOULE
BUY DAY BUT OVERVALUED ALL LE
BUY DAY BUT OVERVALUED ALL OF
A SUDDEN THE OPPORTUNITY
PRESENTS ITSELF.
>> WAS THERE CUTBACK DO YOU
EXPECT GOVERNMENT SHUTDOWN TO
HAVE IMPACT.
>> GRAND SCHEME OF THINGS, NO,
I DO THINK THAT -- AGAIN, WE
ARE BLESSED WE GET TO OWN
COMPANIES FOR FOUR, FIVE, SIX,
SEVEN YEARS SOMETIMES 10 YEARS
WE STAY INVESTED IN A COMPANY
PARTICULARLY IN WASHINGTON
WHERE I LIVE FEDERAL WORKERS
THAT ARE FURLOUGHED OR WORKING
WITHOUT PAY LIVE, WE ARE
SEEING ECONOMY IMPACTED BUT WE
ARE VERY HOPEFUL THAT THE
PRESSURE IS BUILDINGS WE'VE
GOT ANOTHER PAY CYCLE COMING
WORKERS ARE GOING TO MISS
ANOTHER PAYCHECK YOU CAN SEE
THE TEMPERATURE TURNING UP
BETWEEN WHITE HOUSE AND
CONGRESS.
>> IS THERE ANY REASON TO
BELIEVE THIS SHUTDOWN COULD
END THIS WEEK?
>> I DON'T BELIEVE IT IS GOING
TO END THIS WEEK.
>> YOU DON'T?
>> BUT I AM HERE, AND THE
LATEST THAT I HEARD LAST WEEK
WAS THEY FELT LIKE THEY WERE
NOT WEEK AWAY.
>> QUICK, BECAUSE THIS CAME UP
IN A PANEL I THOUGHT IT WAS A
VERY INTERESTING INTEREST FANG
THE REGULATOR RUNS FINANCE
MINISTER SERVICES IN CHINA
SAID U.S. BOND MARKET HAS BEEN
VERY GOOD PLACE TO INVEST THEY
ARE NOT LOOKING TO LOWER THAT,
THEIR INVESTMENT IN U.S.
BONDS, BUT YOU'VE GOT TO SORT
OF QUESTION WHAT CHINA IS
GOING TO DO WITH ALL SECURITY
-- OF THE U.S. DEBT AT A TIME
U.S. HAS TO CONTINUE SELLING
MORE DEBT WE ARE HAVING A
TRADE SPAT.
>> THAT IS ALL TRUE.
>> A WOULD YOU WORRY ABOUT
THAT.
>> TRUE JUST REMEMBER, YOU
AND I CAN INVEST IN AN
OVERNIGHT MONEY MARKET FUND
WILL EARN 2% OR WE CAN GO BUY
THE GERMAN 10IER BUNDES BUND
30 BASIS POINTS I AM GOING TO
PUT CAPITAL IN DOLLARS, WHERE
I CAN GET A RETURN, OR I CAN
EARN NOTHING, IN THE NEXT --
NEXT LIQUID SECURITIES EURO
BASED, SO THIS IS ALSO DRIVEN
A LOT BY BASIC ECONOMICS THE
RETURNS IN U.S. DEBT ARE MORE
ATTRACTIVE THAN RETURNS OTHER
PLACES.
>> WOULD YOU PUT MORE MONEY IN
EUROPE RIGHT NOW GIVEN THE
ISSUES.
>> WE BELIEVE THAT EUROPE
RIGHT NOW IS -- IS REALLY
GOING THROUGH ITS TO HAVE
YOUEST PATCH HAS DO EVERYTHING
WITH CONFIDENCE AGAIN, SO TWO
BIG FACTORS, BIG EXPORT
ECONOMY EXPORT, THEY ARE
LEADING OH, PORTER TO FACTOR
TWO TO ONE UNITED STATES TO
EMERGING MARKETS YOU HAVE
CHINA'S GROWTH SLOWING.
>> INDIA BRAZIL.
>> SO NOT TERRIBLY SURPRISING
THAT GERMANY HAD A YOU TO
FOURTH QUARTER COUPLE THAT
WITH BREXIT ITALIAN ISSUES
CONFIDENCE IN EUROPE REALLY
SLOWED YOU SAW GDP NUMBERS.
WITH THAT SAID WE ARE
LONG-TERM BULLISH ON EUROPE,
THE QUALITY OF THE COMPANIES
THE ABILITY TO I GR OUTSIDE
EUROPE EXPAND THEM AROUND THE
WORLD, THE VALUES THAT YOU CAN
PAY TODAY IN EUROPE ARE TRET
ATTRACTIVE.
>> GREAT TO HAVE YOU ON THE