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I think one of the reasons why our stock has done so well is I think we we understood that more and more of the global economy would be moving to the capital markets and I think all those things you suggested is just an indication of all the movements towards the capital markets and I think this is going to be broadly a world event we're we're seeing more and more countries focusing on their Capital markets a great economy is an economy that has a strong Capital markets and a strong banking system we've seen here in Europe historically a strong banking system and a weak Capital markets that's changing right now here in Europe but in other countries like Japan you had the kashida government doubling down their retirement up U uh tax deduct ability for for a product that they have a desire to building out their Capital markets in India Prime Minister Modi is focusing on retirement to build out their Capital Market to broaden their entire economy and I think that's that that's the movement for the next 25 years in front of us a further broadening of the global Capital markets whether that is private debt infrastructure debt uh private Equity venture capital and I think this is important and if I look back over the 25 years one of the strengths that I see is because of the strength of the US capital markets the US uh influence in the world has become broader and greater than it was 25 years ago and that is because of the depth of the capital markets well Gip is in the midst of closing a $25 billion uh infrastructure product uh the old black rock uh our our infer team is is is going to be raising another $10 billion and then we announced um a partnership with Microsoft Nvidia and mgx um we have aspirations of raising $30 billion of equity and then beyond that um more debt Associated when we built out these AI data centers so so to me this is the dawning of infrastructure when I look around the world today I see the inadequacies of infrastructure in almost every country so we need to be decarbonizing we need to be digit izing we need to be moving forward we need to be building out more and more and I think this is one of the big issues as I wrote in an editorial a few months back in the ft and I spoke at the G7 I spoke about every economy needs to focus on growth there's twoo much focus on should we lower taxes should we raise taxes not enough how do we stimulate growth and I think infrastructure is a major component of how we stimulate growth and we don't because of the breath of the Capital Market we you don't have to rely on federal spending or state spending there is enough capital in the private sector that will be able to fund these new projects and so to me this is a dawning of a of the new reality that we're going to see broad broadening of public and private Investing For infrastructure is is there a worry that it becomes quite political so there are a couple of projects Malaysia Minnesota that have been politicized is there a danger that infrastructure becomes a new ESG I see a very different outcome of that this is helping government build out their infrastructure there is no question there there may be one project or another project that may be politicized for one reason or another but overall in my conversations with politicians worldwide they they know they're in need of more private Capital so I dearly hope it's not politicized if it's politicized in one location it means money's going to seek another safer spot and so you always have those type of risks but capital is free moving and capital is going to be seeking a safe Sound Investment you know we are the largest retirement manager in the world our job is to try to be finding Investments on behalf of our retirees to find safe uh outcomes over a long period of time so if there is a an event that politicizes it money will leave and money will seek another destination you always see you mentioned like commercial real estate you see too much money moving in one one area then it then it runs away from it I think that's that's what markets do they we test the outer boundaries of pricing and it becomes maybe um a a level in which that we don't find it's a great outcome for a long-term investing and then money moves to another another destination I think that's a natural movement so I'm not worried about one area versus another area the one other thing that I think everybody ask me is you know is a market so pricey and yet all this ge political issues I would argue today because of the ex the expansion of the global Capital markets we're diffusing more risk than ever there is actually less systemic risk today than ever before you mentioned private credit private credit is chiefly matching a liability and an asset together it's not leveraging 8 to1 like in a banking system that's a good example of diffusing some uh systemic risk but as more and more capitals broadening out how they invest where they invest that actually reduces less concentration in one area of course we've seen especially in cities um a a a decline in commercial real estate but that's a natural process and but there's nothing systemic about it you may lose money on one building but you're moving into other destinations like data centers you're moving into different cities that may have Rising population growth but you know you can't fight demographics so there are some cities that are shrinking obviously commercial real estate and those cities are going to be declining with that declining population we have large aspirations as we wrote about it last year and we continue to be building out a private credit area and there's more to come U we're we're very excited about our position if you just think about the role of infrastructure debt if you think about what we what we announced with mgx and Microsoft raising $30 billion of equity but we're going to have to we're going to raise a to120 billion of debt associated with those data centers so I actually believe as we move out and building out more and more infrastructure investing you're going to see more infrastructure or private credit associated with that and so that will also represent a great great opportunity that that you know you have a hyperscaler like a meta like a Microsoft like a Amazon uh that are you have their credit that you're going to be able to leverage it up and provide returns stable returns over 15 20 years because that's what those leases will be on these data centers and so you have a great opportunity for long term investing do do you worry that actually there are two very different outcomes with the US election that could bring the economy in different ways uh both candidates um have in many cases very similar views on making the US even stronger both candidates in their interpretation how that may happen May May differ um our job is to work with any political position our job is to be working with the US government like we're here in Germany we're working with the German government there's going to be election here next Year too our job is to be working with societies and building u a platform together and so we're not trying to make any judgments I don't think the us is going to be pivoting that much depending on one outcome um you know we're not focusing on the day-to-day movements of markets we're focus on is the US an exceptional place to invest for five years 10 years 20 years that's what we're focusing on yes there may be moments where you could have a 10% or even a 15 or 20% uh downdraft is does that represent a major shift or does that represent an opportunity and so you have to look at it that way in most cases over the last 30 years anytime you had a 10 or 20% downdraft you wanted to be there standing by and buying and those who ran away over a 20 year Horizon have lost a lot of possible return I am a very large believer uh on a banking and a capital markets Union I think that's the strength of the United States Europe needs to do that I've read the draggy report because we are large sholders and both I don't talk about any uh any any activity uh about one organization versus another but technically I'm a I'm I I look at the strength of the United States and much of the strength is because of the strength of our Capital markets and our banking system Europe needs a stronger Capital market system and it needs a more unified banking system and I think that's going to be urgently necess Neary for Europe to go to the next step so what's your take on China right now I would have said before these Chinese actions of last week in terms of the massive fiscal and monetary policy shifts um China was going from bad to worse I think they recognize now that their economy was you know descending quite rapidly there was a lack of confidence and I and I think we're going to have to wait and see is this enough to stabilize the I would say the failings of the of comp confidence um and as as I spoke to more and more Executives in China there was a a fear that you know we haven't found the bottom yet could this be the bottom for China you know I think systematically you're going to see more and more companies diversifying their supply chains and you're seeing that you're seeing India as a great destination you're seeing Philippines and Vietnam as Great Destinations closer to the United States Mexico has been an incredible destination for more and more Manufacturing and so that's not going to change we are going to see a systematic change in how we manage Supply chains I think C taught us a lot of lessons on two large dependencies and with all the disruptions of Supply chains everybody's waking up to we need to have a more resilient supply chain because before Co we talked about we need have we we need you know the most efficient supply chain when you have those issues efficiencies didn't work and we had real big disruptions and every company's focusing on a more a broadening a more you Diversified supply chain so you don't have these type of disruption look at I think every moment it's unsettling uh the war in Ukraine which we haven't talked about is incredibly unsettling and very destabilizing for Europe the war in the Middle East right now with Lebanon and Gaza is very unsettling at the same time as I said we are broadening the Capital markets that the even with these type of disruptions we're not seeing disruption in the energy Market um and we're not we're we're seeing more diversification and so the markets are able to overcome some of these now if they they create more supply chain disruptions they create supply chain disruptions for energy that changes the whole ecosystem but right now I don't see anything that really to me is going to be disrupting this tremendous momentum the amount of trillions doll that are going to be necessary for infrastructure investing is going to be vital to uplift the economies worldwide and this is why I'm still you know urging more and more economies to focus on growth focus on how to build out their infrastructure that will LIF up the economy and create great jobs I don't see any Landing the econom is going to continue to grow at 2 plus 3% I don't even know why we use a landing Landing last time means it goes to zero it goes you know I don't I I know we use those words it's really fun to talk about it's not going to crash I have I've been very consistent we are not we're not going to have a hard Landing but I don't want to say a softland we're going to continue we're continuing to move and navigate it that is but despite all that there are segments of the economy that are struggling there are segments of the economy that are doing really well we are you know we spend so much time focusing on the segments that are doing poorly and I'm not trying to suggest that's not a the right thing to do but we're not looking at in the holistic way that other parts of the economy are doing really really well
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