20 YEARS IN PERSPECTIVE: "People don't remember books; they remember sentences. More specifically, they remember stories." Four different places in the last 20 years. I married for the second time and hopefully the last time, I also fell in love with running, so I became an avid marathoner, hopefully I'll complete the 6 majors. Corporate culture matters quite a lot, so all those OB classes were actually quite helpful. On Credit Suisse - one of the key takeaways is how a centennial brand or franchise could vanish in a matter of months. ON TOPIC: Finance, alternative investments, seeding managers We're always looking for PHD: Poor, Hungry and Desperate to make money people. Lack of humility is actually like a cancer, it eats you over time. Humility, to know what you know and what you don't know, humility to keep learning and know that you know you still need to continue to develop yourself. Even more important than being a good investor is to be a good psychologist. The top 20 companies in the S&P500 index, they're worth more than the total of all private equity, venture capital, infrastructure investments in the world. Today about one quarter of the whole stock trading that takes place every single day is performed by machines, by computers and algorithms and so forth. Out of every 10 new managers that I meet, it's probably 1 or 2 to have some likelihood of becoming successful down the road. it's very important to identify how the person behaves when things are going sour. We all know that the first 2 to 3 years is the key period for knowing whether the business will take off or not, and the mortality rate across alternative asset managers in the first three years is probably 60% - 70%. ON TOPIC: Capital markets and the future direction of investments The improbable is different from the impossible. The cost of capital measured by interest rates became very low during the last fifteen years. When capital is easily accessible people make a lot of stupid mistakes We're basically migrating to a different regime - we're going to a period where interest rates will remain high for a certain period of time because of high inflation. We need to be much more cautious about how we allocate capital; we need to think a lot about allocating more capital to real assets because these are the assets that protect us from high inflation. One of the things that I think people underestimate is inflation. Inflation can get very sticky over time, it doesn't revert to the mean. One of the consequences of that is that the income distribution gets more unequal over time, because inflation is basically a tax that primarily affects the less wealthy people. And with more income inequality social unrest becomes more likely right. One of the ways to preserve purchasing power over time is investing in real assets. And one of the real assets that I think still has a lot of good value embedded in it is public equities. ON GIVING BACK All my donations go for institutions that are related to education. Talent is somewhat overrated, what we really need to care about is providing the opportunity for people and I think education is probably the best way to provide opportunity for people to develop themselves and grow. If you look at all cases of emerging markets that evolved over time and grew, that was because of education. Outlive (Peter Attia), Credit Suisse, Psychology of money (Morgan Housel), Berkshire Hathaway, Warren Buffet, Lifespan (David Sinclair), Alternative investments, Venture capital, hedge funds, private equity, Elizabeth Holmes, Bernard Madoff, FTX, Sam Bankman-Fried, Crypto, INSEAD, INSEADAlumni