Investors Remain Cautious and Pessimistic

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He got -- -- I was with us thankfully president and global investment status of -- search.

And even out about you've been traveling the have you back thank you good to be here but in your travels.

What do you here and it -- global the global story.

He's not going away and although the data has.

Been slowing.

It has been the what I've been hearing on the road has been fairly pessimistic frankly.

Which could be encouraging from the rolls because of the fact that you when you have so many people that are pessimistic and cautious and -- truck.

That oftentimes what we have left to convert you know more to the -- -- what I'm hearing as more caution than anything else.

I did hear a very interesting story.

From a fellow who -- a very well connected person in the family office space which is an emerging growing field.

That maybe you might want to look into and have some people on your program and it.

I've no idea that we're talking about trillions now.

And I had no idea that we're talking about -- connected network not just US but Europe and Asia families wealthy families who.

Entrusted their money over to the creation of these family offices and these people handling this amount of money are talking -- -- Well loan hedge fund managers like grade valeo one rest of them and getting quite a bit of information and this particular fellow have my conference in in Boca -- He was saw a fairly are pessimistic.

About the economy about the economy about the markets from now you know.

Most everything except managing family offices mean why why.

All over the city before all the reasons that we now I guess that's what -- -- positive things is the fact that so much of this is kind of -- there.

The only issue is is there another shoe to drop.

Is this something from a part of the world let's say emerging markets let's say China.

That we don't know about that might actually come up and -- us somewhere along the way for example The Economist Magazine several months ago.

Ran a feature called -- capitalism I did not know this I don't know if you this.

That.

Vast majority of the growth in China are the unregulated entrepreneur -- That information about the on regular entrepreneurs is not as reliable.

W horrific and other information all rely.

I think also to the you know the government coming down on the accounting standards in China -- -- this you know.

Yes I'm blanking.

Sent out cards and others like that so -- hot money right we're seeing it you know.

There's no real standard out there and we're relying so much on -- Wednesdays and Europe as well -- that's right.

Thank you put all your eggs in the Chinese basket -- update at least.

No I'm I'm happy to place -- remember that China is still an export dependent country.

The talk a lot about shifting them from a global balances to become global imbalances and become more balanced you need more domestic demand from emerging markets that would be wonderful.

But then again you know the whole story with China you know people are saving because they don't have been -- they don't have the health insurance -- central those kind of -- so how do you get that demand.

How do you get that going.

There's a lot of things that are on the wrong side of the ledger right how do you -- up the European mess.

-- I would basically stay away I certainly would stay away from financial -- You talked about this through fraud stayed away from financials for quite some time -- in a major long term secular bear market.

So I wouldn't be included in financials the difficulty has -- good question tracing the difficulty is where you are in certain spaces.

Like infrastructure that have excellent long term prospects but on an interim basis.

You know they're gonna get swept up with all the other issues and problems that are there are so how do you play it from your basically stay away.

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Investors Remain Cautious and Pessimistic

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