Marc Lasry and Bary Sternlicht at Delivering Alpha Conference – some VERY ROUGH notes followed by an excerpt from the unofficial softa officall transcript
Lasry said he making investors give capital for longer period, not useful to have them follow quarter by quarter
My reasons for being republican, you can’t fix balance sheet you can’t get to social reform… if we don’t’ fix the balance sheet… we wont’ be able to fight for our social issues…
Baupost's investment process involves "never-ending" gleaning of facts to help support investment ideas Seth Klarman writes in his end-of-year letter to investors. In the letter, a copy of which ValueWalk has been able to review, the value investor describes the Baupost Group's process to identify ideas and answer the most critical questions about its potential Read More
It’s a race to the bottom at the moment.
Who cares what a bunch of progressives say?.. Democratic party, i think Hilary has moved a bit more to the left than she was..e everybody like to make a big deal of a 2 or 3 people talking…
Bernie Sanders lost bc a lot of people believed in his msg but the vast majority didn’t.
I look at thing black and white –
There’s a massive exodus from conn. (taxes). You can’t sell a house in greewnwich.
here people going in and out daily hurt the funds.
Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with Marc Lasry, Avenue Capital Group Chairman, CEO and Co-Founder, and Barry Sternlicht, Starwood Capital Group Chairman and CEO, live from the CNBC Institutional Investor Delivering Alpha conference in New York City on Tuesday, September 13th. Credit CNBC Institutional Investor Delivering Alpha conference.
BARRY STERNLICHT ON ETFS ALGO TRADING
Those are fast you get your money in and out, influences stocks in a way you didn’t have to deal with 5, 10 years ago. For volatile money, you can be right and wrong and it has nothing to do with your thesis – it could be dead right but your investors might flee before you can be proven correct.
BARRY STERNLICHT ON REAL ESTATE
Because of BREXIT Dublin’s hot, we’re selling now much earlier than expected because all the good news is in the price. Bought a building in Manchester, investor bought it before our 5-year exit. That’s all because half their money was in bonds and there’s no yield in bonds. All this money is moving into real estate. Our asset class happens to be a good asset class right now
MARC LASRY ON DEBT INVESTING VS. EQUITY
Interest rates are where they are yet you need to continue to invest. That’s why you want to be a debt investor or an equity investor. Being an equity investor right now isn’t great.
BARRY STERNLICHT BULLISH ON REAL ESTATE
The part of the economy that is roaring ahead that people aren’t paying attention to is the residential sector. It’s been part of every recovery in history and has not participated in this recovery. The residential markets are really good..best we’ve ever seen in our lives. the millennials are a sharing generation. Fundamental changes to demographics in the country. It’s really playing out in the rental markets.
BARRY STERNLICHT ON BEST AND WORST REAL ESTATE MARKETS
NYC is weak, too much building, too many apartments coming online. San Francisco is getting overbuilt. Our assets our in Seattle, Denver, South Florida, Dallas is cooking ASS, Atlanta is amazing. I’ve never seen an Atlanta market like this.
BARRY STERNLICHT ON TECH INVESTMENT
There’s this company called Doppler Labs, they make a programmable earplug. Because of what Apple just did like 7 people are looking to buy them.
MARC LASRY AND BARRY STERNLICHT ON TESLA
Michelle Caruso-Cabrera: Would you invest in Tesla?
Sternlicht: No, I would be short actually.
Lasry: Tesla? No, I wouldn’t invest. It’s hard for people who invest in companies at 5X to invest in companies that are greater than 20 or 30 or 100X. It’s just not in my DNA. To me it just doesn’t make any sense.
MARC LASRY ON BOND MARKET LIQUIDITY
Very little liquidity, when there’s bad news there’s no liquidity. When there’s bad news you want to be the person giving those bids. Bond market today ends up being, once banks got out, only people providing liquidity are people like me. You’ll always be giving a down bid
BARRY STERNLICHT ON BREXIT
I think businesses will leave London if they do this yes. it’s not going to be pretty. Banks will lose money, hedge funds, it’s not going to be pretty.
MARC LASRY ON HILLARY CLINTON
Person I know is an exceptionally talented individual and I think she will make a great President. You want someone who asks questions, who cares, and you want someone who is really smart.
BARRY STERNLICHT ON ELECTIONS
I was hoping everyone would get indicted and we’d get to start over.