Transcription
Ladies and gentlemen, thank you. Also, one special round of applause for the leader that put together this the greatest gathering on earth, the chairman of the executive committee and the acting CEO of FII Institute, Mr. Richard Atias. My name is Mariana. I am a journalist, global speaker, and author. And I am so honored to be your MC for day one of the ninth edition of FII. And we begin with our signature FYI format, our board of change makers. The theme is geoeconomics with the ineimitable moderator David Rubenstein. The floor is yours.
Can we see that? Okay, we have an all-star panel and there is no way to do this properly without doing it alphabetically. So, um I can't decide who I should ask first question. So, I decided to do it alphabetically by last name if that's okay. So, why don't I start with Bill Aman? Bill uh is the uh CEO of Persian Square. Uh and you've been very active on uh social media of late, I think it's fair to say. So, Um does that help your business or hurt your business and what's been the impact of being so active on social media?
I think it's very helpful. Um one my principal driver in life has been independence. Uh that's motivated me to be successful. Uh and u free speech has been a very important thing to me. So it's sort of aspirational for me be able to speak so um um strongly about things I believe in. And then second, I think the things that I've talked about, you know, so my advocacy has been about everything from viewpoint diversity against discrimination against terrorism uh in favor of capitalism and you know, I think people who uh I partner with share those values and if they don't, I probably would rather not partner with them.
All right. You've been particularly active recently in uh decrying the possibility that uh a particular candidate might be elected mayor of New York. Um, why do you care so much about that? And will New York fall apart if this candidate is elected?
Uh, so, uh, New York's been very good to me and my family, uh, we've been New York City residents for over a hundred years. Uh, and it's the most important financial capital in the world and I think there are every, you know, having a socialist mayor, I think, would be catastrophic for New York. Uh while he's correct, as we saw from the survey, affordability is the number one issue actually for many people in New York City, he's correct on the issue, but he's incorrect on the solution.
All right. So, who's going to win the mayor election?
I actually think we have a shot of Cuomo winning the election, but we have to have everyone on this panel tell everyone who works them to show up on election day or before. It's a critically important election for New York.
Okay. Uh Christian uh Aman um you are the CEO of Qualcomm. Qualcomm did a spectacular job in the mobile telephony world and with its um proprietary uh patents in in terms of things that needed to be in cell phones. What are you doing to take advantage of the next wave in terms of artificial intelligence and how are you repositioning uh Qualcomm to be a leader in artificial intelligence?
Yes, look Qualcon has been changing a lot I think for the past few years. I think what we realize is some of the technologies we have developed for the mobile industry and given the scale of the mobile industry, they could be incredibly disruptive for other industries. And when you look at what's happened with AI, it's a new form of computing. It's a new form of software. This is going to change uh every single computer that we have. And that's not only what's happening on the data center, but also what's happening on phones, on personal computers, on cars, on industrial machines. We think that's that's an incredible uh disruptive technology that will change. It's going to be a big change for consumers. It's going to be a big change for some of the enterprise. I don't know yet how best to compare. I remember when I started my career. We we we have to go in and get memos from the fax machine and start writing new memos back. And then if you look at the combination of computing and internet what has done for consumers and for the enterprise I think that is the kind of change and I think it's going to create an incredible opportunity or transformation in all of those industries.
So if somebody wanted to invest in uh what's going on in artificial intelligence what kind of a company would you have them invest in other than Qualcomm?
Look, I think right now I feel that uh if you if I go back to what happened in the beginning of the internet like uh nobody really knew which company won the search, the social media, the map, uh the uh the what happened for example with all the different services, the SAS business. I think we're a little bit about that in uh in this stage in AI. We don't know yet who is going to be the winners but I think this space is moving very fast. I will pay attention to the companies that are becoming really connected to the consumers. I think understanding human intentions is very important and valuable when now the computers understand what we see, what we say, what we write is a change in the human computer interface and companies that are embracing I think the new uh agent type experiences for the enterprise and I see a lot of companies make bold moves. I'm actually very proud of our partnership here in Saudi Arabia. I think the national AI company Humane is doing a lot in aging for enterprises. I think it shows the direction and I think uh we have a bright future and all of this is going to be happening within the next 12 to 24 months.
All right. Jamie Diamond is the CEO of JP Morgan. Uh Jamie, recently you opened a new building in New York City that costs a fair bit of money. What was the reason to build your own building? Why not just rent buildings from other people?
Yeah. Uh so first of all I'm thrilled to be here everybody. Thank you for having us. Uh congratulations to the enormous path to peace in the Middle East which I think is the most important thing. You got to thank uh the crown prince and the president of the United States and that dwarfs all other things. By the way the building is not near as important. We have to compete with you and Bill Aman and Goldman Sachs and it's a beautiful building. You know we're giving our people uh beautiful trading floors and 15 place to eat. uh you know a great entertainment space. Uh we try to treat our people well. I used to make a joke that you know these people want Pilates, yoga and uh wellness and now we're giving them Pilates, yoga and wellness. Uh so it's a great place to work. Our people work very hard and you know wherever we built wherever we are we want them to feel good coming to work and and I also think inerson collaboration is is so important for society for life for creativity for cohesion that you know we are back to work full-time and um you've been a leader in saying that people should come back to work and work in offices what is your thinking about why it's important to actually be in the office as opposed to doing it over uh zoom
yeah because uh look zoom is a great tool school. So I'm not making fun of Zoom but uh you know younger people being left behind uh their social lives are deteriorating. They don't get ahead. Uh but even all of us in management when we meet on on Hollywood squares there's not as honest a conversation. You don't have that constant followup. People say we'll pick it up next week when when we get there. You know Steve Jobs used to talk about the collaboration that's accidental because you run into someone in a hall and they come come with idea and all of almost everyone probably in this room if you look back at your careers you learned a little bit from apprentice system. You were with other people who took you on a sales call or or you know tell you how to handle a mistake or something like that. It doesn't happen when you're in basement on Zoom and you don't get married on a basement in Zoom and you don't meet people. Uh so I think it's just very important to have a social life.
Okay. If the president of the United States asked you what the quality should be in the next Fed chairman, what would you tell the president of the United States?
What? We'll deal with whatever the reality is.
Okay. Okay. All right. And you're not interested?
All right. Um Oh, me absolutely dead. Are you kidding me? Over my dead body.
All right. Jesus Eler, who is the uh CEO of HSBC. So um HSBC um is a major bank in in Europe obviously and in Asia as well. Um how have the European banks fared uh compared to the American banks since the great recession? Have they kind of slipped behind the American banks in terms of global leadership or are they still um very competitive?
Um, thank you David and very privileged to be here with everyone. Um first we do we do have deep roots in large parts of the planet certainly in Asia certainly here in the Middle East. We have been born 160 years ago in Hong Kong and about 10 years later we were already established in San Francisco and that's the kind of history we built around these areas and we've been uninterrupted more than 70 years in the kingdom. Um it's very important to realize that now you build connectivity through trust through relationships uh through historic understanding of local needs and local cultures. Uh and this is really what we try to position ourself for. Notwithstanding we have great partners and great competitors in my American peers here on the stage and we we we will we will supplement each other to make sure that the world is fully served with financial services.
And how is your relations now with the government of China? You do a lot of business in China and Hong Kong. Um, how is that? Is that more difficult than it used to be or easier than it used to be? Um, or both?
David, I I I um I want to say it's probably always been difficult to navigate some of the um, you know, some of the u national requirements and you know, more and more assets are becoming national assets. code is becoming national asset. Chips are becoming national assets. Cloud and data are becoming national assets. But if you understand what is national assets for many of these jurisdictions, there's an ocean of opportunity out there where connectivity and supply chains and consumers and trade flows can still happen and want to happen. And this is where we need to focus our attention.
Um Larry Frink is the founder and CEO of Black Rockck, the world's largest money manager. I think it's fair to say, uh, Larry, um, you see where money is flowing in and out of the world probably more than anybody else. Where is it flowing in right now and where is it flowing out?
Well, it's good to be here in the kingdom. Thank you, David. Uh, it's always wonderful to see the transformation of the kingdom and again coming back here again. We're seeing an enormous change. Um we we just did a transaction here in the kingdom and we had 5x more demand than we could provide. It was for pipeline in Japora and the amount of money that was interested in investing here in the kingdom was at a record level from places all throughout the world. Um we had five times more demand for investing in this one project. To me, this is just an indication of the transformation here in the kingdom and more importantly in the whole region. And I do believe you're we're seeing more and more uh as the GCC becoming a one one of the major destinations for capital. This region has been typically underinvested by global investors worldwide. Um at the beginning of the year we did see some modest transformation movement out of the dollar and that's uh and we saw that money moving into Europe and and to other places. But that that movement was from a huge overweight in dollar-based assets. Now I would say in the last two months we're seeing that money coming back into the United States. Um and so I don't see there's that much movement. there's still a deep belief in u the opportunity in the US. Uh you asked Cristiano about u AI. If you look at the makeup of the second quarter of the US economy in um over 40% of the e economic growth in the second quarter was uh capex for technology and you don't see that in other places in the world and is that capex whether it is through data centers or or uh or finding more power, gas, uh, building gas turbines. You're seeing all that happening more in the United States than most places in the world today. You're not seeing that as much in Europe. And this is one of the big reasons for the huge gap between the US GDP and the European GDP. But look at money is going to move around all the time. But I would say most global investors have a very large overweight in in the US. And I think that's going to be the b place to have your overweight uh for the at least the next 18 months and we'll see how that all plays out.
Then you talk to central bankers regularly. Uh what are the biggest concerns today of central bankers about what's going on in the global economy?
I I would say the biggest question from central banks is what is the role of tokenization and digitization? How quickly should they think about digitizing their own currency? What does that mean for the role of the dollar? If every currency digitizes and we have a you know what does that mean for bank payments what does that mean for the for the payment companies like Mastercard and Visa all these are being questioned right now I will make you know we I think we spend so much time talking about a AI we're not spending enough time talking about what how quickly we're going to tokenize every financial asset and the opportunity we're going to have to have a digital wallet and moving you know ETFs and other things through a digital wallet and I think that's going to happen worldwide very rapidly and I think most countries are illprepared for that and I underappreciate how technology is changing that not not unlike how technology is changing AI and other things it will be changing uh the technology around the plumbing of finance
okay Patrice Mosi is the uh founder and executive chair of African rainbow minerals. Also the president of Africa football. So, Patrice, um why is gold more than doubling in price and in the last year or so? Gold is over $4,000 an ounce. Um is it a good buy now or is it now overvalued?
Well, let me start by thanking Yaser and Richard for doing an excellent job bringing the world together. Saudi is a reliable and a trustworthy partner and thanks for the great work. We've got about 50,000 employees in our gold mines and we've got investments in Australia and Papa Newu Guini. Gold has always been a reliable source of wealth. Uh we love the dollar, we love the euro, but u during difficult times, the world as as has recently been reflected by the central banks, they fall back and and gold plays an important part. But as an entrepreneur uh you know we have to diversify. So we're in 38 countries in Africa and we invest in India in Europe in America. But for us Africa is the most exciting place to be. Are there challenges in Africa? Yes. Will there be challenges? But it's an incredible place for us to to invest and get competitive returns. So about 1% of private equity dollars invested around the world are invested in Africa. Should it be a higher percentage? And why aren't people investing more in private equity dollars in Africa?
You know, over the last 20 to 30 years, uh, we've tended to look at investments worldwide and we t we underestimated the huge amount of capital in Africa. I mean, our businesses, family businesses, we've invested billions of dollars on the continent. We can invest in other parts of the world. But the challenge for Africa will continue to be it has to be a globally competitive destination for investment. investors whether in London, New York or any other part of the world invest in the most competitive countries where investment is welcome, safe, competitive and the returns are good. So I'm, you know, I'm I'm confident uh I'm excited about the future of Africa and we will continue investing in the continent.
Okay. Scott Nuttle is the co-CEO of KKR. Scott, people say that it's difficult to raise private equity dollars these days. Is that the case? And why do you think uh it is has been difficult? If it has been difficult or it's not difficult, why do you think it's uh people think that it's difficult?
Well, I think people believe it's difficult because we're in a particular moment in the cycle. And let's separate. There's private equity sometimes as a term is used broadly. So infrastructure, private credit, and real estate not really feeling the impacts of what we're seeing in the PE cycle today. I think what's been happening over the course of the last 30 years, you've had a bit of cyclicality to fundraising. And so lessons have been learned in different points in the cycle. And so what's happening right now is you probably had parts of the industry that probably overdeployed in years like 2021 and maybe underdeployed in years like 2020. And so there's a bit of a dynamic right now where perhaps some assets uh were purchased for valuations a bit too high and it's going to take a little bit longer to work out of that. So what you're reading about is monetizations are taking longer to come back to investors which is impacting how some of them are deploying capital because they need that capital to come back. But I think you're seeing more dispersion right now. We had 10 years where everybody looked reasonably bright because rates were low, inflation was low, and multiples were expanding. Now we're going to see who's good at investing through a cycle.
All right, let's suppose I really don't know where to put my money, but I think KKR has a good brand. Where should I put my money in in terms of private investments these days? What's a very attractive area over the next five years to invest if somebody wanted to invest with you?
Well, I think we look where are their capital, supply, demand imbalances and happily that's taking place in a number of different parts of the capital markets around the world. Uh infrastructure clearly significant need. Governments if you look at developed economies around the world debt to GDP went up by 10 percentage points on average since co So more governments are looking to work with us on their balance sheet. I'm sure that's true for a number of people on the panel. That creates opportunities. There's not enough capital to be able to feed that. But we're also seeing opportunities to invest in different parts of the world across private credit, across private equity and real estate. The bottoms behind it and is coming back.
Okay. Lubna Oolon is the uh chair of of Oolon Holdings among other things. uh Lubna, how has it changed in Saudi Arabia to do business here compared to 20 and 30 years ago?
Well, the change first of all, thank you uh for chairing this and uh being the only Saudi on this round table. Uh I have to say I'm very proud of the changes has happened in the country. I think uh what we see around this table is an indication of how attractive the market has become in Saudi Arabia. Earlier we heard that 24 billion has 30 uh 24% has been the growth of investment into the country. 34 uh billion has been invested from foreigners in the country. But it's all because of the tremendous change that has taken place. Ease of doing business, visas is are easier, easier to get. Uh lifestyle has improved tremendously. But one of our biggest changes has been the new investment law which took effect this uh this year. and the uh this investment law gives foreign owners and Saudi owners equal footing in the countries. So in terms of uh access of capital, owning real estate, disposing of uh uh re uh their investment and uh repatriating the money. That's a tremendous change.
So let's suppose I wanted to invest in Saudi Arabia and I didn't know that much about Saudi Arabia. What areas of Saudi Arabia would you recommend that I as an investor put my money in now?
Well, uh the country is booming. Uh real estate selectively is a very good area to invest in. Technology we are in demand of great technology. So uh uh and re I should go back to read the state what I heard is data centers and I think you are uh investing in data centers in the country um uh as well as health care there's a great demand for quality health care pharmaceuticals uh and I have to say in renewable energy as there is a great demand for uh increasing uh our output from renewable energy.
And is it easier being a woman investing in Saudi Arabia than it was 10, 20 or 30 years ago?
I've been doing business in Saudi Arabia for more than 40 years. It is more visible now, but I think it has been the same all along. There has been no discrimination between women and men from the beginning. I would have.
All right. Steve uh Steve is the uh founder and CEO of of of Blackstone. Steve, you know Xiinping pretty well and you know President Trump pretty well. What's going to happen when they get together? Uh are they going to come up with some solution that's going to improve the relations between China and the United States?
Well, David, uh thanks for asking that lowp profofile question. Uh and uh it it's fun to be in the presence uh of a major league baseball owner uh asking those questions. Uh I I I would say uh without much hesitation uh it's going to be a very positive uh outcome uh between the two countries. uh I think you've seen some uh preliminary views by uh uh the government uh of both c countries uh that they've reached some kind of uh u balanced uh relationship uh on the trade issues that have really uh been very visible and high-profile and moved markets. Uh I I think that um uh they've gone a long way uh to develop a much more uh functional relationship uh which is uh uh good for the world. Uh and I I've been involved uh in some of those uh discussions. uh both presidents want to uh uh you know sort of lower the temperature uh significantly uh in that area and I think they're going to find uh their way to doing that.
Okay. So uh you invest all over the world and in many different categories. If somebody said to you um here's some money I have. I don't nearly know what to do with it but I want you to take care of it. Invest it. Get me a reasonable rate of return. What area would you want would you recommend that somebody uh invests with you in what area? In what country or what kind of sector to get a good return?
Well, people do ask us that question. Uh and uh right now uh the most interesting uh uh area is in the data center uh AI complex with particular emphasis on power. uh power uh is what's going to be in short supply. uh if you look at a developed country uh like the United States where somewhere between probably 80% uh 85% of all the investments are going uh that um uh we have an electric grid that didn't grow for basically 20 years and now with the advent of all these data centers you're going to have growth of at least 4%. Maybe 5% going forward. Uh and um the reserve to protect adequacy of electricity uh in the United States is sort of mandated around 15%. So, if you're growing at 4% a year and you only have 15% surplus, something not so good is going to happen very quickly. And that's already happening in a variety of uh areas in in the United States. So, so the need to solve this problem is is really acute. Uh and for those of us who've been involved in this uh you know at Blackstone we're the largest developer of data centers in the world, largest owner of data centers. So we can see this all coming uh and there just simply isn't enough money for the scale uh of this problem without very high returns going along with it.
Okay. So, um, David Solomon, David is the CEO of Goldman Sachs. David, the IPO market and the M&A market seem to be coming back. Uh, what kept it from coming back for a while and do you think it's going to come back as well in Europe as well as in the United States?
Well, first of all, thank you. I'm delighted to be here. I want to echo the thanks to his excellency Yaser and Richard uh, for the opportunity to be here again. There's no question M&A and IPO activity have been accelerating, uh I think they'll continue to accelerate in this environment. I I think there are different reasons why there were headwinds over the course of the last uh the last handful of years with respect to both with respect to M&A uh confidence and also the regulatory environment weighs and so I think with respect to M&A no matter where you were operating in the world if you wanted to do large interesting strategic things one of the first questions was can we and no matter what the question was the answer was generally no we're now in an environment where the question is can we And the answer is generally maybe to potentially yes. And so that's leading CEOs to be much more strategically focused. I think scale continues to matter enormously. And so if you have an opportunity to create scale and relative position and right now people feel that there's a regulatory environment that will permit it. You know, we're seeing an incredible pick up in activity and I think that'll carry through in 26 and into 27 unless there's something that slows that down. with respect to the IPO market and also financial sponsor activity and Scott, you know, alluded to this. 2020 and 2021 led to significant markups in private investments and then 2022 led to a different valuation equation and it's just taken time for us to grow into that. We've now come close to growing into that and that's leading to an acceleration. I think the IPO market is wide open for companies that want to bring, you know, good businesses priced appropriately and I think you're going to see that continue to accelerate. Although in the US with the government closed, there are no IPOs. So until we get the government open, um it's hard to see that. You know, the pace of this activity in Europe, for example, is slower and it's slower because of the regulatory burdens. bit slower because some of the headwinds 60 to 70% of all M&A activity the target or the acquirer are US-based and while IPO activity is definitely accelerating around the world you know the US has deeply embedded advantages where more of the activity will be US-based.
Do you have any worry about um a potential recession in the United States? You see any evidence of that anytime soon?
I mean, I I always worry about, you know, what what can happen and what will happen. You know, at the moment, I don't see a lot of compelling evidence for an economic slowdown in the near term. But the thing about economic slowdowns that I think is important for us to all remember is there's always a distribution where that's possible. Confidence can change very quickly. Exogenous events can change that confidence. At the moment, that doesn't seem obvious in the next 6 to 12 months. Uh, but I assure you when we do get a slowdown or we get a change, it's going to be something that we don't see coming, you know, when it actually shows up.
Okay. Uh Lip Bhutan is the CEO of Intel. Um, the president of the United States said that you should step down as the CEO because he said you had investments in in China and didn't think that was appropriate for Intel um CEO. Then you met with the president at the White House and you came away selling him 10% of your company. Um whose idea was that? And was that an easy sell at the in the white house oval office?
Well, first of all, thank you so much for an honor to be on this panel and so clearly and being a good engineer, I try to address the issue. So I set up appointment to see him and uh so have a chance for me to explain you know I born in Singapore and educated in Singapore and then go to MIT and then study and then uh and then 20 30 years ago everybody invest in China so I did and then but it's important to address the appearance of conflict. So I've been uh giving my carry interest to the you know uh charitable trust and then so in the way address that and then uh during the discussion and I told him the first term I turned around caden design uh make almost 100 time return to the shareholder and I said second term I like to make Intel great and he said how great can that be and I told him the plan that I have to do it and said that we got to be a shareholders and so I welcome him to be the shareholders he said next Friday I want to announce I want to own 10% and so it's delighted to have them as a shareholder and it's an essential partner for us.
Is it easy having the United States government own 10% of your company or is it hard?
No, I think it's good to have and then if you look at TSMC charter semiconduct the government is a shareholder in that respected country and it's a infrastructure and it's very important for this whole resilient of the supply chains and uh I think it's critical and that's why I came back to turn around this company.
Intel used to be the leading United States semiconductor manufacturer and designer. It lost its way a bit. What do you think went wrong with Intel and and how are you trying to fix it?
Yeah, I think it's a tremendous success uh 20 30 years ago, but I think complacment came into the picture and then uh and not become starting to have too many layers of management. So I decided to come in and clean up and then refocus the company to be an engineering focused company and tremendous opportunity in front of us. one is the AI machine learning activity in term of agentic AI and physical AI and I think Intel can play a tremendous role in that and then the other part is a foundry and I think the world need a reliable semiconductor foundry in US and we have a footprint globally yes
we're we're just about out of time so I can just ask uh any of you comment on this question the United States government has roughly I guess now 30 38 trillion ion dollar of debt and we're adding about two trillion every year. Um is that bother any of you that we have this much debt or you think it's manageable because we've been managing it for the last 10 years or so. Anybody worried about the debt you are?
Uh actually I think you have we keep looking at the liability side of the balance sheet and I think we also have to focus on the asset side of the balance sheet and I think what the president is trying to do is massively increase the asset side of the balance sheet including among other things I think is the investment in Intel is up 2x two and a halfx since the president made the investment. Look, I think it it's very difficult to outrun 37 trillion of liabilities uh when when the the demands it's very easy for a government elected for a relatively short period of time to make commitments. I do think the way we're going to get there is by growing the asset side of the balance sheet. And if you think about the government, the government owns, you know, 20 21% of every corporation in America and and it can adjust the tax rate anytime it wants. it owns 35% of every American's uh income and it can make an adjustment in that number any time. So there are a lot of assets on the uh on the balance sheet of the US government that don't appear that are significant. So I'm I'm not worried about our solveny although I would like to see a slower growth rate in our liabilities.
Yes, Larry.
So if we if we continue to grow at 2% a year, the the uh deficits to a percent of GDP is going to overwhelm us. But if we could unlock private capital, unlock everybody in the room, we could grow at 3%. I mean, there's not much that change, but if we grow at 3%, debt to GDP will fall. But that being said, we still are a nation that needs 30 to 35% of all of our treasury sales goes overseas. And to me, that is the biggest issue today. We're lucky that people would like to invest in US dollars, invest in the US economy. If that ever changed, it has a multiplier effect because the dependency on selling dollar-based assets to foreigners. uh we are one of the most unusual nation in doing that and having that type of dependency in most other countries that have high debt to GDP they have huge domestic savings so it doesn't does not have that difficulty so it's something that we just need to be aware of but we could get out of this very easy as what Bill said we need to grow out of it we need to unlock private capital it is not about raising taxes or lowering taxes it's about unlocking private capital there's trillions of dollars of money in city and money market fund sitting in bank accounts. If we get more and more people to move that money from a savings account to an investment account, we'll be fine.
Thank you. So, it's not a I would say it's not a crisis, but it's very important we deal with this issue. It's a global issue. You go around the world, deficits are too high. Governments are spending money. A lot of that money is being spent for consumption, you know, not for future growth. And I would just add what is really works is good policy. We need growth policies. Deregulation is free. You travel around the world and I was just in Argentina and you look at the policies what they've done in Saudi Arabia with the markets with uh with PIF with education with schools. Good policy is free and bad policy is devastating. So we should all focus on is education, health care, infrastructure, proper taxation, foreign investment and it should be used to help all the citizens of a country. And we and we don't focus enough on that because bad policy sinks country after country after country.
So people who want to invest in the United States, should they be worried that the dollar is going down against let's say the European uh currency for the last about about 11% or so since January or is that something that American people invest in the United States should not be worried about? The dollar has declined in value. Is that of uh of concern of any of you that the dollar has gone down in value or not?
It's a short it's it's a short window, David. And you know, there's been dollar supremacy for a long time. You've you've you've given a little bit back, but at the end of the day, it goes back to this growth point. Where's the technology innovation and where's the growth? Technology innovation is central to growth. The United States has a very strong hand in that. Uh where's capital formation? The best capital markets in the world. The United States has the best hand in that. So while in the short term there are reasons that some of the dollar dominance has moved back when you talk to capital allocators broadly and Larry made this point before the vast majority of capital allocation 50% is going to come to dollars and dollar based dollar based assets given the economic position we have.
So a final question for anybody uh should I be buying cryptocurrencies or should I avoid it? Anybody think this is a a great investment opportunity?
Or if you if you believe that countries are going to continue to debase their currency, if you believe that there's going to be global rise of insecurity owning crypto assets or gold um are assets of fear. You own these assets because you're frightened of the debasement of your your assets, your finan you're worried about your financial security. You're worried about your physical security and and and between crypto assets and gold. They're put and they believe, you know, there's a strong belief that is a good hedge against optimism.
Okay, Jamie, you were not you were a little skeptical of crypto at one point. You were still skeptical.
I've done away with no damage so far. Crypto is real. It can mean blockchain, stable coins. You have a JP Morgan deposit coin. You can move stuff. Some smart contracts are real. All that stuff is real. It will be used by all of us to facilitate, you know, better transactions and customer service.
If anybody wants a tour of your new building, what's the best way to get it?
Call you directly.
Call me directly. Yeah. Easy to get. You're easy to get a hold of, right?
Yeah. You'll you'll get in, David.
Okay. Thank you all very much. Appreciate it. Thank you. Thank you. Thank you. Very good moderator. Good to see you. Thanks a lot. Thank you. Okay. Well, so crypto is okay, right? Okay. Thanks. Thanks. Thanks. Good job. Thank you. See you.