WEBVTT - What Would Adam Smith Think of Donald Trump? 

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News. Welcome to Marin Talks Money,

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<v Speaker 1>the podcast in which people who know the markets explain

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<v Speaker 1>the markets. I'm Meren sum zet Word. This week we're

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<v Speaker 1>bringing you a panel I hosted in Dubai last week.

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<v Speaker 1>It was at the Herriot wat University Campus, which is

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<v Speaker 1>part of the Edinburgh Business School. With me on stage

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<v Speaker 1>was Adam Dixon, Chair of Sustainable Capitalism at PAMA House,

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<v Speaker 1>Ashley Hunter, founding partner of a Hunter Company, which is

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<v Speaker 1>a global risk management, advisory and consultant firm, and Ikval Kahan,

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<v Speaker 1>CEO of Farja Capital, which is an impact driven investment firm.

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<v Speaker 1>We spoke for nearly an hour about what Adam Smith

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<v Speaker 1>might make of Donald Trump's tariff policies, about tax rules,

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<v Speaker 1>about deregulation, and about where the passion should factor into

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<v Speaker 1>your career planning. So for this week's episode of bringing

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<v Speaker 1>an edited version of that conversation and to keep the

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<v Speaker 1>traditional live, we started as we do it, our friends

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<v Speaker 1>shows and the panelist shows a favorite Adam Smith quote

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<v Speaker 1>to kick off the conversation. Here is my panel in Dubai,

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<v Speaker 1>starting with Adam Dixon sharing his favorite Adam Smith quote.

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<v Speaker 2>The one problem about smith quotes is that he wrote

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<v Speaker 2>in the eighteenth century, and I don't know. I'm a

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<v Speaker 2>native speaker, and I even find understanding Smith's writing to

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<v Speaker 2>be difficult, so I'll try to read slowly. And my

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<v Speaker 2>quote comes from the Theory of Moral Sentiments, not his

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<v Speaker 2>more famous book The Wealth of Nations. And my quote

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<v Speaker 2>is the great body of the party are commonly intoxicated

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<v Speaker 2>with the imaginary beauty of this ideal system of which

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<v Speaker 2>they have no experience, but which has been represented to

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<v Speaker 2>them in all the most dazzling colors, in which the

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<v Speaker 2>eloquence of their leaders could paint it excellent.

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<v Speaker 1>One of my favorite quotes. Why did you choose that quote?

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<v Speaker 2>So I chose this quote not to pick on Donald Trump.

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<v Speaker 2>I will be very diplomatic in what I have to say,

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<v Speaker 2>but given that we're what two or three weeks into

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<v Speaker 2>the Trump presidency, every day is a new executive order

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<v Speaker 2>that dismantles some part of the US government, both domestically

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<v Speaker 2>and internationally. There's threats of tariffs against Canada and Mexico,

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<v Speaker 2>which you know, twenty four hours after the fact, are stopped,

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<v Speaker 2>and everyone's thinking, what's going to happen? Next in the

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<v Speaker 2>Trump Show. It's quite entertaining. I don't know what Ashley

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<v Speaker 2>thinks about it, but I thought, and again, this is

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<v Speaker 2>not to critique Trump or to give an opinion on

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<v Speaker 2>what is transpiring.

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<v Speaker 3>But why I chose.

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<v Speaker 2>It is basically to set people at ease. I'm always

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<v Speaker 2>shocked that people believe every single thing that Trump says.

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<v Speaker 2>You know, he's been president before, he said a lot

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<v Speaker 2>of things. Does he believe everything he says? I don't

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<v Speaker 2>think so. But you talk to people and they think, oh,

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<v Speaker 2>the United States is gonna invade Greenland, and you think, really,

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<v Speaker 2>it's not gonna invade Greenland.

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<v Speaker 4>I don't think so.

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<v Speaker 2>The United States is gonna leave NATO, It's not gonna

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<v Speaker 2>do that. And so I think I just wanted to

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<v Speaker 2>because Trump is so eloquent, not He's so bombastic in

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<v Speaker 2>his pronouncements on what he wants.

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<v Speaker 5>To do, and people believe it.

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<v Speaker 2>This grandeur of make America great again. Actually we should

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<v Speaker 2>step back a bit and say, well, actually, does he

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<v Speaker 2>believe everything he says? Maybe, but that we should also

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<v Speaker 2>remember that. And this is what Smith was writing about

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<v Speaker 2>was he was very much a conservative conservative in the

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<v Speaker 2>sense of he did not like revolutions of the like

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<v Speaker 2>that Trump is promising because he thinks there disruptive in

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<v Speaker 2>a bad way. And so I think we all need

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<v Speaker 2>to look at Trump as being, yes, an interesting force,

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<v Speaker 2>and some of the things he's doing will be disruptive,

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<v Speaker 2>but we shouldn't necessarily believe everything that we're hearing.

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<v Speaker 1>It's also, I mean, one of the senses of this

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<v Speaker 1>quote is that everyone believes that there is an ideal

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<v Speaker 1>system under which one should live, but in fact, the

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<v Speaker 1>most effective system is the muddle through a system that

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<v Speaker 1>we all live in, the one where you do. Everyone

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<v Speaker 1>does the best they can on any particular day, and

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<v Speaker 1>we know from attempts to create idyllic glands, yes, that

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<v Speaker 1>it doesn't work.

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<v Speaker 2>Yes, absolutely, and that's that's That's exactly the point. This,

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<v Speaker 2>this man of system, as he calls that, this who

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<v Speaker 2>offers the people this ideal system is usually a charlatan.

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<v Speaker 1>Yeah, there is no ideal system. But I suppose the

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<v Speaker 1>other question is should we believe him more this time

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<v Speaker 1>because this is his second term, he's not looking to

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<v Speaker 1>be re elected again. We hope that this is a

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<v Speaker 1>this is a this is a fo one and done,

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<v Speaker 1>and that means that he might be prepared. This time around,

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<v Speaker 1>his government is better prepared, the systems around him are better.

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<v Speaker 1>But also he may be prepared to follow through in

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<v Speaker 1>a much more risk friendly way to him than he

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<v Speaker 1>might have been in his first term.

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<v Speaker 2>So two responses that one, sometimes change is good, sometimes

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<v Speaker 2>disruption is good. Right, So we shouldn't necessarily and this

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<v Speaker 2>is again I don't want to make a give a

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<v Speaker 2>position on whether I think something is good or bad,

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<v Speaker 2>but just to say that change in any country and

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<v Speaker 2>any government is not necessarily a bad thing. So some

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<v Speaker 2>of the changes that he and his ministration want to

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<v Speaker 2>make may be good. Obviously that means some may be

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<v Speaker 2>incredibly bad. The other point to mention is, and sorry

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<v Speaker 2>for the lesson on American politics and American government, is

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<v Speaker 2>that there, in principles, should be three co equal branches

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<v Speaker 2>of government, and the executive branch is not the most powerful.

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<v Speaker 2>There's still the Congress, and there's still the judiciary. Judiciary,

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<v Speaker 2>excuse me. And in principle too, there's fifty states with

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<v Speaker 2>as well decentralized forms of power. And this was also

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<v Speaker 2>something that was very much discussed in the eighteenth century

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<v Speaker 2>among the likes of Adam Smith and just to say,

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<v Speaker 2>then that means that, yes, his administration might be prepared,

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<v Speaker 2>but there's still Congress and there's still the judiciary. And

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<v Speaker 2>if Congress goes along with it, well, then that's what

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<v Speaker 2>the people voted for.

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<v Speaker 1>When we have the first thing that pops into my

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<v Speaker 1>head when you say we should have these three equal

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<v Speaker 1>parts of government. And perhaps in the US sometimes like now,

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<v Speaker 1>maybe the executive has too much power. In the UK,

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<v Speaker 1>we now coming to the belief that the judiciary has

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<v Speaker 1>far too much power. And that's a different type of problem. Actually,

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<v Speaker 1>I know you wanted to say something there. Again, I

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<v Speaker 1>could feel it.

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<v Speaker 6>You know what, I adam to your point. I think

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<v Speaker 6>that some disruptive behavior is good. I think when this

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<v Speaker 6>ruption becomes a vehicle from like turning away from what

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<v Speaker 6>is important, I think then it becomes a problem. So

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<v Speaker 6>I think currently what we have is an administration that

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<v Speaker 6>is trying to create chaos so that we don't realize

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<v Speaker 6>all the trouble that we are about to encounter.

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<v Speaker 2>But Trump did say before he was during the campaign

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<v Speaker 2>that he didn't want to tax Americans that are living abroad.

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<v Speaker 1>No, No, don't we jumping any guns.

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<v Speaker 2>Yeah, I'm not jumping a gun, just foreshadowing some discussion.

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<v Speaker 1>But let me ask both of you. Then let me

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<v Speaker 1>ask both of you, and if you have a thought here,

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<v Speaker 1>you've talked about some change being good, some change being bad,

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<v Speaker 1>some disruption being good. What are the things, because we're

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<v Speaker 1>not a negative podcast, what are the things that are

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<v Speaker 1>happening under this new administration that you might approve of,

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<v Speaker 1>that you might say, well, this is good, this is good,

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<v Speaker 1>this should happen.

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<v Speaker 6>I think he's very business. I think he's pro business.

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<v Speaker 6>And for someone who owns a business, who sold businesses,

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<v Speaker 6>who likes business, I think he has created an air

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<v Speaker 6>of we're open for business, and I think that that

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<v Speaker 6>means that we're going to have less regulation. I think

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<v Speaker 6>that that means that we're going to have less hoops

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<v Speaker 6>to jump through. I think M and A will actually

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<v Speaker 6>start to pick up again, which we did not have

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<v Speaker 6>under the past administration. So, to be quite honest with you, yes,

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<v Speaker 6>as far as business is concerned right now, I'm optimistic.

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<v Speaker 1>Okay, but what about Okay, here's one another one of

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<v Speaker 1>my favorite quotes. I'm just going to chuck right out

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<v Speaker 1>you here. Okay, by means of glasses, hotbeds, and hot wolves.

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<v Speaker 1>Very good grapes can be raised in Scotland. That's not

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<v Speaker 1>actually true, by the way, I'm just passulous. And very

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<v Speaker 1>good wine too can be made of them at about

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<v Speaker 1>thirty times the expense for which at least equally good

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<v Speaker 1>can be bought from foreign countries. Would it be a

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<v Speaker 1>reasonable law to prohibit the importation of all foreign wines

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<v Speaker 1>merely to encourage the making of Clarence and Burgundy in Scotland.

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<v Speaker 1>So that's Adam smith view on tariffs. Very bad thing.

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<v Speaker 6>What Okay, I am not a projectionist. I think if

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<v Speaker 6>it makes more sense to get it somewhere else for cheaper,

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<v Speaker 6>I mean, there are a lot of women right now

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<v Speaker 6>who are going to be very upset that they're not

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<v Speaker 6>getting their sheine and tamu.

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<v Speaker 1>Ok, you'll need to explain that not everybody will understand

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<v Speaker 1>that reference.

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<v Speaker 6>So in America there are two very dominant low cost

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<v Speaker 6>e commerce and women in America on TikTok, which is

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<v Speaker 6>another thing that we love. They do their sheine hals

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<v Speaker 6>where you can effectively buy a month's worth of clothing

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<v Speaker 6>for about five bucks. And now the United States Postal

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<v Speaker 6>Service has now decided that they're no longer going to

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<v Speaker 6>accept shipments from China or Hong Kong, which basically means

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<v Speaker 6>that all of the sheene and Tamu halls that are

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<v Speaker 6>happening on TikTok, which my husband can attest to, takes

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<v Speaker 6>up the majority of my evening. It is going to

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<v Speaker 6>go considerably down now that this is no longer available.

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<v Speaker 1>Now this is related to it. It's related to the

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<v Speaker 1>removal of an exemption for duty paid on packages coming

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<v Speaker 1>into the US with under eight hundred.

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<v Speaker 6>Dollars, right and along with the fact that they're just

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<v Speaker 6>in this tear war, I mean he left the tariffs

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<v Speaker 6>on China that that is not going to make them happy.

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<v Speaker 6>They're looking for all ways to like disrupt any company

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<v Speaker 6>doing business there. At Google, Apple, They're all now being.

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<v Speaker 1>The Chinese stock market has reacted very happily to these

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<v Speaker 1>terrfs being lower than expected. So bad expectation management.

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<v Speaker 6>You have to manage your expectations. But I think to

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<v Speaker 6>some degree this is not going to end well for

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<v Speaker 6>anybody in the US because we actually source so many

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<v Speaker 6>of our goods from Chinese manufacturers. I mean, all of

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<v Speaker 6>Trump's merch comes from China.

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<v Speaker 1>True, But okay, well, let's let's look at it. Like this.

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<v Speaker 1>Let me let me ask Adam. Then. I mean, the

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<v Speaker 1>reason that he wants to do this is because of

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<v Speaker 1>the hollowing out of the manufacturing base in the US,

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<v Speaker 1>which is a very bad thing in lots of ways

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<v Speaker 1>because it removes high quality, high income jobs from the US.

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<v Speaker 1>And also it's a national shit security problem at a

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<v Speaker 1>time of geopolitical difficulty. So there are strong reasons to

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<v Speaker 1>think that one should try and encourage not necessarily the

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<v Speaker 1>making of more burgundy in the US, but certainly the

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<v Speaker 1>building of new manufacturing plants that could enhance incomes in

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<v Speaker 1>the US and also provide national security over the long term.

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<v Speaker 1>So in that sense, could you argue with a small

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<v Speaker 1>tariff on stuff coming from China.

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<v Speaker 2>So I mean, what you've highlighted, though, is there's a

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<v Speaker 2>schism in the Republican Party and there's the say free trade,

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<v Speaker 2>Wall Street journal reading crowd, and then there's the more

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<v Speaker 2>nationalist wing of the party. And I think that schism

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<v Speaker 2>is something to watch because this is where Trump's tariffs

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<v Speaker 2>will be fought out. It's interesting though, that what happened

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<v Speaker 2>with Mexico and Canada just over the last twenty four

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<v Speaker 2>hours is that threatened tariffs and then actually we're going

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<v Speaker 2>to pause them, right, So this is much of it

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<v Speaker 2>as a negotiating tactic on China. Again, the tariffs aren't

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<v Speaker 2>as high as they expected, because again, will Trump be

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<v Speaker 2>able to rebuild the American manufacturing classes when Elon Musk

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<v Speaker 2>is automating production and manufacture and we.

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<v Speaker 1>Have so maybe we just don't need the manufacturing classes,

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<v Speaker 1>but we need the manufacturing plants.

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<v Speaker 4>I want to say that Montesquieu when he talked about

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<v Speaker 4>separation of powers legislature, executive, judiciary as the way to

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<v Speaker 4>run a government, we have a fourth class of power

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<v Speaker 4>and influence, which is the multi billionaire class called Elon Musk,

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<v Speaker 4>and he is trying to completely destroy the American civil

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<v Speaker 4>service and he has a view on everything and this

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<v Speaker 4>tariffs are very inflationary. We have seen this as script playout.

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<v Speaker 4>And as far as mister Trump is concerned, second term

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<v Speaker 4>Trump has been waiting for a long time to come

0:13:08.440 --> 0:13:12.640
<v Speaker 4>up with policies and second Trump. Second term US presidents

0:13:12.720 --> 0:13:17.240
<v Speaker 4>are hardly accountable. There are those who think about their

0:13:17.320 --> 0:13:20.840
<v Speaker 4>legacy and there are those who think about themselves. I

0:13:20.840 --> 0:13:24.439
<v Speaker 4>think mister Trump is in the later category, where he

0:13:24.520 --> 0:13:27.960
<v Speaker 4>has to do everything as a Trump perspective, his perspective,

0:13:28.040 --> 0:13:31.240
<v Speaker 4>his family's perspective. And I think this will be very

0:13:31.280 --> 0:13:36.600
<v Speaker 4>inflationary for the world because he's singularly responsible for deglobalizing

0:13:36.600 --> 0:13:39.640
<v Speaker 4>the world economy, and we will all pay the price

0:13:40.800 --> 0:13:45.319
<v Speaker 4>that inflation will come roaring back. And when inflation comes,

0:13:45.320 --> 0:13:49.400
<v Speaker 4>it takes long time to come, but it takes longer

0:13:49.559 --> 0:13:50.600
<v Speaker 4>to subdue it.

0:13:50.840 --> 0:13:52.800
<v Speaker 1>But doesn't it feel like we've already got that? And

0:13:53.000 --> 0:13:55.640
<v Speaker 1>certainly in the worst we have that hangover from COVID,

0:13:55.640 --> 0:13:58.840
<v Speaker 1>it hasn't quite left us. Those pulses are still coming

0:13:59.080 --> 0:14:01.160
<v Speaker 1>and we can see it constantly in the wage numbers.

0:14:01.360 --> 0:14:04.000
<v Speaker 1>You notice the rather high wage numbers out of Japan

0:14:04.040 --> 0:14:06.920
<v Speaker 1>this week. You know, we see it pulsing again and again.

0:14:08.000 --> 0:14:13.080
<v Speaker 4>Yeah, but I think, you know, putting on tariffs and

0:14:13.120 --> 0:14:16.280
<v Speaker 4>creating an environment where Trump is going to do this

0:14:16.480 --> 0:14:18.840
<v Speaker 4>or that. Whether he does it or not, it is

0:14:18.880 --> 0:14:22.960
<v Speaker 4>destabilizing the world and the deglobalization which is happening all

0:14:22.960 --> 0:14:26.960
<v Speaker 4>across the world majority minority nations, where the majority in

0:14:27.000 --> 0:14:30.720
<v Speaker 4>every country feels that they are a minority. The world

0:14:30.760 --> 0:14:33.680
<v Speaker 4>is being divided into them and us, which is not

0:14:33.880 --> 0:14:37.320
<v Speaker 4>the outcome which we want. And I think it is

0:14:37.520 --> 0:14:41.160
<v Speaker 4>leading to the world being decivilized. I mean, go to Africa.

0:14:42.160 --> 0:14:45.960
<v Speaker 4>The impact of tariffs, the impact of inflation, the impact

0:14:46.000 --> 0:14:50.480
<v Speaker 4>of on currencies of the emerging market is huge. And

0:14:50.520 --> 0:14:52.440
<v Speaker 4>I think this will all play out in the next

0:14:52.440 --> 0:14:56.360
<v Speaker 4>four years. And remember that the legacy has the control

0:14:56.440 --> 0:15:00.000
<v Speaker 4>of the executive. He has the control of his cabinet,

0:15:01.040 --> 0:15:03.920
<v Speaker 4>which he should as a president, but he also has

0:15:03.960 --> 0:15:08.480
<v Speaker 4>control over the judiciary. So the separation of powers is

0:15:08.600 --> 0:15:13.360
<v Speaker 4>kind of becoming very weak in America. In such an environment,

0:15:13.440 --> 0:15:17.880
<v Speaker 4>it's easy to take wrong policies without much debate and

0:15:17.960 --> 0:15:19.760
<v Speaker 4>make things worse for the world as a whole.

0:15:20.160 --> 0:15:24.840
<v Speaker 1>Okay, goth challenge for you. One positive of two term Trump.

0:15:25.960 --> 0:15:30.560
<v Speaker 4>I think Trump is a doer, so it's better to

0:15:30.640 --> 0:15:34.960
<v Speaker 4>have take action than rather have inaction. We had four

0:15:35.040 --> 0:15:41.400
<v Speaker 4>years of Biden's inaction and as a result, economic policy, political,

0:15:41.560 --> 0:15:45.880
<v Speaker 4>international peace all suffered. Whether you agree with Trump or not,

0:15:46.120 --> 0:15:49.160
<v Speaker 4>he is a doer and I think he will do things.

0:15:49.760 --> 0:15:53.120
<v Speaker 4>If he gets majority of the things right, then he

0:15:53.200 --> 0:15:54.560
<v Speaker 4>will have a positive impact.

0:15:55.920 --> 0:15:56.080
<v Speaker 3>Right.

0:15:56.080 --> 0:15:57.760
<v Speaker 1>I think we're going to go onto a second quote, Ashley,

0:15:57.800 --> 0:15:58.880
<v Speaker 1>Can I move on to you?

0:15:58.960 --> 0:15:59.360
<v Speaker 6>Sure?

0:15:59.520 --> 0:16:00.160
<v Speaker 4>Okay?

0:16:01.120 --> 0:16:04.280
<v Speaker 6>The subjects of every state ought to contribute towards the

0:16:04.320 --> 0:16:08.240
<v Speaker 6>support of the government as nearly as possible in proportion

0:16:08.440 --> 0:16:12.440
<v Speaker 6>to their respective abilities, that is, in proportion to the

0:16:12.480 --> 0:16:16.000
<v Speaker 6>revenue which they respectively enjoy under the protection.

0:16:15.800 --> 0:16:16.440
<v Speaker 4>Of the state.

0:16:17.600 --> 0:16:21.800
<v Speaker 6>I obviously, I'm sure you can tell. I'm American, and

0:16:21.880 --> 0:16:26.920
<v Speaker 6>I am a little bitter because unlike many of my

0:16:27.000 --> 0:16:31.120
<v Speaker 6>friends who are expats, they enjoy the ability to not

0:16:31.400 --> 0:16:35.440
<v Speaker 6>pay taxes in their respective countries. However, as an American,

0:16:35.480 --> 0:16:40.160
<v Speaker 6>the IRS follows me every year they find me, and

0:16:40.240 --> 0:16:44.600
<v Speaker 6>every year I send them money. And I don't live

0:16:44.600 --> 0:16:48.880
<v Speaker 6>in the US. I do not enjoy the spoils of

0:16:48.960 --> 0:16:52.520
<v Speaker 6>living on US soil. Yet I still pay to contribute

0:16:53.080 --> 0:16:56.960
<v Speaker 6>to everyone else to enjoy the riches of my labor

0:16:57.640 --> 0:16:58.240
<v Speaker 6>in the UAE.

0:16:59.240 --> 0:17:05.040
<v Speaker 1>But Ashton, don't you feel that what you're paying for

0:17:05.400 --> 0:17:08.560
<v Speaker 1>is the right to hold an American passport? And there

0:17:08.600 --> 0:17:10.479
<v Speaker 1>are an awful lot of people who would pay an

0:17:10.480 --> 0:17:14.400
<v Speaker 1>awful lot to hold the passport that you have, And

0:17:14.480 --> 0:17:20.399
<v Speaker 1>so paying that tax is simply the passport premium that

0:17:20.520 --> 0:17:23.400
<v Speaker 1>you owe to the country that protects you.

0:17:23.440 --> 0:17:28.040
<v Speaker 6>One might say that, but there are a lot of

0:17:28.119 --> 0:17:30.919
<v Speaker 6>other countries out here that offer up protections for a

0:17:30.920 --> 0:17:33.240
<v Speaker 6>lot less than not pay for mine.

0:17:33.320 --> 0:17:37.879
<v Speaker 1>Well, maybe they're wrong, I mean, but it is a problem,

0:17:37.920 --> 0:17:39.919
<v Speaker 1>isn't it. I mean this idea that the tax you

0:17:40.000 --> 0:17:43.320
<v Speaker 1>pay should be connected to the services, one way or

0:17:43.320 --> 0:17:45.359
<v Speaker 1>another that you receive. And of course there is a

0:17:45.359 --> 0:17:47.200
<v Speaker 1>price for being citizen. Of course, there is a price

0:17:47.400 --> 0:17:49.960
<v Speaker 1>for holding a passport to a country that allows you

0:17:50.359 --> 0:17:52.360
<v Speaker 1>have an American falls pretty high up when it comes

0:17:52.400 --> 0:17:54.679
<v Speaker 1>to the passport index every year that tells you how

0:17:54.720 --> 0:17:57.520
<v Speaker 1>many countries you can go to visa free for example.

0:17:57.600 --> 0:17:59.120
<v Speaker 1>You know it's near the top, along with the UK

0:17:59.160 --> 0:18:01.840
<v Speaker 1>passports and a lot of other European mines, etc. So

0:18:02.080 --> 0:18:05.920
<v Speaker 1>there's something to there's some value in that. But then

0:18:05.960 --> 0:18:07.760
<v Speaker 1>you get to the point where you feel, as you

0:18:07.800 --> 0:18:09.840
<v Speaker 1>do a lot of countries at the moment, that you're

0:18:09.880 --> 0:18:12.280
<v Speaker 1>paying an awful lot and not getting much back. I

0:18:12.280 --> 0:18:14.480
<v Speaker 1>mean the statistic that is always thrown around in the

0:18:14.520 --> 0:18:16.920
<v Speaker 1>UK at the moment everyone hates rich people in the UK.

0:18:17.000 --> 0:18:18.959
<v Speaker 1>At the moment we hate rich people, which is why

0:18:19.000 --> 0:18:23.119
<v Speaker 1>they're all coming to live here in Dubai. The top

0:18:23.160 --> 0:18:26.119
<v Speaker 1>one percent of income taxpayers in the UK pay twenty

0:18:26.160 --> 0:18:29.560
<v Speaker 1>eight percent of all income tax. They earn around thirteen

0:18:29.600 --> 0:18:33.240
<v Speaker 1>percent of all income. So we're no longer living with

0:18:33.440 --> 0:18:36.919
<v Speaker 1>a progressive system. We're living with an ultra ultra progressive system.

0:18:37.080 --> 0:18:40.160
<v Speaker 1>And if you, of course you get nothing for yours

0:18:40.240 --> 0:18:43.639
<v Speaker 1>zero zero, how would you change that system?

0:18:43.840 --> 0:18:46.520
<v Speaker 6>I think we should have a global flat tax, a.

0:18:46.520 --> 0:18:49.680
<v Speaker 1>Global flat tax at what level?

0:18:50.320 --> 0:18:52.800
<v Speaker 6>I haven't gotten there yet. I'll let Adam sort those

0:18:52.800 --> 0:18:57.959
<v Speaker 6>details out. But I don't have an issue with tax.

0:18:59.320 --> 0:19:04.119
<v Speaker 6>I just think that it should be distributed. There just

0:19:04.160 --> 0:19:06.600
<v Speaker 6>needs to be a better job because obviously America does

0:19:06.600 --> 0:19:11.200
<v Speaker 6>provide some level of comfort insecurity, and I'm sure others

0:19:11.800 --> 0:19:16.240
<v Speaker 6>also enjoy that security and safety. So a global flat

0:19:16.400 --> 0:19:20.000
<v Speaker 6>tax to me seems like a nice, healthy like middle ground.

0:19:20.480 --> 0:19:24.160
<v Speaker 1>Yeah, temp cent or so ten seven.

0:19:27.640 --> 0:19:28.480
<v Speaker 7>America.

0:19:28.600 --> 0:19:31.520
<v Speaker 1>But in that sense, I mean, you're coming out more

0:19:31.520 --> 0:19:34.159
<v Speaker 1>and more as a Trump supporter every second, and that

0:19:34.640 --> 0:19:36.720
<v Speaker 1>you know one thing, one thing that is happening in

0:19:36.760 --> 0:19:38.879
<v Speaker 1>the US is that if he has his way with

0:19:38.960 --> 0:19:41.639
<v Speaker 1>the American bureaucracy, and we were speaking earlier, won't we

0:19:41.680 --> 0:19:45.200
<v Speaker 1>about US eight and the extraordinary things that American taxpayer

0:19:45.200 --> 0:19:47.879
<v Speaker 1>money ends up being spent on. If he has his

0:19:47.920 --> 0:19:50.320
<v Speaker 1>way with the bureaucracy, if he manages to reduce the

0:19:50.359 --> 0:19:53.959
<v Speaker 1>cost of government very significantly, and he's talking about them

0:19:54.000 --> 0:19:57.400
<v Speaker 1>being able to bring down tax raids very significantly. You mean,

0:19:57.440 --> 0:19:58.960
<v Speaker 1>and will be sitting here in four years and you'll

0:19:59.000 --> 0:20:01.040
<v Speaker 1>be going that that Donald Trump, what a guy.

0:20:02.080 --> 0:20:07.359
<v Speaker 6>Perhaps at this juncture, I do not see it. I

0:20:07.400 --> 0:20:11.879
<v Speaker 6>think trying to unravel the United States federal government with

0:20:13.880 --> 0:20:18.840
<v Speaker 6>all of its problems. It is a functioning, dysfunctional organization,

0:20:19.600 --> 0:20:23.200
<v Speaker 6>and there is something inherently comfortable in the disorganization because

0:20:23.200 --> 0:20:26.400
<v Speaker 6>you at least know that every month Social Security checks

0:20:26.480 --> 0:20:28.720
<v Speaker 6>will be sent out on a certain day. Right if

0:20:28.760 --> 0:20:32.520
<v Speaker 6>you are on assistant living, you do realize that those

0:20:32.560 --> 0:20:36.600
<v Speaker 6>payments will come every month. Is it functional? Absolutely not?

0:20:37.520 --> 0:20:40.040
<v Speaker 6>Does the VA have holes? Are there issues?

0:20:40.240 --> 0:20:40.560
<v Speaker 1>Yes?

0:20:40.760 --> 0:20:44.800
<v Speaker 6>But there is something about having functional government and trying

0:20:44.840 --> 0:20:47.840
<v Speaker 6>to dismantle it like it is a corporation. To me,

0:20:48.040 --> 0:20:50.520
<v Speaker 6>I just I cannot see that happening, and I don't

0:20:50.520 --> 0:20:53.359
<v Speaker 6>see it working. He can try now. I do stand

0:20:53.400 --> 0:20:54.080
<v Speaker 6>behind his text.

0:20:55.119 --> 0:20:55.600
<v Speaker 3>I see it.

0:20:56.440 --> 0:21:00.280
<v Speaker 1>There is another very famous Adam Swifth quote that first

0:21:00.320 --> 0:21:04.080
<v Speaker 1>to tax, that I also like the tax which each

0:21:04.160 --> 0:21:07.639
<v Speaker 1>individual is bound to pay ought to be certain and arbitrary,

0:21:07.800 --> 0:21:10.720
<v Speaker 1>the time of payment, the manner of payment, the quantity

0:21:10.800 --> 0:21:13.760
<v Speaker 1>to be paid, ought all to be clear and planned

0:21:13.800 --> 0:21:17.080
<v Speaker 1>the contributor and to every other person. And I know

0:21:17.119 --> 0:21:20.600
<v Speaker 1>that the tax code in the US is out of control.

0:21:20.760 --> 0:21:23.640
<v Speaker 1>The tax code in the UK is completely out of control.

0:21:24.200 --> 0:21:25.840
<v Speaker 1>We normally when we talk about the tax code, we

0:21:25.840 --> 0:21:27.879
<v Speaker 1>talk about it in terms of the works of Shakespeare.

0:21:27.960 --> 0:21:31.000
<v Speaker 1>It is longer than the whole the entirety of his production,

0:21:31.040 --> 0:21:33.400
<v Speaker 1>but is also of course significantly longer than the Wealth

0:21:33.440 --> 0:21:35.320
<v Speaker 1>of Nations, which and I do believe all of you

0:21:35.400 --> 0:21:37.640
<v Speaker 1>who said you read it, but it is very, very long.

0:21:38.040 --> 0:21:40.359
<v Speaker 1>The UK tax code is now longer than the wealth

0:21:40.400 --> 0:21:44.000
<v Speaker 1>of nations moral sentiments combined times A couple of times

0:21:44.040 --> 0:21:48.160
<v Speaker 1>i'd say, so it doesn't. It no longer fits any

0:21:48.320 --> 0:21:50.840
<v Speaker 1>smith rules about tax. Now you all have views on

0:21:51.520 --> 0:21:53.480
<v Speaker 1>tax and how it should be charged and how it

0:21:53.480 --> 0:21:54.040
<v Speaker 1>should be paid.

0:21:54.080 --> 0:21:56.359
<v Speaker 4>The thing about tax is this, it only goes up,

0:21:57.000 --> 0:22:01.200
<v Speaker 4>whether it is vad or personal tax sation, corporate taxation.

0:22:01.760 --> 0:22:04.199
<v Speaker 4>My view on taxation I've been a resident of the

0:22:04.280 --> 0:22:07.400
<v Speaker 4>United Kingdom is and I paid taxes over a long

0:22:07.400 --> 0:22:10.840
<v Speaker 4>period of time, is that my money goes for good causes.

0:22:11.680 --> 0:22:14.040
<v Speaker 4>It doesn't go for causes, which I don't believe in it,

0:22:14.640 --> 0:22:18.640
<v Speaker 4>and I pay taxes happily because it is helping those

0:22:18.680 --> 0:22:22.720
<v Speaker 4>who are in need. But I think actually you could

0:22:22.720 --> 0:22:26.080
<v Speaker 4>move to France and call yourself that you are an

0:22:26.160 --> 0:22:29.080
<v Speaker 4>artist and you will get taxed at zero person.

0:22:29.520 --> 0:22:31.520
<v Speaker 1>Yes, or in Ireland. You can do that in Ireland

0:22:31.520 --> 0:22:31.760
<v Speaker 1>as well.

0:22:31.840 --> 0:22:35.959
<v Speaker 4>Taxation is also a mechanism to attract people of talent

0:22:36.880 --> 0:22:40.720
<v Speaker 4>to your country, and the French government, with all their

0:22:40.760 --> 0:22:44.360
<v Speaker 4>bureaucracy I have done it very well. So I suggest

0:22:44.400 --> 0:22:48.400
<v Speaker 4>that Ashley considers moving to France and giving her American

0:22:48.480 --> 0:22:51.960
<v Speaker 4>nationality after five years.

0:22:53.040 --> 0:22:57.879
<v Speaker 6>Okay, no, I'm staying in the US. For any Americans listening.

0:22:57.480 --> 0:23:01.160
<v Speaker 2>I'm just curious to ask a question about taxes here

0:23:01.160 --> 0:23:03.760
<v Speaker 2>in the UAE. Europe is very high. Tax in the

0:23:03.840 --> 0:23:07.439
<v Speaker 2>US spit lower than Europe and UK, but it's still high,

0:23:07.800 --> 0:23:10.680
<v Speaker 2>whereas here in the UAE and around the Gulf generally

0:23:10.800 --> 0:23:14.680
<v Speaker 2>taxes are low to non existent. At what point will

0:23:14.840 --> 0:23:17.360
<v Speaker 2>do Bay have to start taxing?

0:23:18.200 --> 0:23:22.199
<v Speaker 4>But we do have taxation, We have VAT and there

0:23:22.200 --> 0:23:25.800
<v Speaker 4>are certain items which are exempted, and we AT across

0:23:25.800 --> 0:23:31.240
<v Speaker 4>the GCC is increasing, and I think taxation in personal

0:23:31.280 --> 0:23:33.760
<v Speaker 4>form will not happen for a very long time.

0:23:34.280 --> 0:23:35.720
<v Speaker 2>So actually will be Okay.

0:23:36.960 --> 0:23:40.080
<v Speaker 6>Okay, I am not being taxed in this lovely country.

0:23:40.680 --> 0:23:45.679
<v Speaker 1>Okay, But here's a question for you, then, Adam, in

0:23:45.720 --> 0:23:50.680
<v Speaker 1>the US, once AI has produced the most extraordinary productivity

0:23:50.680 --> 0:23:55.240
<v Speaker 1>boom and changed everything, streamlined the bureaucracy of the country,

0:23:55.280 --> 0:23:59.800
<v Speaker 1>and also reduced the costs of doing almost everything to nothing,

0:24:00.160 --> 0:24:02.359
<v Speaker 1>we won't require to acts in the usiver or is

0:24:02.359 --> 0:24:04.359
<v Speaker 1>it too much false promise in AI? Do think?

0:24:05.000 --> 0:24:07.160
<v Speaker 2>I don't know what to think about AI. I think

0:24:07.200 --> 0:24:09.080
<v Speaker 2>there's a lot of hype around it. I think the

0:24:09.680 --> 0:24:14.600
<v Speaker 2>very specific tasks will be automated clerical work. So I

0:24:14.640 --> 0:24:16.800
<v Speaker 2>think the question, though, that you're wanting to get at,

0:24:16.880 --> 0:24:19.640
<v Speaker 2>is will large swaths of the public not have jobs?

0:24:19.800 --> 0:24:22.280
<v Speaker 2>And therefore what we have to start thinking about things

0:24:22.320 --> 0:24:25.760
<v Speaker 2>like universal basic income or some kind of support. I

0:24:25.800 --> 0:24:27.440
<v Speaker 2>don't think that's going to happen. I think will be

0:24:27.480 --> 0:24:29.640
<v Speaker 2>a very long time. And I think, like with other

0:24:29.720 --> 0:24:33.040
<v Speaker 2>technological advances and changes, we've always found other things to do.

0:24:33.480 --> 0:24:36.439
<v Speaker 2>And let's go back to what John Maynard Kines called for.

0:24:36.520 --> 0:24:38.840
<v Speaker 2>I said, wouldn't be nice to have a twenty hour week?

0:24:38.920 --> 0:24:41.560
<v Speaker 2>I mean, if we could work less but then be

0:24:41.600 --> 0:24:44.120
<v Speaker 2>more productive. So I think, But I mean the real

0:24:44.200 --> 0:24:46.919
<v Speaker 2>question is is productivity in America is very good and

0:24:47.000 --> 0:24:50.000
<v Speaker 2>very high. What I'm really concerned about is productivity in

0:24:50.320 --> 0:24:54.320
<v Speaker 2>old Europe and old UK, which is flat lined. This

0:24:54.359 --> 0:24:56.360
<v Speaker 2>region of the world. There's lots of productivity and there's

0:24:56.359 --> 0:24:58.879
<v Speaker 2>a lot of dynamism, which I think is useful to see.

0:24:59.280 --> 0:25:01.080
<v Speaker 2>So I think that that's the real kind of question.

0:25:01.160 --> 0:25:05.119
<v Speaker 2>Is America will be fine for the most part. Ashley

0:25:05.240 --> 0:25:07.760
<v Speaker 2>might not come back, but you know, we'll see.

0:25:08.640 --> 0:25:11.840
<v Speaker 1>So is there an AI bubble in the US? You

0:25:11.840 --> 0:25:13.280
<v Speaker 1>said there's a lot of hype around it?

0:25:13.920 --> 0:25:16.000
<v Speaker 2>Well, I mean what we saw recently with this deep

0:25:16.040 --> 0:25:18.760
<v Speaker 2>seek and that kind of spooked the markets. And I

0:25:18.760 --> 0:25:22.480
<v Speaker 2>still think there's probably money to be made, obviously over

0:25:22.520 --> 0:25:25.560
<v Speaker 2>the long term on those companies that have the data

0:25:25.600 --> 0:25:28.600
<v Speaker 2>that can feed into AI models. But it's going to

0:25:28.600 --> 0:25:31.639
<v Speaker 2>be the specific uses of AI and those companies that

0:25:31.680 --> 0:25:34.439
<v Speaker 2>can take not the big, large language models, but the

0:25:34.440 --> 0:25:37.679
<v Speaker 2>more specific ones and use them to do things like

0:25:38.240 --> 0:25:41.840
<v Speaker 2>find the cure for cancer or you solve some problem

0:25:41.920 --> 0:25:44.200
<v Speaker 2>that we have. That's where I think money can be made.

0:25:44.359 --> 0:25:46.639
<v Speaker 1>We often get the question about what should I study

0:25:46.680 --> 0:25:48.880
<v Speaker 1>at university with AI? Or the jobs will be gone,

0:25:48.880 --> 0:25:50.800
<v Speaker 1>et cetera, et cetera. And we always say the same thing,

0:25:50.840 --> 0:25:52.840
<v Speaker 1>you cannot imagine the jobs of the future. We know

0:25:52.880 --> 0:25:54.919
<v Speaker 1>they will come, but you cannot imagine them. And I

0:25:54.960 --> 0:25:57.960
<v Speaker 1>saw that in action today on the beach here in Dubai.

0:25:58.200 --> 0:26:00.760
<v Speaker 1>Twenty years ago. There is no way I would ever

0:26:00.920 --> 0:26:03.560
<v Speaker 1>believe for a second that anyone could make a living

0:26:03.760 --> 0:26:09.320
<v Speaker 1>as an influencer. But here on the beach endless people

0:26:09.440 --> 0:26:12.680
<v Speaker 1>taking photographs of themselves, you know, setting up little tripods

0:26:12.680 --> 0:26:14.760
<v Speaker 1>and posing around the place, et cetera. And I said

0:26:14.760 --> 0:26:17.240
<v Speaker 1>to the kids, well, earth are they doing? And you

0:26:17.240 --> 0:26:19.520
<v Speaker 1>know their influencers. This is a career we couldn't have

0:26:19.640 --> 0:26:21.920
<v Speaker 1>imagined twenty years ago. How I mean, it's not what

0:26:22.040 --> 0:26:25.000
<v Speaker 1>I strictly approve of, but how extraordinarily creative we are

0:26:25.040 --> 0:26:26.720
<v Speaker 1>in the production of these jobs.

0:26:26.800 --> 0:26:27.040
<v Speaker 4>Right.

0:26:27.240 --> 0:26:29.200
<v Speaker 1>Do you go out and see influences all over the place.

0:26:29.760 --> 0:26:33.879
<v Speaker 4>Not really, but they do impact our businesses. We have

0:26:33.920 --> 0:26:38.520
<v Speaker 4>food businesses which we use the influencers to bring more

0:26:38.560 --> 0:26:41.719
<v Speaker 4>customers in. So there are some businesses where they do

0:26:41.760 --> 0:26:42.600
<v Speaker 4>work very well.

0:26:43.560 --> 0:26:44.640
<v Speaker 1>Free food excellent.

0:26:44.920 --> 0:26:47.040
<v Speaker 4>So the cote which I have chosen is a very

0:26:47.080 --> 0:26:49.919
<v Speaker 4>personal quote for me. It is from the Theory of

0:26:49.960 --> 0:26:54.640
<v Speaker 4>Moral Sense Sentiment seventeen fifty nine. For to what purpose

0:26:55.040 --> 0:27:00.080
<v Speaker 4>is all the toil and bustle of this world? What

0:27:00.200 --> 0:27:03.880
<v Speaker 4>is the end of avarice and ambition, of the pursuit

0:27:03.920 --> 0:27:09.000
<v Speaker 4>of wealth, power and pre eminence? And I chose this

0:27:09.160 --> 0:27:13.200
<v Speaker 4>courte because when I was in a school in India,

0:27:13.320 --> 0:27:17.440
<v Speaker 4>studying in a Roman Catholic school as a Muslim, and

0:27:17.840 --> 0:27:23.520
<v Speaker 4>I read a poem written by Thomas Gray, an elegy

0:27:23.720 --> 0:27:27.520
<v Speaker 4>written in a country churchyard, and in that he says,

0:27:27.640 --> 0:27:31.800
<v Speaker 4>the path of greatness and glory lead but to the grave.

0:27:32.960 --> 0:27:35.600
<v Speaker 4>At the end of our lives. None of us will

0:27:35.640 --> 0:27:40.160
<v Speaker 4>take anything with us. We are merely trustees and custodians.

0:27:41.200 --> 0:27:44.919
<v Speaker 4>And as trustees and custodians, we have been given a

0:27:45.119 --> 0:27:49.000
<v Speaker 4>very big responsibility. We are the vice regents of this world.

0:27:49.880 --> 0:27:52.480
<v Speaker 4>Whether it is the environment, whether it is the climate,

0:27:52.600 --> 0:27:56.959
<v Speaker 4>whether it is healthcare, we have big responsibilities. So I

0:27:57.080 --> 0:28:01.160
<v Speaker 4>chose this because this is the ultimate reality of life.

0:28:02.400 --> 0:28:05.840
<v Speaker 4>And the purpose of an economy is to build a fairer,

0:28:06.359 --> 0:28:09.119
<v Speaker 4>just and a better world for all.

0:28:09.960 --> 0:28:11.640
<v Speaker 1>And how does that affect the way you invest?

0:28:12.600 --> 0:28:16.359
<v Speaker 4>Well? We are an ethical firm. We run on the

0:28:16.400 --> 0:28:20.080
<v Speaker 4>Islamic principle which is called sharia, and if one sentence

0:28:20.119 --> 0:28:24.000
<v Speaker 4>can describe it, we invest in that which is good

0:28:24.000 --> 0:28:26.800
<v Speaker 4>for mankind. In the Quran there is a word called

0:28:26.920 --> 0:28:31.480
<v Speaker 4>yenphone nas We invest in that which is good for mankind.

0:28:31.720 --> 0:28:33.919
<v Speaker 1>How do you know what will be good for mankind?

0:28:34.400 --> 0:28:36.159
<v Speaker 1>I mean there's a question, isn't it, And that you

0:28:36.240 --> 0:28:38.560
<v Speaker 1>invest in something you can't tell the results of investing

0:28:38.600 --> 0:28:41.000
<v Speaker 1>in that. And you could look at an investment that

0:28:41.080 --> 0:28:42.800
<v Speaker 1>you think, well, Hanna write the look at that much

0:28:43.080 --> 0:28:45.080
<v Speaker 1>and be entirely wrong, and it turned out to be

0:28:45.120 --> 0:28:48.000
<v Speaker 1>absolutely fantastic for mankind. I mean, AI is a classic

0:28:48.040 --> 0:28:49.640
<v Speaker 1>of that, right bit Dolgi. But it might turn out

0:28:49.640 --> 0:28:50.280
<v Speaker 1>to be really good.

0:28:50.560 --> 0:28:53.320
<v Speaker 4>There is a lot of consensus across the world. Fortunately,

0:28:54.080 --> 0:28:58.120
<v Speaker 4>ESG investments, impact investments, whatever you want to call it,

0:28:58.760 --> 0:29:03.040
<v Speaker 4>and you know what to avoid. You don't invest into

0:29:03.200 --> 0:29:07.840
<v Speaker 4>the defense sector. You don't invest into environmentally destructive companies.

0:29:08.440 --> 0:29:11.280
<v Speaker 4>And when you invest, you ask yourself. And we have

0:29:11.360 --> 0:29:15.120
<v Speaker 4>this philosophy of better ownership. If I own anything, how

0:29:15.160 --> 0:29:18.720
<v Speaker 4>will I be a better owner? And can I be

0:29:18.760 --> 0:29:22.000
<v Speaker 4>a better owner? And during our investment we ask ourselves

0:29:22.960 --> 0:29:25.960
<v Speaker 4>are we being a better owner? And you are tested

0:29:26.000 --> 0:29:29.400
<v Speaker 4>for that. We have a business here which is food business,

0:29:29.760 --> 0:29:33.000
<v Speaker 4>and anyone of you who like food zarthur Z, please

0:29:33.040 --> 0:29:37.560
<v Speaker 4>go and buy double of zarthur Z today cinnabon, five

0:29:37.600 --> 0:29:40.840
<v Speaker 4>guys and all those businesses. We were about to sell

0:29:40.880 --> 0:29:44.960
<v Speaker 4>this business and COVID came. We had one four hundred

0:29:45.000 --> 0:29:48.760
<v Speaker 4>and eighty six employees and the buyer, we told him

0:29:48.800 --> 0:29:51.600
<v Speaker 4>this is what's on the card with businesses. Food business

0:29:51.680 --> 0:29:54.360
<v Speaker 4>are going to suffer. He said, don't worry, I will

0:29:54.640 --> 0:29:58.400
<v Speaker 4>fire half of the workforce. We didn't sell the business.

0:29:59.160 --> 0:30:02.000
<v Speaker 4>We created in stayed a welfare fund, not from the

0:30:02.040 --> 0:30:06.719
<v Speaker 4>company's resources, but from the employees. We put our money

0:30:07.200 --> 0:30:12.080
<v Speaker 4>and we said we will not let you down. We

0:30:12.160 --> 0:30:15.840
<v Speaker 4>will not abandoned you. It was a terrible time. So

0:30:16.120 --> 0:30:19.680
<v Speaker 4>you invest into business in a way that you have

0:30:19.760 --> 0:30:22.000
<v Speaker 4>a responsibility as us toward but.

0:30:21.960 --> 0:30:24.200
<v Speaker 1>That will come as payback, right, and that those employees

0:30:24.200 --> 0:30:25.800
<v Speaker 1>will now be very loyal to the business.

0:30:26.000 --> 0:30:28.440
<v Speaker 4>They are indeed, and if you go to Zartha and

0:30:28.560 --> 0:30:30.080
<v Speaker 4>Zeth you will get very good service.

0:30:30.440 --> 0:30:34.320
<v Speaker 1>And now only I've just wanted to just ask you

0:30:34.360 --> 0:30:36.800
<v Speaker 1>briefly all the businesses that you invest in a private right,

0:30:36.880 --> 0:30:38.400
<v Speaker 1>you're not investing in listed businesses.

0:30:39.160 --> 0:30:42.160
<v Speaker 4>Yes, we invest into private businesses. We invest into good

0:30:42.160 --> 0:30:46.000
<v Speaker 4>to better businesses, in education, in health care. We've just

0:30:46.080 --> 0:30:48.840
<v Speaker 4>invested a billion dollars in a healthcare company in the region.

0:30:49.760 --> 0:30:53.560
<v Speaker 4>And these are big opportunities to create an impact. And

0:30:53.640 --> 0:30:56.520
<v Speaker 4>when we invest into health care, we make sure that

0:30:56.560 --> 0:30:58.840
<v Speaker 4>we have a proposition for the people who can only

0:30:58.880 --> 0:31:03.440
<v Speaker 4>afford in the affordable segment of healthcare, but we also

0:31:03.480 --> 0:31:06.800
<v Speaker 4>have mid market and the premium segment, because you need

0:31:06.840 --> 0:31:10.520
<v Speaker 4>to make sure that you can use technology to have

0:31:10.600 --> 0:31:14.240
<v Speaker 4>an offering of the people who cannot afford the expensive

0:31:14.280 --> 0:31:16.600
<v Speaker 4>hospitals and to equalize.

0:31:17.240 --> 0:31:21.240
<v Speaker 1>Yeah, okay, right, have we got questions there? One is

0:31:21.280 --> 0:31:21.800
<v Speaker 1>the back here.

0:31:23.120 --> 0:31:27.040
<v Speaker 7>So I have two questions. One is to Ashlyn m

0:31:27.680 --> 0:31:31.520
<v Speaker 7>and the other is just for anyone who would take

0:31:31.600 --> 0:31:34.800
<v Speaker 7>up the question. So my first question is about investing

0:31:35.320 --> 0:31:37.800
<v Speaker 7>and what advice would you have for young people that

0:31:37.840 --> 0:31:41.120
<v Speaker 7>want the young adults that want to venture into investing.

0:31:41.160 --> 0:31:43.440
<v Speaker 7>What advice do you have for us? And the other

0:31:43.480 --> 0:31:46.040
<v Speaker 7>one is more of a personal question. So, since I

0:31:46.120 --> 0:31:49.400
<v Speaker 7>aspired to become a business small girl, what skill should

0:31:49.400 --> 0:31:53.840
<v Speaker 7>I learn between negotiating or pitching? Which do you think

0:31:53.880 --> 0:31:55.520
<v Speaker 7>would just shoot me out there?

0:31:55.720 --> 0:31:56.040
<v Speaker 1>Thank you.

0:31:57.120 --> 0:32:00.640
<v Speaker 2>Isn't a tripod on the beach with the influencer kind of, I.

0:32:00.680 --> 0:32:05.640
<v Speaker 1>Just get a tripod. You're all good? Oh why didn't

0:32:05.640 --> 0:32:06.840
<v Speaker 1>you take the second one? Fast?

0:32:06.840 --> 0:32:11.640
<v Speaker 6>I'll take the second one. I definitely think pitching is overrated.

0:32:12.120 --> 0:32:14.800
<v Speaker 6>I think no one ever people try to put their

0:32:14.800 --> 0:32:16.680
<v Speaker 6>best foot forward, but if you really care about something,

0:32:16.680 --> 0:32:20.000
<v Speaker 6>you become very nervous. So I think sometimes it just

0:32:20.160 --> 0:32:24.280
<v Speaker 6>takes someone getting to know you. So I've always found

0:32:24.320 --> 0:32:27.960
<v Speaker 6>that negotiation is always where I am strongest. It's my

0:32:28.000 --> 0:32:30.760
<v Speaker 6>strong suit. It also gives me time to calm down

0:32:31.200 --> 0:32:34.400
<v Speaker 6>because I get very excited about stuff and I don't

0:32:34.440 --> 0:32:39.280
<v Speaker 6>like to lose, and so I always just say the

0:32:39.320 --> 0:32:41.080
<v Speaker 6>negotiation is easier than the pitch.

0:32:41.560 --> 0:32:43.920
<v Speaker 1>Okay, eggbo pitch on negotiation.

0:32:44.480 --> 0:32:48.280
<v Speaker 4>I think I would say that you should follow your heart,

0:32:48.560 --> 0:32:51.640
<v Speaker 4>follow your passion. If work for your passion, that will

0:32:51.640 --> 0:32:55.400
<v Speaker 4>create your pension. You know, it's very very important to

0:32:55.440 --> 0:32:59.440
<v Speaker 4>do that. Money is a problem for mediocrity in whether

0:32:59.440 --> 0:33:03.760
<v Speaker 4>it's a corporate entity or a country or an individual.

0:33:04.440 --> 0:33:08.080
<v Speaker 4>Money is never ever a problem for excellence, So excel

0:33:08.400 --> 0:33:09.360
<v Speaker 4>in whatever you do.

0:33:09.600 --> 0:33:11.960
<v Speaker 1>Okay, I need to contradict you here. I'm really sorry.

0:33:12.040 --> 0:33:14.360
<v Speaker 1>Don't like to do this with a panelist, but do

0:33:14.480 --> 0:33:18.640
<v Speaker 1>not follow your passions. Do not follow your passions, almost

0:33:18.680 --> 0:33:20.800
<v Speaker 1>certain that you will not be good at the thing

0:33:20.840 --> 0:33:24.440
<v Speaker 1>you're passionate about, or not good enough. Right, So I

0:33:24.520 --> 0:33:27.000
<v Speaker 1>always say to people, don't follow your passions. Get a

0:33:27.000 --> 0:33:30.320
<v Speaker 1>good job that does something useful, make some money, and

0:33:30.400 --> 0:33:32.160
<v Speaker 1>play your guitar in your spare time.

0:33:33.560 --> 0:33:36.000
<v Speaker 6>I'm here to tell you that's exactly what happened. I

0:33:36.040 --> 0:33:38.719
<v Speaker 6>was a classical violinist. I thought I was going to

0:33:38.760 --> 0:33:41.840
<v Speaker 6>be a full time violinist and played in a couple

0:33:41.840 --> 0:33:46.040
<v Speaker 6>of symphonies. To Marin's point, I was not good enough

0:33:47.360 --> 0:33:50.440
<v Speaker 6>and I needed to eat, so my dad told me

0:33:50.480 --> 0:33:51.480
<v Speaker 6>to go into insurance.

0:33:53.840 --> 0:33:57.840
<v Speaker 1>Unless your passion is accountancy, you know, well why did

0:33:57.920 --> 0:34:02.280
<v Speaker 1>you do it? An investing you have for the young starting.

0:34:01.920 --> 0:34:06.760
<v Speaker 4>Out, invest in what you know, and invest in where

0:34:06.800 --> 0:34:11.799
<v Speaker 4>you know, and invest with whom you know. Avoid the

0:34:12.120 --> 0:34:15.200
<v Speaker 4>funds or investments where there is a lot of fee

0:34:15.200 --> 0:34:18.000
<v Speaker 4>built into it. So when you are young, you should

0:34:18.040 --> 0:34:22.320
<v Speaker 4>build an index fund which is low fees, because feast

0:34:22.440 --> 0:34:25.040
<v Speaker 4>eats up about twenty to twenty five percent of your

0:34:26.160 --> 0:34:31.120
<v Speaker 4>potential profitability and you can't time the market. Just every

0:34:31.200 --> 0:34:34.839
<v Speaker 4>month set aside. But the biggest investment which you can

0:34:34.920 --> 0:34:39.680
<v Speaker 4>make is in yourself. Invest in yourself, believe in yourself,

0:34:40.320 --> 0:34:43.919
<v Speaker 4>and excel in it. And with do apologies to the chair,

0:34:44.320 --> 0:34:46.040
<v Speaker 4>follow your heart, follow your passion.

0:34:46.840 --> 0:34:49.399
<v Speaker 1>All right, I'll tell you what, apart from that very

0:34:49.520 --> 0:34:52.200
<v Speaker 1>last sentence, that was some of the best investing advice

0:34:52.200 --> 0:34:55.959
<v Speaker 1>I've ever heard. Absolut brilliant. Thank you. Right, take another

0:34:56.040 --> 0:34:59.680
<v Speaker 1>question on the corridor here, no corridor ale Hi.

0:35:00.120 --> 0:35:03.640
<v Speaker 8>My question to Ashley. You mentioned deregulation, you know how

0:35:03.680 --> 0:35:06.759
<v Speaker 8>it's helped economy, you know at times, and you touch

0:35:06.800 --> 0:35:09.439
<v Speaker 8>based on that. My question is that the last time

0:35:09.480 --> 0:35:12.400
<v Speaker 8>there was a deregulation in US, we saw a big recession,

0:35:12.440 --> 0:35:16.000
<v Speaker 8>you know, financial deregulation. And I see now that you know,

0:35:16.080 --> 0:35:18.520
<v Speaker 8>there's a lot of deta regulation happening in the big text,

0:35:18.600 --> 0:35:21.799
<v Speaker 8>like you know, the net neutrality or I think some

0:35:21.960 --> 0:35:25.160
<v Speaker 8>today just some bodice of dad. What do you what's

0:35:25.200 --> 0:35:27.160
<v Speaker 8>your point on that?

0:35:27.640 --> 0:35:30.400
<v Speaker 6>So, yes, okay, I can see that there could potentially

0:35:30.400 --> 0:35:34.440
<v Speaker 6>be an issue depending on how far the deregulation goes, right,

0:35:34.520 --> 0:35:37.640
<v Speaker 6>so you can curb inflation with how far you decide

0:35:37.680 --> 0:35:39.480
<v Speaker 6>to go with deregulation. If you're just gonna let the

0:35:39.520 --> 0:35:42.520
<v Speaker 6>floodgates open and let the SEC just close the blind

0:35:42.560 --> 0:35:45.000
<v Speaker 6>out everything, Yes, I could see that being a problem.

0:35:45.320 --> 0:35:49.600
<v Speaker 6>I think more nearly what Trump and a fool's theory

0:35:49.680 --> 0:35:52.239
<v Speaker 6>is to try to guess what he's thinking, right, But

0:35:52.640 --> 0:35:56.319
<v Speaker 6>what what I think he would like is to make

0:35:56.360 --> 0:35:59.359
<v Speaker 6>it a little bit easier. I think our past administration

0:35:59.680 --> 0:36:03.120
<v Speaker 6>had so many roadblocks and it made it so difficult

0:36:03.440 --> 0:36:07.040
<v Speaker 6>to get a deal done to even I mean, private

0:36:07.040 --> 0:36:11.040
<v Speaker 6>equity decided to just like stop looking at deals, to

0:36:11.200 --> 0:36:14.640
<v Speaker 6>just stop thinking about M and A altogether. And I

0:36:14.680 --> 0:36:16.920
<v Speaker 6>do think that that slows down an economy, right, that

0:36:17.280 --> 0:36:21.400
<v Speaker 6>people lose steam, they lose hope, they get bored. I

0:36:21.440 --> 0:36:23.880
<v Speaker 6>think in this instance it is picking up steam. You

0:36:23.920 --> 0:36:26.480
<v Speaker 6>are seeing more private equity deals, you are seeing people

0:36:26.520 --> 0:36:29.359
<v Speaker 6>talk about it. DeVos. I mean, for all of its

0:36:29.400 --> 0:36:33.040
<v Speaker 6>talk about you know, DEI, it was talk about the

0:36:33.080 --> 0:36:36.880
<v Speaker 6>fact that basically, yes, M and A it's looking more promising.

0:36:37.239 --> 0:36:40.560
<v Speaker 6>Private equity is looking to deploy more capital, and as

0:36:40.560 --> 0:36:42.920
<v Speaker 6>far as the US is concerned, that's good for us, right,

0:36:43.000 --> 0:36:46.840
<v Speaker 6>I mean, we like when we're able to acquire things.

0:36:47.320 --> 0:36:48.759
<v Speaker 6>I'm sure you've noticed.

0:36:48.840 --> 0:36:51.760
<v Speaker 4>You know, our world has become a bottom line society.

0:36:52.360 --> 0:36:56.000
<v Speaker 4>We measure every relationship about how much money can we

0:36:56.120 --> 0:37:01.600
<v Speaker 4>make and and it's led by America. America has a

0:37:01.680 --> 0:37:04.799
<v Speaker 4>statue of liberty, which means free markets, which is what

0:37:04.920 --> 0:37:08.200
<v Speaker 4>Adam Smith wanted. But if Adam Smith had his way,

0:37:08.719 --> 0:37:13.840
<v Speaker 4>he would have created a statue of responsibility in America.

0:37:14.160 --> 0:37:18.440
<v Speaker 4>And I think the deregulation, unfettered control is will be

0:37:18.520 --> 0:37:26.560
<v Speaker 4>disastrous for America. Quantitative easing is very inflationary. The fact

0:37:26.640 --> 0:37:32.040
<v Speaker 4>that banks have control over financial interimidiation in the payment system.

0:37:32.560 --> 0:37:36.120
<v Speaker 4>It is the only industry in which you can in

0:37:36.160 --> 0:37:40.040
<v Speaker 4>good times privatize the profits, in bad times socialize the

0:37:40.080 --> 0:37:45.160
<v Speaker 4>losses because the bank's control the payment systems. The other

0:37:45.160 --> 0:37:48.600
<v Speaker 4>thing which is very important is that the difference between

0:37:49.840 --> 0:37:54.239
<v Speaker 4>corporate banking, commercial banking and investment banking. Way back, we

0:37:54.280 --> 0:37:57.640
<v Speaker 4>would remember in history there were two senators called Senator

0:37:57.640 --> 0:38:01.719
<v Speaker 4>Glass and Senator's Teagle had a Glass Degal act to

0:38:01.840 --> 0:38:06.920
<v Speaker 4>make sure America does not have any great depression. Markets

0:38:06.920 --> 0:38:09.719
<v Speaker 4>go in cycles. I think we are at the high

0:38:09.719 --> 0:38:15.280
<v Speaker 4>point of the cycles, and every country has a responsibility

0:38:15.640 --> 0:38:19.560
<v Speaker 4>to the people who are not well off. How many

0:38:19.600 --> 0:38:23.960
<v Speaker 4>people are going to be heard by this deregulation, by

0:38:24.000 --> 0:38:27.400
<v Speaker 4>this bottom line society which we are creating.

0:38:27.120 --> 0:38:32.399
<v Speaker 2>If I might just add on Adam Smith, the group

0:38:32.440 --> 0:38:34.920
<v Speaker 2>of people he was most concerned with, if you across

0:38:34.960 --> 0:38:38.440
<v Speaker 2>his texts, was the poor. Those are the people that

0:38:38.480 --> 0:38:41.840
<v Speaker 2>he was most concerned with, and he wanted to unleash

0:38:41.920 --> 0:38:45.680
<v Speaker 2>their creativity. And so I think we can always look

0:38:45.719 --> 0:38:49.359
<v Speaker 2>back to Smith and I assume he's this rabid free

0:38:49.360 --> 0:38:52.760
<v Speaker 2>market here. It was always again this idea of responsibility

0:38:53.360 --> 0:38:57.480
<v Speaker 2>and allowing for everyone to flourish, which.

0:38:57.360 --> 0:39:00.160
<v Speaker 1>Is why you picture your quote from moral sentiments.

0:38:59.800 --> 0:39:03.439
<v Speaker 4>Right Indeed, and Adam, you know that the world, as

0:39:03.440 --> 0:39:07.279
<v Speaker 4>I said earlier, we are becoming a majority minority nation.

0:39:08.280 --> 0:39:10.959
<v Speaker 4>The world is decivilizing. Today. You walk in the UK,

0:39:11.480 --> 0:39:14.960
<v Speaker 4>you could be stabbed with a knife for no reason.

0:39:15.040 --> 0:39:18.200
<v Speaker 4>In America, a bullet can hit you. All of Africa

0:39:18.480 --> 0:39:22.200
<v Speaker 4>is decivilizing. What happened to Sudan in many countries. But

0:39:22.239 --> 0:39:26.520
<v Speaker 4>I think we should always remember that when we classify

0:39:26.640 --> 0:39:31.239
<v Speaker 4>human beings as them in us, in the final analysis,

0:39:31.320 --> 0:39:35.239
<v Speaker 4>there is no them, It's all us. We could be

0:39:35.440 --> 0:39:39.839
<v Speaker 4>in that position where we could be an immigrant and

0:39:39.880 --> 0:39:43.800
<v Speaker 4>we could be looking for a job So our responsibility

0:39:43.920 --> 0:39:49.200
<v Speaker 4>toward those who are less fortunate is a sacred responsibility Smithian,

0:39:49.719 --> 0:39:53.200
<v Speaker 4>and and those who take care of it are going

0:39:53.239 --> 0:39:55.600
<v Speaker 4>to be blessed in every possible way.

0:39:55.719 --> 0:39:57.160
<v Speaker 1>I want to take you back to something you said

0:39:57.160 --> 0:40:00.560
<v Speaker 1>earlier about markets going in cycles and at the peak

0:40:00.600 --> 0:40:03.399
<v Speaker 1>of the market cycle. Is that something that you would

0:40:03.600 --> 0:40:06.880
<v Speaker 1>follow across the stock market. So we've talked about the

0:40:06.960 --> 0:40:10.920
<v Speaker 1>US market briefly earlier, and we talked about how wanted

0:40:11.000 --> 0:40:14.720
<v Speaker 1>invest when one's young. If you're young and you're starting investing,

0:40:14.719 --> 0:40:16.720
<v Speaker 1>should you be avoiding the American stock market?

0:40:17.239 --> 0:40:20.480
<v Speaker 4>No, not necessarily. There is always in the stock market

0:40:20.600 --> 0:40:25.520
<v Speaker 4>companies which create value. So you must invest with your

0:40:25.520 --> 0:40:29.080
<v Speaker 4>heart as well, and mind your heart is that I

0:40:29.120 --> 0:40:32.120
<v Speaker 4>want to invest in a company which does good, a

0:40:32.160 --> 0:40:35.360
<v Speaker 4>company which is run by good people, by honest people,

0:40:36.120 --> 0:40:42.600
<v Speaker 4>a company which is fair. See, competence and excellence are interlinked,

0:40:43.520 --> 0:40:46.600
<v Speaker 4>and integrity and competence are also interlinked.

0:40:46.680 --> 0:40:50.080
<v Speaker 6>Okay, I just have one final thought. The equities in

0:40:50.120 --> 0:40:52.600
<v Speaker 6>the US are valued pretty high right now.

0:40:52.640 --> 0:40:52.879
<v Speaker 4>Right.

0:40:53.800 --> 0:41:00.000
<v Speaker 6>I think any great portfolio manager or any prudent individual,

0:41:00.400 --> 0:41:03.320
<v Speaker 6>especially if you are investing when you're young, it's costing

0:41:03.360 --> 0:41:05.799
<v Speaker 6>too much to buy into the US stock market, you

0:41:05.840 --> 0:41:10.279
<v Speaker 6>could potentially offset that cost by probably investing in the

0:41:10.400 --> 0:41:13.920
<v Speaker 6>UK stock market to say, right, because the US stock market,

0:41:14.560 --> 0:41:17.240
<v Speaker 6>the UK stock market, I mean, there aren't very many there,

0:41:17.360 --> 0:41:19.440
<v Speaker 6>but there is something you can find something there.

0:41:19.520 --> 0:41:22.359
<v Speaker 1>It's quite a lord left good lord.

0:41:23.440 --> 0:41:28.000
<v Speaker 6>Yes, there's something there. So I always just think that

0:41:28.040 --> 0:41:31.000
<v Speaker 6>good portfolio management is Yes, it is going to be

0:41:31.040 --> 0:41:33.560
<v Speaker 6>very difficult to buy into the US stock market right now,

0:41:33.640 --> 0:41:36.960
<v Speaker 6>especially if you're young, especially if funds are not just limitless,

0:41:37.960 --> 0:41:41.239
<v Speaker 6>and good portfolio management would be to look at the

0:41:41.320 --> 0:41:43.919
<v Speaker 6>UK stock market, to look at some of the other

0:41:44.200 --> 0:41:48.960
<v Speaker 6>larger stock markets, you know, Sweden, wherever, to just kind

0:41:49.200 --> 0:41:52.040
<v Speaker 6>if you want to just get your foot in the door. Obviously,

0:41:52.120 --> 0:41:54.399
<v Speaker 6>I'd probably start with the UK after the US.

0:41:54.840 --> 0:41:56.440
<v Speaker 1>What about the regional stock markets here?

0:41:57.880 --> 0:42:01.399
<v Speaker 6>Yes, I I I like the stock market the regional

0:42:01.480 --> 0:42:03.680
<v Speaker 6>stock market here, and there are obviously some very large

0:42:03.680 --> 0:42:07.040
<v Speaker 6>brands that are currently on that are currently listed, and

0:42:07.080 --> 0:42:09.680
<v Speaker 6>they are trading very well, and they're also getting look

0:42:09.760 --> 0:42:12.040
<v Speaker 6>sie from global markets. This is also a very good

0:42:12.040 --> 0:42:13.440
<v Speaker 6>place to invest obviously.

0:42:14.000 --> 0:42:16.480
<v Speaker 4>In the meanwhile, do invest into gold as a head

0:42:16.560 --> 0:42:17.320
<v Speaker 4>against inflation.

0:42:17.440 --> 0:42:20.040
<v Speaker 1>Yes, I love gold, I love gol too Google.

0:42:24.880 --> 0:42:29.279
<v Speaker 5>Yes, so we as we discussed today the inflation problems

0:42:29.320 --> 0:42:31.880
<v Speaker 5>and that the lot of countries haven't recovered after the

0:42:31.920 --> 0:42:36.480
<v Speaker 5>COVID and the recession makes us, like university students, all

0:42:36.520 --> 0:42:40.319
<v Speaker 5>of us questions like how we should tend out? What

0:42:41.120 --> 0:42:44.160
<v Speaker 5>should you do to make your feel like yourself turned out?

0:42:44.239 --> 0:42:47.640
<v Speaker 5>Especially with all these projections, with the recessions and stuff.

0:42:48.080 --> 0:42:51.200
<v Speaker 5>But yeah, like I would love to hear from you

0:42:51.440 --> 0:42:53.879
<v Speaker 5>and like in the region and overall in the UK,

0:42:54.000 --> 0:42:56.120
<v Speaker 5>and you ask, it's very important, I feel like for

0:42:56.200 --> 0:42:57.239
<v Speaker 5>all of us here, So I am.

0:42:57.719 --> 0:42:57.799
<v Speaker 9>So.

0:42:57.840 --> 0:43:00.560
<v Speaker 6>I went to UNI in the US for a grad school,

0:43:00.640 --> 0:43:03.480
<v Speaker 6>and the reason why I actually did get a job

0:43:03.560 --> 0:43:07.080
<v Speaker 6>is because I left the US. So I think you

0:43:07.120 --> 0:43:09.400
<v Speaker 6>all are in a very unique position and in a position,

0:43:09.480 --> 0:43:13.880
<v Speaker 6>quite honestly, where you are much more marketable because you

0:43:13.960 --> 0:43:17.560
<v Speaker 6>have an international background. You know, you're not sitting. I mean,

0:43:17.640 --> 0:43:19.520
<v Speaker 6>I went to Texas A and m It's a fine school,

0:43:21.719 --> 0:43:26.600
<v Speaker 6>created some geniuses. But after that I took a job

0:43:26.880 --> 0:43:29.440
<v Speaker 6>that moved me to Manana, and because I was one

0:43:29.440 --> 0:43:31.839
<v Speaker 6>of the few people that was willing to move and

0:43:31.920 --> 0:43:34.040
<v Speaker 6>to go somewhere else. I think the problem is is

0:43:34.040 --> 0:43:40.120
<v Speaker 6>if you benchmark your success against a US graduate. It's

0:43:40.200 --> 0:43:42.360
<v Speaker 6>not It doesn't make any sense because a US graduate

0:43:42.400 --> 0:43:45.960
<v Speaker 6>wants to stay in the US, that job market is small.

0:43:46.840 --> 0:43:49.960
<v Speaker 6>If you are an international NBA student and you are

0:43:50.040 --> 0:43:53.160
<v Speaker 6>fine with moving to Singapore, you are going to fare

0:43:53.239 --> 0:43:56.160
<v Speaker 6>much better right because you are interested in moving around

0:43:56.280 --> 0:43:58.840
<v Speaker 6>and quite honestly, you're doing the opposite of what the

0:43:58.920 --> 0:44:01.680
<v Speaker 6>US is trying to do. Anyway, You're becoming more global.

0:44:02.719 --> 0:44:05.799
<v Speaker 4>The most important attribute you can have as a young

0:44:06.080 --> 0:44:11.800
<v Speaker 4>graduate is to believe in yourself emotional resilience and remember.

0:44:11.480 --> 0:44:14.840
<v Speaker 1>That passion again but no, no.

0:44:14.520 --> 0:44:18.160
<v Speaker 4>Not passion, emotional resilience, and you remember that you will

0:44:18.160 --> 0:44:23.120
<v Speaker 4>face rejection after rejection. Every know always leads to a

0:44:23.160 --> 0:44:25.719
<v Speaker 4>better yes. And you've got to believe that there is

0:44:25.760 --> 0:44:29.120
<v Speaker 4>an opportunity which is tailor made for you. It is

0:44:29.200 --> 0:44:31.480
<v Speaker 4>waiting for you, if only you would believe.

0:44:31.760 --> 0:44:33.000
<v Speaker 2>I still don't know what I want to do when

0:44:33.040 --> 0:44:36.200
<v Speaker 2>I grow up, and I think that's but it's important

0:44:36.200 --> 0:44:39.640
<v Speaker 2>because I think it's it's this journey where especially as

0:44:39.640 --> 0:44:42.200
<v Speaker 2>an academic, it's it's a marathon. It's not a sprint.

0:44:42.239 --> 0:44:44.279
<v Speaker 2>It's it's it's how long you can persist. But it's

0:44:44.280 --> 0:44:48.000
<v Speaker 2>about finding opportunities and trying new things and being willing

0:44:48.040 --> 0:44:52.120
<v Speaker 2>to take risks, moving to different countries. And I think

0:44:52.560 --> 0:44:55.279
<v Speaker 2>that's the more enjoyable. It's enjoy the process rather than

0:44:55.520 --> 0:44:58.919
<v Speaker 2>oh how much my making, because good opportunities will come.

0:44:59.520 --> 0:45:02.840
<v Speaker 10>Mike was in today's to mister Khan. So many years

0:45:02.880 --> 0:45:09.240
<v Speaker 10>defunds focus on environmental factors, wherein it is very difficult

0:45:09.239 --> 0:45:13.000
<v Speaker 10>to quantify the social impacts that actually has. So how

0:45:13.080 --> 0:45:16.279
<v Speaker 10>could investors like you or anyone who's actually investing into

0:45:16.360 --> 0:45:20.880
<v Speaker 10>mankind ensure their money is truly driving a positive social

0:45:21.000 --> 0:45:21.920
<v Speaker 10>change in this world?

0:45:22.520 --> 0:45:24.440
<v Speaker 1>Okay? What are the parameters for certainty?

0:45:24.760 --> 0:45:28.680
<v Speaker 4>So the one line answer, as directed by the chairperson,

0:45:29.400 --> 0:45:32.839
<v Speaker 4>we don't have a democracy here is that look at

0:45:32.840 --> 0:45:35.960
<v Speaker 4>the rankings of the ESG fund. It is published, it

0:45:36.040 --> 0:45:39.960
<v Speaker 4>is rated, and go for the top upper courtile and

0:45:40.000 --> 0:45:41.040
<v Speaker 4>you will be well served.

0:45:41.360 --> 0:45:42.880
<v Speaker 1>I have used here, but I'm going to leave us

0:45:42.880 --> 0:45:47.359
<v Speaker 1>to one side. Now other questions. We have another one

0:45:47.360 --> 0:45:50.040
<v Speaker 1>on the ile here, thank you.

0:45:50.560 --> 0:45:54.040
<v Speaker 9>So we are in the UAE where the epicenter. We

0:45:54.040 --> 0:45:57.960
<v Speaker 9>can see that our brewer and our baker are fighting

0:45:58.040 --> 0:46:01.480
<v Speaker 9>out they what are the opportunity is that the UAE

0:46:01.520 --> 0:46:04.279
<v Speaker 9>has today in the next four or five years of

0:46:04.800 --> 0:46:08.120
<v Speaker 9>this whole geopolitical landscape in terms of growing this economy.

0:46:08.480 --> 0:46:10.319
<v Speaker 1>Okay, good question. I'll tell you what we're gonna. We're

0:46:10.320 --> 0:46:13.959
<v Speaker 1>gonna We're gonna make that a shorter question and say,

0:46:14.040 --> 0:46:17.319
<v Speaker 1>I'm a graduate today, which sector am I gonna look

0:46:17.480 --> 0:46:19.320
<v Speaker 1>for work in if I'm staying in the UA?

0:46:19.520 --> 0:46:25.160
<v Speaker 4>Insurance, finance, Tourism in Dubai. If you are working and

0:46:25.200 --> 0:46:28.440
<v Speaker 4>you get into tourism objective, but that's growing very fast,

0:46:29.239 --> 0:46:31.719
<v Speaker 4>but the government depends on your specialization as well.

0:46:32.160 --> 0:46:34.560
<v Speaker 1>So that's my answer to tourism, insurance.

0:46:34.920 --> 0:46:39.839
<v Speaker 11>Last question, My question is about real estate investment. And

0:46:39.880 --> 0:46:42.920
<v Speaker 11>as you could see, I mean the regionally, there is

0:46:42.960 --> 0:46:46.719
<v Speaker 11>a real estate bomb, especially in Dubai. And what is

0:46:46.760 --> 0:46:50.880
<v Speaker 11>your take on the real estate investment locally and globally

0:46:51.640 --> 0:46:54.800
<v Speaker 11>looking at the historical cycles of ups and down.

0:46:55.800 --> 0:46:59.920
<v Speaker 4>So real estate is at the moment in the real

0:47:00.320 --> 0:47:02.960
<v Speaker 4>and in the world, but especially in the region, very high.

0:47:03.840 --> 0:47:06.880
<v Speaker 4>So it's closer to the highs and closer to a

0:47:06.960 --> 0:47:11.440
<v Speaker 4>correction than at the bottom. But you know, both bottom

0:47:11.840 --> 0:47:15.240
<v Speaker 4>picking or the calling the top is a very risky business.

0:47:15.440 --> 0:47:18.080
<v Speaker 4>Maybe it'll grow up by another fifteen twenty thirty percent,

0:47:18.640 --> 0:47:21.480
<v Speaker 4>but it has already grown up so much that you

0:47:21.600 --> 0:47:25.279
<v Speaker 4>have to be careful. And in the real estate, it's

0:47:25.320 --> 0:47:28.560
<v Speaker 4>about location, which everybody used to call it's about a

0:47:28.600 --> 0:47:33.520
<v Speaker 4>specification and how you structure your investments. That become very weird.

0:47:33.920 --> 0:47:36.160
<v Speaker 1>I was hoping you were going to say that if

0:47:36.160 --> 0:47:38.040
<v Speaker 1>you were going to buy a house of some kind

0:47:38.080 --> 0:47:40.040
<v Speaker 1>in a topy market like this, you should buy one

0:47:40.040 --> 0:47:40.840
<v Speaker 1>you have a passion for.

0:47:45.680 --> 0:47:47.120
<v Speaker 4>You don't like the word passion to you.

0:47:49.120 --> 0:47:49.840
<v Speaker 1>You have a problem.

0:47:50.840 --> 0:47:53.920
<v Speaker 3>I just worry that we give people with that.

0:47:54.200 --> 0:47:57.520
<v Speaker 1>People expect to be able to follow their passion and

0:47:57.520 --> 0:47:59.480
<v Speaker 1>make a career out of it, and so often that

0:47:59.600 --> 0:48:01.840
<v Speaker 1>such a ali I want people to try and be practical,

0:48:02.040 --> 0:48:04.239
<v Speaker 1>That's all I love to agree.

0:48:04.280 --> 0:48:08.520
<v Speaker 4>If you're a married man, let your wife choose the house.

0:48:11.480 --> 0:48:15.359
<v Speaker 1>All right, we're gonna We're gonna have to end it there.

0:48:16.400 --> 0:48:18.800
<v Speaker 1>Thank you, ri Well, thank you Asley, thank you Adam,

0:48:18.840 --> 0:48:23.040
<v Speaker 1>thank you so much for going today. Thanks, thank you,

0:48:23.920 --> 0:48:26.560
<v Speaker 1>thank you so much to Harriet what for hosting us today.

0:48:26.600 --> 0:48:29.040
<v Speaker 1>Has been absolutely wonderful, and Heather, thank you so much

0:48:29.239 --> 0:48:32.440
<v Speaker 1>to you for facilitating all of this. Now we can clap.

0:48:33.080 --> 0:48:33.440
<v Speaker 1>Thank you.

0:48:33.840 --> 0:48:44.120
<v Speaker 3>Thanks for listening to this.

0:48:44.160 --> 0:48:46.840
<v Speaker 1>Week's Marrying Talks Money. If you like our show, rate review,

0:48:46.920 --> 0:48:49.880
<v Speaker 1>and subscribe wherever you listen to podcasts, and keep sending

0:48:49.920 --> 0:48:52.640
<v Speaker 1>questions or comments to Merroring Money at Bloomberg dot net.

0:48:52.800 --> 0:48:54.840
<v Speaker 1>You can also follow me and John on Twitter or

0:48:55.160 --> 0:48:59.160
<v Speaker 1>x I'm at Marinus w and John is John Underscore Epic.

0:48:59.480 --> 0:49:01.919
<v Speaker 1>This is a It was hosted by Me Maren Zamsette Web.

0:49:02.080 --> 0:49:05.439
<v Speaker 1>The show was produced by Someasadi and Moses and sound

0:49:05.480 --> 0:49:07.759
<v Speaker 1>designed by Blake Maples. Special thanks to the team with

0:49:07.840 --> 0:49:11.240
<v Speaker 1>Harriet What and of course to all our guests Adam Dixon,

0:49:11.280 --> 0:49:12.879
<v Speaker 1>Ashley Hunter and Ikpal Khan.