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Robert Koenigsberger

lines on the record: 94
first: 2022-12-16
most recent: 2022-12-16
sittings or episodes: 1
sources: podcast

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“And it wasn't that illiquid. It was nine to 12 months. So if you're going to be there for 10, why not pick up that extra thousand plus basis points?”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“But the illiquidity premium in emerging market debt, it's a really important concept because I see CIOs, pension funds, whatever it may be, and they're like, we're going to be 3%, 6% emerging market debt forever. That's our asset allocation. But they stick in liquid in quotations, T plus three, you know, get your money back in three days. And I'll go back to the Mexico example. A year ago, you could get 3% for a security for Pemex, or we could lend a PEMEX supplier at 15%.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and I don't want to use force, but partner with the clients in vehicles that are more, you know, over the years, we've even in our credit vehicles, we're having longer lock vehicles that allows one, if you're going to make an asset-backed loan in capital solutions, you can't give 90-day liquidity, right? So it's got to be more like a quasi-PE structure where you make a loan, you have three years to make the loan, you have three years to get it back, and then return the capital in six or seven years, that makes a lot more sense than... How do you build a portfolio not knowing where that portfolio is going to still be with you in 30 days?”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“So, when I left Lehman in early 1998, when you started an investment management in emerging market debt, it was basically you did a hedgephone and you did a credit hedge fund. And that's what we did. If I could go back to 1999 today when we started Grammarcy, I think real long and hard about maybe we want to do private equity structures as opposed to hedge fund structures have long locked capital as opposed to short lock capital and be able to think about multiples of capital over the long period as opposed to volatility and IRR in the short run.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Tech, you know, whatever's hot. But if you're really interested in emerging markets or whatever it may be, then stick to it and evolve around that asset class, but don't hop around. And then last thing I'd say with young kids today is we don't really care where your degree is from. We don't care about pedigree. We care about who you are, what you've done, and how you complement the team. You don't have to emulate the team. You can be different. With diversity comes better outcomes. So don't just try and be like everybody else”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's funny in the post COVID era, I would start with saying that presence matters and that they should go to the office. And there's a lot of young kids who just think they're as efficient at home, as productive at home, but they forget that God invented trading desks for a reason. They're open architectures. There's information flowing, and it's great training and great mentorship. So one, I'd say go to the office. And two, I would say try and make your career more linear and fashion and logical. I see a lot of young kids today. It's like, well, I'm going to try investment banking and I'm going to try.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think there's a real dispersion of outcomes that could come from whether he stays or goes, how he stays, how he goes. So it's been interesting to read on that. And then, of course, I like the David Rubenstein books, the interviews with the investors and leadership.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“They change every day, and we all know that polls aren't as reliable as sure. Never were. But when I was in Turkey this summer, I would have told you that the odds for him winning were quite low. And that's because if you spoke with, you know, there's a bit of a misery index, older retired people that were getting squeezed by high inflation and the currency devaluation, but then also young kids that just felt kind of hopeless. And so when I left there in August, I'm like, it's going to be really difficult for him to win”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Back to Turkey. You know, we've got an election coming up in Turkey this year as well, so I've been doing some reading on Turkey, and one in particular, it's a book called Turkey Under Erdogan, and it kind of just gives you a sense of what Turkey's been like over the last 20 years with Erdogan and maybe think about some of the factors that might influence the potential regime change in Turkey later this year.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“What was the name of the boutique? CRP Associates for his initials. And I was very fortunate to work with Carlos. It was a very small boutique, spent a lot of time with him on a one-on-one basis. He had a great mind. He understood the intersection of politics and markets. English was his second language, but I think he taught me English in terms of written English and business English and what have you. And I'd say the other one, quite frankly, was my stepfather, who was a pilot for United Airlines for 35 years. And he had this checklist mentality, which looks a lot like risk management, right? Like always thinking about what can go wrong and how to avoid the catastrophic mistake, the non-recoverable mistake. And so I put those two together and say they were great mentors.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“One of them that I just finished is called Atie in Turkish, which means the gift. And it has a bit of, I think, about 24 episodes, and it's about kind of archaeology in Turkey and really fascinating. Really good actors, really good scripts, and really good cinematography.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“So they're in Turkish with English subtitles. Really, really good, really good plots and drama and what have you. So it gave me the ability to learn Turkish language, but also learn Turkish culture and be really entertained in the process.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's becoming an important part of our business over the years, too, because I've spent so much time there, although I'm a Latin Americanist by training. I've become very comfortable in Turkey as”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Pretty much every summer for the past 30 years, we wanted our daughters to learn Turkish, so we got an apartment there every summer We love going to the beach down there down in Bowdram. It's like beautiful water.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“So, turkey's a place. My wife is Turkish. We've been married for almost 30 years now, so I've been traveling to Turkey for that long. My daughters both speak Turkish, so we spent a lot of time there in the summers. And so, you know, it's...”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“I think he was well ahead of the curve on inflation, right? And so it's been great. He's given us a lot of confidence on the top down, you know, what I think differentiates us is we can take the top down that he's really helped us institutionalize and marry it with our strong bottoms up and be able to differentiate. And lastly, he's just become a great friend.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Then I'm putting money at risk. So he's brilliant as a top-down decoder. He understands the investment implications of what he's just decoded, and he shares a passion for emerging markets with us. So it's a perfect fit. And to your point, he was well ahead of the curve on COVID. Like, I didn't know what he said to me one day, like, you know, this is a sudden stop. And you can't have a sudden start. Never really thought about that, right? What are the implications of a sudden stop and a slow start?”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Look, he is a brilliant top-down decoder. He's an investor, right? A lot of economists can talk the talk, but they can't necessarily walk their academic.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Look, it's been phenomenal. Mohammed started with us as an investor first. And as he got to know us, he kind of leaned in and met the team. And we had a conversation about him helping us think about how do we institutionalize the top down? How do we, you know, we've been very much a bottoms-up, you know, stock picking shop and credit, if you will, credit picking shop. And we wanted to make sure that we had a good institutional framework. And quite frankly, myself as a CIO, I lacked the confidence to go to other portfolio managers and say, look, my view is so strong and so right that you should get out of that country or what have you. So now with Mohammed moved from an investor to an investor that was an advisor, he helped us really institutionalize the top-down. And then when COVID hit, he realized, you know what, I can have a real impact on the business. I don't have to be there every day, right? In person, I can be there every day on Zoom.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. And again, it depends on whether you're talking about from a political economic perspective, from a GDP perspective. But it's certainly hard to just compare it to all other emerging markets. And as you know, on the equity side, not only is it, you know, it's such a big component of the emerging market index, right? It's like when you buy the EM equity index, you're basically buying China and a few others. I'm not sure that makes a lot of sense going forward.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Again, I think it depends on how you define emerging markets. In the textbook per capita GDP, it's certainly still classified as an emerging market country.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Really try and put the labels aside, and frontier markets a bit more of an equity label than a debt label to begin with. That being said, I would say that most any country that was frontier we've invested in, traded, and traveled at some point in our careers. And things often go from frontier to emerging markets. Sometimes they go back. We're much more interested in kind of the bottoms up analysis and what it means. But Bulgaria was frontier in 93, 94. It became investment grade shortly thereafter. Poland was in same thing. It was frontier. So for us in the debt side, it doesn't really matter. Some frontiers have a lot of debt. Some don't have any debt.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“As an investor who picks a return stream for 10 years and you mentioned before that inequities you could argue Chinese equities, whatever it may be, that maybe it's been lackluster returns. Well, if you stick with something, whether it trades at 150 or 2, you're just going to get the average, you know, but if you're able to move around between value and relative value, I think there's a way to take advantage of the information asymmetry and create alpha.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, for sure. I mean, I think the information asymmetry means that if you can organize yourselves in order to be able to capture information, and again, that's outside the firm and inside the firm. We talked a little bit about having platforms that can suck up that information from the regions, but also the way that we are organized as an investment team for different strategy groups all collaborating, all meeting every morning, all sitting on an investment committee, sharing what's going on in public debt matters to private debt. We talked about Venezuela earlier, like what our special situations team knows about litigation, litigation finance, and Venezuela and OFAC restrictions was helping our long-load emerging market debt team think about what it meant for Russia, when those things came on. So a lot of opportunities in the way that we're organized to be able to create alpha. The other way to pick, to really create alpha and take advantage of the information asymmetry is through the dynamic asset allocation that we talked about.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, so there's a social element to that response, which is you can see that the population's been fed up. I mean, I go back to my kids thought three months of being locked up in the house in the second quarter of 2020 was worst thing that ever happened. I mean, this has been going on in China now for nearly three years. So you have large numbers of people that have been very unhappy. And I'm not surprised again to see after the party congress them tacked or pivot, which is everybody's favorite word these days, and start to open up the economy. I'll take that back to, you know, I think that's going to create more economics. What happened here, right? We had the big closure and then we had the reopening. And the reopening was slow and spotty. And now we're seeing that it's the demands there and we're having difficulty with the supply side. I would expect something similar in China, but I think demand for housing is going to be there.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“They tried that with Evergrann, quite frankly. It didn't work. It didn't work. So I think it's a lot less risky today than it was eight weeks ago because we've seen the new government, the third she has come in, and we've seen that they've kind of blinked as it related to this. And there's just massive support going to that sector. So does that mean I want to buy a parse security in China anytime soon? No. But do we get more comfortable at 10, 15, 20 cents with a Chinese tarp and CFOs and CEOs telling us that they want to restructure? They just want to extend. They don't want to wipe us out. They don't want to equitize. They don't want to toss the keys. I think it's a pretty good bet.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Look, I want to talk in large generalities or stereotypes, but I think we saw the Chinese government blink as it relates to the most important sector, the property sector. Prior to the party Congress, if you read the risk in China, was that they were going to take it all, that the government, you know, they were just going to say, forget you to the offshore bondholders and what have you. But I think they blinked, right? This is 25% of the GDP of the country. So to just think that you can have a Lehman moment and just let him go.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“And so this poor CFO is doing the conference call with us in his bathroom. And the screensaver is his shower screen, right? And so what you're seeing is someone who doesn't know how to do a debt restructuring. And I've go back to, like, I remember Argentina in 2009 and meeting with the finance minister who not only didn't know finance, but didn't know how to do a debt restructuring. So when we look at China property at $5, 8, 10 cents today, and we see these people who are expressing willingness to restructure, but a lack of understanding of how to do it. The option value seems pretty cheap.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so for a debt investor thinking about China at par, China corporate at par made no sense to us. Now, China property has gone from par, the home builders, to, we talked about eight cents, 10 cents. You're starting to think about option value. And when I look at the China property sector today, it reminds me of a lot of emerging market. Corporates and sovereigns historically, where one has to tease out. Distress isn't something that's just cheaper than it used to be. It's cheap relative to an outcome that we think that we can catalyze. So when we look at an 8 cent security, we're not hearing from the company. We're not going to pay you. And we're not seeing insolvency. We're seeing Bambi syndrome. We're seeing people.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“So I think when we think about investability, one has to think about price, right, initial conditions. And so I'll start with historically in China and for a long period of time, we've been massively underweight or no exposure because it's been asymmetric in your face. And what I mean by that is we're debt investors, right? So debt is a contract. Right, and the contracts that Chinese companies had in the offshore was basically a piece of paper, no assets, and you had to rely upon the good faith and the willingness and ability of this corporate to pay you and then to pay you. First, to make a dividend offshore and maybe get China to approve that dividend, and then to pay you.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“And we can't say that it's because it was such a politically stable place. So, you know, we could imagine a Venezuela on the other side where the 700,000 barrels goes back to Two And that would make a difference today. And it would make a difference not only to the market, but quite frankly, the Venezuelan people who have suffered immensely under this administration and under the current construct.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“So before the Marines invaded Iraq, they were doing about a million barrels a day of production. Today they're doing five million. Their GDP was $25 billion a year. It's $250 billion a year.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Quarter of a trillion, excuse me, quarter of a trillion. So there's a lot of potential there. And hopefully, you know, the chevron is the first step towards a thawing of relations between Venezuela and the West, the US, and that they will have the ability to buy. It reminds me of Iraq, quite frankly.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Wow, more than Saudi Arabia. So now we know that Saudi Arabia has done an IPO. It's worth a trillion dollars. Could Pete Vesa or Vennia Ramco be worth a quarter of a billion dollars? Should be. Quarter of a billion dollars would go a long ways to being able to create CapEx.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, remember, go back to the 1970s. The Concorde used to fly to Caracas, just to put it in perspective. And I think you're right. I mean, they have the largest proven oil reserves in the world.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“That's it. Well, you know, the bad news is they haven't had the CapEx. The good news is all the assets still under the ground. I think there's a possibility of a thawing, you know, hopefully they'll take the path of moving towards a more democratic regime in the upcoming elections. And I think the U.S. could live with a regime where the Chavistas win, the current government, if it's perceived to be democratic or at least more democratic. And we've seen that historically in Latin America, where people that were ostracized that came in back through the democratic process were able to run.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, think about two images that came out. The first one was the fist pump with Biden and NBS. And then it was John Kerry shaking hands with Euro. So look, Venezuela has a lot of oil capacity. I think at their peak, they were doing 3 million barrels a day. They probably averaged 2.4 million barrels a day during the Chavez era. Today, they're at like 700,000 barrels. They could probably...”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Venezuela is more complicated. First of all, it's under restrictions today, right? So U.S. Treasury, the OFAC restrictions. So Venezuela is more of a theoretical conversation. Now we were talking about Russia and Ukraine before. It's interesting to note that Chevron's back pumping oil, that's a direct connection to Russia invading Ukraine. And I think it was within days, if not weeks, that the U.S. State Department was already in Caracas after the Russians had invaded”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Performing assets. Now they perform with very low coupons, but they're performing. I can't really imagine a debt restructuring scenario in the next regime that's worth 20 cents. I can imagine it trading less than because of illiquidity and air pockets of dislocation. But we're starting to focus more on, we think there's a light at the end of the tunnel. We think that's perhaps a change of regime, a new government that comes in with markedly more market-friendly policies that the market will like.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Forward today, you know, we have an election coming up in Argentina in October of 2023. We just had a passing of the baton from Mart ⁇ n Guzman to Sergio Masa. I think Masa is market friendly enough. I think he's done what he needs to do with the IMF. And we expect that MASA will be able to stabilize the markets before they start to climb the wall worry going into the presidential elections in October 2023.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, let's start with Argentina, and that is a country that has been quite cyclical in the returns have been quite cyclical as well. You know, for us, we've looked at Argentina much more on an opportunistic basis as opposed to somewhere that you want to be all the time. If you go back when we started our business in 1998-99, Argentina was 18% of the index. And we were talking earlier about how risky indices can be, right? So JP Morgan wanted to have 18% of our portfolio in Russia, pardon me, in Argentina, right before it defaulted.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Sorry, the US dollar index. Gotcha. And we were talking about potential vacations in Europe in the summer and what have you. And I think with the euro at par at 100 earlier this year, it was pretty good time to prepay the hotel.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and again, within emerging markets, I think it's a dispersion of responses based upon where you are. But I think generally higher rate, stronger dollar has been a headwind for emerging markets. Interestingly, emerging markets have had a lot less wiggle room than the Fed and the ECB and what have you. So quite frankly, whether it's Brazil or Colombia or what have you, they were kind of ahead of the curve in terms of raising rates. And I think that's what made us bottoms up a bit more constructive on emerging market currencies once the dollar peaked. And again, I think perhaps we saw that at 114 and three quarters. Might it go back to 110 on Dixie or what have you? Dixie.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“About six weeks ago. So, you know, I think over the past couple months, that led us to kind of add duration, even though rates were still predicted. And particularly low dollar price investment grade securities where you get a lot of convexity that if you get a snapback like we've seen in rates, that you get to enjoy that ride back up.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Went away that it might be a good time to start leaning into local rates within emerging markets. We were looking for three things. We have a top down every month and we said if the twos go to 450, if tens go to 4 and the dollar Dixie goes to 115, that's a pretty good place to think about boarding the flight. So check on 450, check on 4, and we hit 114 and three quarters.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, I think that's an important question because I think historically when developed markets get sick, developing markets have gone to the hospital. And I think that's a big part of, you know, I would say what's happened to emerging markets in 2022 has been predominantly an exogenous shock coming from raising the rates around the world. That hasn't always been the case in emerging markets. We have things called the tequila crisis and the vodka crisis and the caparina crisis and the tango crisis. Those were endogenous crises created within emerging markets. But this one was, you know, it's been about higher rates, less liquidity in markets. So that being said, I think the Fed has been signaling slower pause on rates. When we think about local rates in emerging markets, we felt that once the dollar strength”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“After a long run like this, so we're raising a little bit of cash here, thinking about hedge overlays and what have you. But we're somewhere closer to the bottom of the cycle than the top.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Look, I think we are cautiously optimistic. And we've had that call for a few months. I would probably say after a 10% rally that we've had over the last five, six weeks, maybe a little more cautious, but still optimistic in the medium term. The reason that we have this optimism goes back to the mathematics after these dislocations, right? And this isn't a blanket statement about all emerging market debt, but if you can pick good, just like stocks, right? If you pick stocks well, you can significantly outperform an index. And if I showed you a chart of the dispersion of the returns within the JPMorgan emerging market bond index, you wouldn't believe it. I mean, things down 15, things up 15. Oil and gas on one hand and importers of energy on the other hand. So we're cautiously optimistic. We see good returns in the medium term. One has to think about how do you protect capital.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“So that's with our multi-ass strategy. We wanted to solve for that problem, which is I'll call it a governance problem. Asset allocation, I think, in emerging markets, one, being dynamic isn't just convenient, it's necessary, and that's how you create the lack of correlation, and that's how you create alpha.”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“And then you have a 22% dislocation relative value has changed. Now most folks don't have the governance, don't have the staff, et cetera, to be able to make the, I'm going to sell A and buy B. I remember like 2020 during COVID. And we wrote at Grammarcy that we expected there could be dislocation in the fourth quarter of 2019. Markets are really tightly wound. And people should batten down the hatches. But get ready for the dislocation because when it comes, that's when the extraordinary opportunities come. So we call everyone in March and April. So remember we talked about this. We didn't know what was going to break the camels back, but it's broken. We expect we don't sure if it's going to be a V-shaped recovery, a W-shaped recovery, but we believe there'll be a strong recovery. And we would talk to our clients and prospects and they say, well,”
2022-12-16 · Masters in Business · Robert Koenigsberger on Emerging Markets · IDENTIFIED FROM THE TRANSCRIPT · source