YouSaid · the spoken record

Ruchir Sharma

lines on the record: 122
first: 2016-11-18
most recent: 2016-11-18
sittings or episodes: 1
sources: podcast

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“No, it's a multi year phenomenon. I'm saying that this is persisted now on a trained basis this decade. And if you look at the policies that the governments are taking, I think that these trends will only intensify. And the election, which you pointed out just now in the US, is basically another trend.”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly, slowed down and trade has slowed down that we've all been used to a world where trade has increased at a rate which is much, much faster than global economic growth.”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Immigration. So these are the three tenets of traditional globalization. All these three increased massively in the 1980s and 1990s right up until the financial crisis of 2008. You got an explosion in all these three. Since 2008, they've all slowed down dramatically.”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, there are three drivers, I think, of globalization, right? So we think of it mostly in terms of trade. But the other two drivers are capital, right? The free movement of capital between borders. And the third is due with immigration.”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Drafting faster Well, enough, for example, to take India, you know, my homeland, which the fertility rate there used to be about six or so in the 1950s and 1960s, that's down to two and a half because there are much more sort of sensitive about families, about how many children that they're having. So that sort of pace has slowed down dramatically back there.”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, but I think that it's also because you've had an increase in female participation in the labor force in many countries. And so people are having less babies in general. So I think that it's also like a lifestyle issue. It's a demographic issue in terms of the mortality rates have dropped everywhere. And so have the fertility rates have dropped even faster.”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, the world's population is still set to increase further, but the pace has slowed down dramatically. That's the important thing. And that's the very important variable for economic growth, which is that”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The single most important reason, as you said, like on productivity, there's still a debate where many people think it's being underestimated, mismeasured, and stuff. But on the trends and demographics, there can be no debate because those trends there to be seen. And here's the basic trend, which is that till the middle of the last decade, the world's working age population was growing at a pace of about 2% a year. Since then, it's been falling off a cliff, and today that rate is down to 1% a year”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“As you know, there are two drivers of economic growth, which is one is the increase in labor force And 2 is the increase in productivity. Those are the two things which drive economic growth. And when we look back in history, what we're going to see is this, which is that the period from 1950 till about 2008 was the fastest growing period in the history of economic development, much faster than even the growth rates we saw in the second industrial revolution in the late 19th century when you had a massive woman productivity. And the reason for that was that the world's population and therefore the world's labor force never grew at such a rapid pace as was the case between 1950 and 2008 or so.”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, and in China for the first time, it's working age population, in fact, fell last year. So these are huge changes which are taking place. But even in the very populous countries, which you talk about in Africa and in places like India and Pakistan, the slowdown in population growth rate has been quite sharp.”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's not the case. That's true, but there's been a massive slowdown in the growth of population across the world. And, of course, in places such as Germany or even Russia and all, it's turned negative. The working-age population increases.”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Look, you know, in terms of there's been so much hand wringing over the last few years about why economic growth is so low across the world. And this is not just a US phenomenon, but it's across the world. In fact, there is no region in the world today which is growing at the pace it was before the global financial crisis of 2008. And one of the most sort of underappreciated factors for this low economic growth environment is the change in demographics across the world, not just in the Western world, as is popularly believed, but also in large parts of the emerging world, China, Korea, Taiwan, Russia. Really?”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think that there's a big fear factor just now because I think that in the emerging markets, there's been a huge sort of shift in sentiment, which is that there was a sense before the election that there's some sort of a recovery is way underway in emerging markets. But after the election, there's been a dramatic shift in mood because now all of a sudden people are wondering that does this mean that the US is going to turn much more inward, more protectionist? And the one place where sentiment is totally beaten down, in fact, that's my next stop also. I'm going to go, that's my next country I'm going to visit is Mexico”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. There's never been so much interest in US elections or in US politics as has been the case this year. And, you know, like, yeah, even after the election was over, even now people are still sort of dissecting it in a way that the, you know, because I think that's the big difference. That had someone like Hillary won the election, then I think that what would have happened was that in terms of that, I don't think the interest would have been that high. So whether we like Trump or not, the one thing which he's great for, I think, is ratings and keeping the interest very high in US politics.”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, roughly that much. I think the UN counts just over 200 countries. So, you know, like I counted the other day, and I've been to just over 60 countries. That's right. But that's amazing that I think that I've traveled so much, but I haven't that I've only been to 60 countries out of whatever 200 odd countries that you can possibly go to. Having said that, of course, there are a few key countries that I do visit repeatedly, like China, India. Those are the kind of places where I've been to virtually every year. So this year,”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“On the ground, and two, that you end up always picking up little details about that country which you wouldn't have. Just in an office”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I try and average, I'd say, about one country a month, which is basically pick a country and spend nearly a week there or at least a few days there. If it's a small country, then maybe just go to the region. So that's what I've done for the last 20 years. Really? Yeah, because I find that there are two things here, which are sort of very important out here. One is the fact that when you're on the ground, it focuses your mind like never before. I consider in my office and I can read all I want about Philippines. And I just will not get that involved with the Philippines until I go to the Philippines. And then when you're there, you're basically sort of covering it top down to bottom up in terms of your meeting the policymakers, meeting government people, central bank people, you're meeting CEOs of companies, and then also meeting investors and sort of other players in the marketplace. So I find that really fascinating that one that it focuses your mind when you're”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, the money I directly manage is mostly dedicated to EM. We also have some global money which we manage. But mostly it is EM money that I manage. But in terms of the chief global strategist footprint really involves thinking a lot about the major global issues and interacting with clients and telling them about that.”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, that's right, just over $20 billion in sort of assets under management And also, sort of think about global macro issues for the firm. And so that's what sort of gives me my other title as being the chief global strategist.”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I'm basically like an investor. So I'm the investment management side. I've always been on the investing side. And so I run money or manage money, so to speak.”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'd lived for a large part of my life in India and then also in Singapore. And although I'd visited other places, I, you know, like apart from Europe and been to London, et cetera. But I'd say that it was my education in Singapore. I went to a school there called United World College. And at a very young age, they sort of paid a lot of attention because it was an international school. They paid a lot of attention to sort of showing you about exactly about global affairs. And it's also like these are things which are so hard to know when or what or why, but someone like at a very young age, I was always very interested in current affairs, whether it was Indian current affairs or global current affairs. And I think that that's what really sort of set me in motion here.”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, like I've had a nomadic existence. I was born in the south of India. And then because my father, as you mentioned at the outset, was in the services, he was a naval officer and also spent some time as a diplomat in overseas locations like Singapore. So that's why I had a nomadic existence traveling from one place to another. And I think that may have somewhere seeded this interest in global affairs at a young age.”
2016-11-18 · Masters in Business · Interview With Ruchir Sharma: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source