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A group of individuals managing more total assets than the GDP of any country outside the United States met last week at the first Forbes Iconoclast Summit to exchange ideas and perspectives. Topics ranged from hedges against inflation, Federal Reserve hawks, international equities and the future of energy. Here are five takeaways for CFOs to pay attention to.
Carl Icahn
“One of the main problems, which no one is blaming, is American corporations.” — Carl Icahn, Founder of Icahn Enterprises
When talking about the shortcomings of the economy, Carl Icahn accused management and corporate boards of borrowing cheap money to buy stocks. , borrowed money to buy stocks at high valuations. This result is what corporate finance has seen in the last 12 months, with rising corporate debt, rising interest rates and major issues with corporate earnings.
“It’s one thing to look around the corner or know you have to go somewhere, and it’s one thing to actually place a bet.” —Maverick Carter, Founder and CEO of SpringHill Entertainment
Maverick Carter talked about how analytics and risk tolerance work together when discussing the pitching process on both sides of venture capital. Carter, who is also an agent for NBA star LeBron his James, talks about the process of identifying gut sensations and actually putting emotions into action as two mutually exclusive phenomena.
In relation to what Carter calls “arrogant ambition,” managers and entrepreneurs alike are best placed for success by separating their decision-making process into these two main components. can be placed.
Lindsey Vonn
Longevity requires patience. No one becomes successful in the short term. — Lindsey Vonn, Olympic gold medalist twice and founder of the Lindsey Vonn Foundation
Olympic ski champion Lindsay Vonn admitted that she wasn’t the best skier in her competitive life at first. She said it wasn’t her talent that earned her numerous accolades throughout her career, but her hard work. I’ve given up personal time with friends and family and assembled a rep.
According to her, these ideas show up in business. Vonn spoke of how there are no shortcuts in both sports and business, and how unmatched effort produces unmatched results.
“Over the next 25 years, more than $40 trillion in wealth will be inherited from older generations. …Part of that money pile will end up in newer asset classes like crypto.” — Michael Sonnenshein, Gray Scale CEO
As Kristin Moy, Partner and Head of Digital Asset Strategy at Apollo Global Management, and Anthony Scaramucci, Managing Partner and Founder of SkyBridge, discuss the economic transition, Michael Sonnenschein, CEO of Grayscale, said: We talked about the inevitability of the cryptocurrency market.
Sonnenshein said cryptocurrencies will see huge growth as young people who grew up in the cryptocurrency market enter the world of economics and investments. In a decision he called a “very informed bet,” a crypto-native investor would share with executives the idea of putting most of his $40 trillion into new asset classes such as cryptocurrencies. Assignees must consider.
Mark Lasry
Our problems have problems, but they are opportunities. That’s what you have to take advantage of. — Mark Lasry, co-founder, chairman and CEO of Avenue Capital Group
Marc Lasry spoke about stagnating both domestic and global markets and how the current and future global economy is ripe if approached with the right assessment.
The Milwaukee Bucks co-owner also believes that while others are nervous about taking risks, acting proactively and informed decisions made in difficult times can lead to success. He talked about how to distinguish between those who did and those who did not.
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