His big fear is that the Fed won’t complete its mission of cutting inflation. “I hope they finish the job,” he said. “You have to slay the dragon.”
Meanwhile, in a separate discussion at the conference, Rockefeller University chief investment officer Paula Volent expressed caution about the global macro environment. The endowment has been shifting its bets accordingly, she said.
Volent said the endowment has become more concerned about Europe and more interested in Latin America, where investors could benefit from rising commodity prices. It’s become more bearish on China too.
Investment committee have called for the endowment to cut back on China on geopolitical risks, she said.
She’s has been accumulating cash on hand to make new bets in unsettled markets.
“Right now I have much more cash than I have ever had,” she said.
Venture funds launching in the next two years or so will prosper given that company valuations slumping, she added.
This article was provided by Bloomberg News.