March 26, 2025 • 16 mins
Bloomberg personal finance reporter Suzanne Woolley is back on Merryn Talks Your Money. She discusses her latest in the 'Where to Invest' series, where four investment experts share suggestions on where they'd put $1 million right now. Ideas include European stocks, multifamily housing and art.
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News. Welcome to Merin Talks
Your Money, the personal finance edition of Merin Talks Money.
Speaker 2 (00:21):
In these bonus.
Speaker 1 (00:22):
Podcasts, we talk about the best strategies for making the
most of your money. I'm meren Zumset Web and this
week we're back with another installment of Bloomberg Welt's Where
to Invest series. This time we're asking the real question,
where to invest one million dollars? Last time it was
a mere one hundred thousand, So this time we are
going big up with us again Bloomberg Personal Finance and
Wealth reporter Susanne Willie, who joins us from New York.
Speaker 2 (00:44):
Hesusan, Hey, Maren, how are you. I'm good? Thank you.
Speaker 1 (00:47):
Now listen, You've been all over the place recently. You've
written this great story about how to invest a million dollars,
but you've also been at a big conference for the
financial advisors and wealth managers in Miami Beach.
Speaker 2 (00:56):
You love Miami Beach.
Speaker 1 (00:57):
You know I spent all the entire year when I
was eighteen on Miami Beach. Wow, I know those are
the days. Tell you about that another time. That's not
for this podcast. Different different subject, different subjects. Anyway, they
were in Miami Beach.
Speaker 2 (01:11):
What did you hear that?
Speaker 3 (01:12):
You know, I heard a lot of I didn't hear
a lot of raw raw us, I guess unsurprisingly. I
heard a lot about international and you will not be
shocked to hear that a lot of people were talking
about private markets, private capital, private equity, had a vet
how to do your due diligence of private market investments,
how to do your vetting of investment managers, and also
(01:36):
you know a lot of bonds, which was sort of refreshing.
The one area I would say did get a lot
of attention was that Michael Saylor of Strategy showed up
all just in black, looking like some sort of you know,
rock star.
Speaker 1 (01:52):
That's a danger signal, just before we say anything else
when people turn up all dressed in black like they
are a rock star and they kind of not actually
rock star.
Speaker 2 (02:01):
For me, that's a that's a red flag.
Speaker 3 (02:03):
It is to me too, you know. And then there
was another sort of famous tech analyst for Webrish Securities
who was all in like I don't know, neon colors
and colorful sneakers.
Speaker 1 (02:16):
And yes, what did they say?
Speaker 3 (02:23):
Well, you know, they were preaching you know, the gospel
of bitcoin in in crypto. There was nothing downbeat about
it at all. And actually the Michael Saylor panel got
the biggest, you know, standing on the room audience, a
lot of young guys in there on the beach in
their you know, polos and shorts and flip flops, and
(02:44):
he was just saying that he called bitcoin the most
successful commodity and like the history of you know, mankind,
and you know, a lot of superlatives like that, as
you would expect when I privately talked with people at
the conference, just in a bunch of little sit downs,
I would ask them this sort of silly question but
(03:04):
like bitcoin or gold, and no one said, I know,
I'm sorry, I'm sorry, Mary give a question. It was
a flawed question because bitcoin is not a hedge, you know,
as we know in down times in twenty twenty two.
Speaker 2 (03:18):
Et cetera.
Speaker 3 (03:18):
Center, So it was a flawed question. But everyone was
gold and everyone was saying, you know, bitcoin maybe is
a hedge in terms of like a fomo hedge, and
maybe it's what they used to judge excess liquidity in
the system, whereas consumer sentiment. But you know, one man,
Brian Belski at a BML Capital Markets said, you know,
(03:40):
he wouldn't even call it an asset. So there were
a lot of true believers mixed in there and then
a lot of more skeptical people that I spoke with.
Speaker 1 (03:51):
Okay, and you mentioned that one of the people you
spoke to, Emily Rowland, was a bit not that into things.
Is all about it you've done, and that maybe should
just hang out in high quality in the US.
Speaker 2 (04:04):
Instaid she was.
Speaker 3 (04:06):
I mean, she's not raw raw US large caps for sure.
She's saying they seem price to perfection and that you know,
when you're looking at like twenty times forward earnings, that's
not exactly a screaming value. But she was also saying that,
you know, she didn't feel like Europe was really Europe
(04:27):
is a trade on sort of banks and industrials, and
she was saying it's a very cyclical trade, whereas you know,
the US may be sort of price for perfection, but
it has higher quality earnings. So if people are worried
about like a got growth slowdown, she was saying, don't
you want to be in the place with the highest
quality earnings. So she was sort of the rare person
(04:49):
to not be positive on Europe. Gabriella Santos that I
talked to, who's the chief market strategist at JP Morgan
Investment Management. She was very pro Europe and pro Japan
based on, you know, starting valuations based on fundamental changes.
She had a really fun fact which was that since
(05:10):
twenty twenty two, the MSCAI Europe and MSCAI Japan had
outperformed the S and P five hundred if you took
out Nvidia, which I thought was an interesting little factoid.
And so she was just she's very positive on the
fundamentals for Europe and Japan going forward.
Speaker 2 (05:27):
It's interesting.
Speaker 1 (05:28):
I mean, I'm thinking, just thinking, is you're speaking about
what Emily Rowland said about how you should be in
the highest quality companies that you can find if you're
concerned about a slowdown or if you're concerned about any global.
Speaker 2 (05:39):
Difficulties on certainty, et cetera.
Speaker 1 (05:40):
And all I can think of when someone says something
like that is Microsoft two thousand, when I think.
Speaker 2 (05:46):
It fell over sixty percent in a year.
Speaker 3 (05:50):
Yeah, I don't know what.
Speaker 1 (05:51):
And you would have said at the beginning of two thousand, God,
things are little ropy, everything's too expensive terrible stuff might happen,
So I'm going to go as high quality as I
can go, and you still would have lost fifty sixty.
Speaker 2 (06:02):
Percent of your money in a years.
Speaker 1 (06:03):
When people say that, When people give this high quality argument,
I slightly think to myself, do you know what I
would get out of right now?
Speaker 2 (06:11):
Is that high quality stuff?
Speaker 3 (06:13):
Interesting? Because too much money has raised into it already.
Speaker 1 (06:16):
Yeah, that's in the price, but it's more than in
the price, and that makes it not safe anymore.
Speaker 3 (06:22):
I think that's a great argument. I mean, she did
say that she was in the US markets more interested
in mid cap stocks, saying that they're about you know,
thirty percent a discount to you know, the large cap universe,
and that of course they have you know, stronger balance sheets,
less debt load, et cetera, et cetera than small caps,
(06:45):
So she at least wasn't really pounding the table for
large caps. She was going a little down the capital spectrum.
Speaker 2 (06:52):
Still interesting, isn't it?
Speaker 1 (06:54):
We better get onto the million dollars because you know,
I know everyone out there is thinking, well, they have
bitcoming Microsoft, But what do I do with my spare
million dollars? Because that's the kind of listeners. We have Fatisan,
that's the people. What do I do with my spare million?
Speaker 3 (07:06):
I asked myself that all the time, all the time.
Speaker 1 (07:09):
Now, what was the best What was the best answer
you got this time?
Speaker 2 (07:13):
Okay?
Speaker 3 (07:14):
I thought the best answer is this probably one that
you will like. Was Andrea Desceenso DiCenso, who is a
portfolio manager and strategist at Loomis Sales, said that she
would go with a sixty forty portfolio, but not as
you would traditionally think of it. She would put forty
percent in europe European equities if I stay forty, Yeah,
the forty percent would go there, and then the sixty
(07:35):
percent would go in a basket of global fixed income.
And the only reason she wasn't higher in European equities
was because she sees such an advantage in bonds right
now sort of globally. So that was interesting to me
because I don't think I've talked to anyone who has
(07:57):
put that much into European equities and a sixty forty portfolio.
Speaker 2 (08:02):
Yeah, actually slipper exactly exactly.
Speaker 1 (08:05):
So it's really interesting to see someone out there in
the US who would like to remove not just home bias,
but all home and go abroad. Although I'm interested that
she thinks that fixed income is that safe in what
looks to me like a inflation rising interest rate environment,
I'm not sure that I would have gone sixty percent
(08:25):
fixed income.
Speaker 2 (08:27):
That is feisty too.
Speaker 3 (08:29):
Yeah, she does have it in a wide it's pretty
well diversified. You know some asset back yea ten percent
in US and European investing, great corporate bonds, twenty in
high yields, and the last twenty percent she put an
emerging market corporates and sovereigns. So she's placing a pretty
broad broad bed there.
Speaker 1 (08:48):
Interesting And do you know what she is my favorite,
by the way, you're right, And she's particularly my favorite
for her alternative idea because you know, you was last.
If it was a non financial thing or something a
little alternative, what would you do? And she said, you know,
I'd spend that money going somewhere amazing every weekend with
a different friend. I just constantly cycle my friends and places.
And it went to her sister. And for trip number one,
(09:10):
it's gonna take more than a weekend. They've got to
Argentina and Chilean and hike around Patagonia, and that's something
that my husband and daughter just did and I forget
that is worth a lot. So this is a woman
after my own heart.
Speaker 3 (09:21):
Although I didn't on that trip me too, that was
my favorite as well. I mean one person mentioned buying
a Picasso drawing, which apparently you might be able to
get for about a million bucks.
Speaker 2 (09:31):
Oh goody. Yeah, I don't know. I'm a bit nervous
about the art market actually.
Speaker 1 (09:35):
But.
Speaker 3 (09:36):
Interesting another segment.
Speaker 1 (09:39):
Another it did another segment, but you know, it's another
it's another thing that with high interest rates a piece
of art is worth less than it is with low
interest rates. And you begin there are a few cracks
developing in the art market that I can see. So
maybe we'll come back that another time. What else did
we get? I was interested in Anne Barry who talked
about public markets being expensive and therefore maybe go into
into private markets. And she talks about private credit.
Speaker 3 (10:01):
Yes, Anne Barry, who's the founder of thread natal Ventures.
She was sort of along with another woman in the package.
She was talking about areas where there have been dislocations
and it's sort of interesting in this time of excess
that we may be in in the US that they
were talking about areas when so much money flowed into
the commercial real estate markets and venture markets and due
(10:24):
to low interest rates back in like twenty twenty one,
twenty one is between twenty two. So she was looking
back and saying, you know, there are opportunities when there's
a lot of pressure on PE funds to you know,
exit these investments that they've had that usually hold them
for five to seven years. It's getting on sort of
six to eight. So she was saying there's a lot
of pressure and getting these these exits happening, and that
(10:48):
that can lead and that that can lead to some
very good opportunities for private capital because all of these
deals require private capital. So you know, as the industry
exits these deals, you know, there's a ton of dry
powder sitting out there in global PE funds, so they
have to go out and spend it, and when they do,
they'll be using private credit to some degree.
Speaker 1 (11:11):
Yeah, it's interesting, isn't I Mean it feels like we're
in the whole industry is in a little bit of
a paralysis. You know, the deal that they want to
exit from the reason they can't exit from them in
the main is because the price is wrong, So they
need to see something of a price reset, and private
credit don't have a role in that.
Speaker 3 (11:27):
Yes, that's true, and I don't know with the volatility
that we're seeing now. You know, people thought that this
window might open.
Speaker 1 (11:36):
Well, this was supposed to be the year of IPOs,
wasn't it again? Yes, yet another year of IPOs. It
hasn't worked out. And I remember reading at the beginning
of the year that this would be the year of
private equity IPOs and the great exit year, and that
was all going to work out really well because what
with valuations being so high in the listed market, that
translated through into peer companies in the private market and
(11:56):
may be able to get out of these great prices
twich the answer today is a works.
Speaker 3 (12:00):
Yes, And I mean maybe there's some opportunities in that
sort of situation and all the dislocation people are saying,
you know, in times of distress, there's always opportunity, right,
So you know.
Speaker 1 (12:13):
Speaking of which, you had more of pape from Burnsteinn
Private Wealth Management talking about as something very similar in
terms of interest rates commercial commercial real estate, which obviously
has had a nightmare time with rising interest rates as well.
Speaker 3 (12:26):
Yes, yes, very much so. And I mean her argument
was sort of similar that she thinks though that commercial
real estate prices have reset with a new reality, and so,
you know, with a lot of debt coming do and
lenders right now are going to be less likely to
offer the attractive terms that they did when they originally
made the loans. There are going to be solid properties
that have issues with their capital structure, and you know,
(12:49):
that may make them available at a discount. And she
was appointed to multifamily housing in particular where multifamily areas
where multifamily housing starts expected to drop, like some you
know in the South, that could be an interesting place
to put capital. And I mean she also made the
point that of course, the ability to raise rents, you know,
(13:10):
means that you have something of a hedge against inflation.
Speaker 1 (13:14):
Yeah, yeah, and she was was she was she the
other one who was also interested in buying art? Was
that her alternates as well?
Speaker 3 (13:22):
Yes, Marin, she was the one who was interested in
buying art.
Speaker 1 (13:25):
Because there was one there was one who specifically went
for a Pocanso, and then there was someone else who
said they can they collected contemporary art, yes.
Speaker 3 (13:33):
Yes, yeah, right, as Anne Berry collects contemporary art, and
an artist she said she loves and hasn't bought yet
is Rebecca Manson, who creates these sort of wall sculptures
and ceramic wall sculptures. They're very fascinating. They're like butterfly wings,
(13:53):
and I'm very hard to describe. But yes, she's not buying,
particularly with appreciation in mind, which is always what they
say you should do about it. Oh, buy what you love,
don't buy it thinking it's going to appreciate.
Speaker 1 (14:05):
So susan trip to Patagonia or ceramic wool sculpture with butterfly.
Speaker 3 (14:10):
Wings, I don't know, Okay. I loved Andrea Decenzo's idea
about traveling every weekend with family and friends to different areas,
so I have a few I would travel too. I
would have a sister's weekend by two sisters in Newport's,
New York, which isn't very exotic, but there's a beautiful
(14:32):
place up there called Mohawk Mountain House where you can
go hiking.
Speaker 2 (14:35):
I go there.
Speaker 3 (14:36):
Internationally, I've never been to Amsterdam, dying to go there.
I'd grab some friends and go there. There's no I mean,
I want to go to Santa Fe, New Mexico. What
about you, where would you go?
Speaker 1 (14:45):
Well, pretty much anyway, you know in the UK at
the moment with so heavily taxed and you know, and
let's talk about wealth taxes and taxia pension and taxing
theirs and taxing that. Then everyone I talked to us
just like, yeah, whatever, I'm gonna spend the lot.
Speaker 2 (14:57):
Die Broke is on the move.
Speaker 1 (15:00):
But I tell you, I do really want to go
to Chili and Patagonia. Everything my my husband and my
daughter told me about it. It sounds absolutely amazing. Left me
behind this time, but I think I can try and
you know, get another trip out of them.
Speaker 2 (15:12):
That's great. So there we go.
Speaker 1 (15:15):
Everybody, if you have a million dollars, just spend it.
Just spend it. That extra million dollars that is, just
spend it. Spend it on mainly travel. Thanks Susan.
Speaker 3 (15:24):
Pick up a little art on while you're traveling.
Speaker 1 (15:26):
Yeah, maybe travel first and art if there's anything left
over from you a million bird, I like that. Thanks
for listening to this week's Maren Talk to Your Money.
If you like our share, rate, review and subscribe wherever
you listen to podcasts. Also, if you sure to follow
me and John on exor Twitter at Maren at w
and John underscore Stappack and also Suzanne who is a
(15:46):
wealth Watch. This episode is produced by Sumersati, Production support
and sound design by Moses and Questions and comments on
this show and all.
Speaker 2 (15:53):
Our shows always welcome.
Speaker 1 (15:55):
Our show email is merin Money at Bloomberg dot net
Bloomberg Audio Studios, Podcasts, Radio News. Welcome to Merin Talks
Your Money, the personal finance edition of Merin Talks Money.
Speaker 2 (00:21):
In these bonus.
Speaker 1 (00:22):
Podcasts, we talk about the best strategies for making the
most of your money. I'm meren Zumset Web and this
week we're back with another installment of Bloomberg Welt's Where
to Invest series. This time we're asking the real question,
where to invest one million dollars? Last time it was
a mere one hundred thousand, So this time we are
going big up with us again Bloomberg Personal Finance and
Wealth reporter Susanne Willie, who joins us from New York.
Speaker 2 (00:44):
Hesusan, Hey, Maren, how are you. I'm good? Thank you.
Speaker 1 (00:47):
Now listen, You've been all over the place recently. You've
written this great story about how to invest a million dollars,
but you've also been at a big conference for the
financial advisors and wealth managers in Miami Beach.
Speaker 2 (00:56):
You love Miami Beach.
Speaker 1 (00:57):
You know I spent all the entire year when I
was eighteen on Miami Beach. Wow, I know those are
the days. Tell you about that another time. That's not
for this podcast. Different different subject, different subjects. Anyway, they
were in Miami Beach.
Speaker 2 (01:11):
What did you hear that?
Speaker 3 (01:12):
You know, I heard a lot of I didn't hear
a lot of raw raw us, I guess unsurprisingly. I
heard a lot about international and you will not be
shocked to hear that a lot of people were talking
about private markets, private capital, private equity, had a vet
how to do your due diligence of private market investments,
how to do your vetting of investment managers, and also
(01:36):
you know a lot of bonds, which was sort of refreshing.
The one area I would say did get a lot
of attention was that Michael Saylor of Strategy showed up
all just in black, looking like some sort of you know,
rock star.
Speaker 1 (01:52):
That's a danger signal, just before we say anything else
when people turn up all dressed in black like they
are a rock star and they kind of not actually
rock star.
Speaker 2 (02:01):
For me, that's a that's a red flag.
Speaker 3 (02:03):
It is to me too, you know. And then there
was another sort of famous tech analyst for Webrish Securities
who was all in like I don't know, neon colors
and colorful sneakers.
Speaker 1 (02:16):
And yes, what did they say?
Speaker 3 (02:23):
Well, you know, they were preaching you know, the gospel
of bitcoin in in crypto. There was nothing downbeat about
it at all. And actually the Michael Saylor panel got
the biggest, you know, standing on the room audience, a
lot of young guys in there on the beach in
their you know, polos and shorts and flip flops, and
(02:44):
he was just saying that he called bitcoin the most
successful commodity and like the history of you know, mankind,
and you know, a lot of superlatives like that, as
you would expect when I privately talked with people at
the conference, just in a bunch of little sit downs,
I would ask them this sort of silly question but
(03:04):
like bitcoin or gold, and no one said, I know,
I'm sorry, I'm sorry, Mary give a question. It was
a flawed question because bitcoin is not a hedge, you know,
as we know in down times in twenty twenty two.
Speaker 2 (03:18):
Et cetera.
Speaker 3 (03:18):
Center, So it was a flawed question. But everyone was
gold and everyone was saying, you know, bitcoin maybe is
a hedge in terms of like a fomo hedge, and
maybe it's what they used to judge excess liquidity in
the system, whereas consumer sentiment. But you know, one man,
Brian Belski at a BML Capital Markets said, you know,
(03:40):
he wouldn't even call it an asset. So there were
a lot of true believers mixed in there and then
a lot of more skeptical people that I spoke with.
Speaker 1 (03:51):
Okay, and you mentioned that one of the people you
spoke to, Emily Rowland, was a bit not that into things.
Is all about it you've done, and that maybe should
just hang out in high quality in the US.
Speaker 2 (04:04):
Instaid she was.
Speaker 3 (04:06):
I mean, she's not raw raw US large caps for sure.
She's saying they seem price to perfection and that you know,
when you're looking at like twenty times forward earnings, that's
not exactly a screaming value. But she was also saying that,
you know, she didn't feel like Europe was really Europe
(04:27):
is a trade on sort of banks and industrials, and
she was saying it's a very cyclical trade, whereas you know,
the US may be sort of price for perfection, but
it has higher quality earnings. So if people are worried
about like a got growth slowdown, she was saying, don't
you want to be in the place with the highest
quality earnings. So she was sort of the rare person
(04:49):
to not be positive on Europe. Gabriella Santos that I
talked to, who's the chief market strategist at JP Morgan
Investment Management. She was very pro Europe and pro Japan
based on, you know, starting valuations based on fundamental changes.
She had a really fun fact which was that since
(05:10):
twenty twenty two, the MSCAI Europe and MSCAI Japan had
outperformed the S and P five hundred if you took
out Nvidia, which I thought was an interesting little factoid.
And so she was just she's very positive on the
fundamentals for Europe and Japan going forward.
Speaker 2 (05:27):
It's interesting.
Speaker 1 (05:28):
I mean, I'm thinking, just thinking, is you're speaking about
what Emily Rowland said about how you should be in
the highest quality companies that you can find if you're
concerned about a slowdown or if you're concerned about any global.
Speaker 2 (05:39):
Difficulties on certainty, et cetera.
Speaker 1 (05:40):
And all I can think of when someone says something
like that is Microsoft two thousand, when I think.
Speaker 2 (05:46):
It fell over sixty percent in a year.
Speaker 3 (05:50):
Yeah, I don't know what.
Speaker 1 (05:51):
And you would have said at the beginning of two thousand, God,
things are little ropy, everything's too expensive terrible stuff might happen,
So I'm going to go as high quality as I
can go, and you still would have lost fifty sixty.
Speaker 2 (06:02):
Percent of your money in a years.
Speaker 1 (06:03):
When people say that, When people give this high quality argument,
I slightly think to myself, do you know what I
would get out of right now?
Speaker 2 (06:11):
Is that high quality stuff?
Speaker 3 (06:13):
Interesting? Because too much money has raised into it already.
Speaker 1 (06:16):
Yeah, that's in the price, but it's more than in
the price, and that makes it not safe anymore.
Speaker 3 (06:22):
I think that's a great argument. I mean, she did
say that she was in the US markets more interested
in mid cap stocks, saying that they're about you know,
thirty percent a discount to you know, the large cap universe,
and that of course they have you know, stronger balance sheets,
less debt load, et cetera, et cetera than small caps,
(06:45):
So she at least wasn't really pounding the table for
large caps. She was going a little down the capital spectrum.
Speaker 2 (06:52):
Still interesting, isn't it?
Speaker 1 (06:54):
We better get onto the million dollars because you know,
I know everyone out there is thinking, well, they have
bitcoming Microsoft, But what do I do with my spare
million dollars? Because that's the kind of listeners. We have Fatisan,
that's the people. What do I do with my spare million?
Speaker 3 (07:06):
I asked myself that all the time, all the time.
Speaker 1 (07:09):
Now, what was the best What was the best answer
you got this time?
Speaker 2 (07:13):
Okay?
Speaker 3 (07:14):
I thought the best answer is this probably one that
you will like. Was Andrea Desceenso DiCenso, who is a
portfolio manager and strategist at Loomis Sales, said that she
would go with a sixty forty portfolio, but not as
you would traditionally think of it. She would put forty
percent in europe European equities if I stay forty, Yeah,
the forty percent would go there, and then the sixty
(07:35):
percent would go in a basket of global fixed income.
And the only reason she wasn't higher in European equities
was because she sees such an advantage in bonds right
now sort of globally. So that was interesting to me
because I don't think I've talked to anyone who has
(07:57):
put that much into European equities and a sixty forty portfolio.
Speaker 2 (08:02):
Yeah, actually slipper exactly exactly.
Speaker 1 (08:05):
So it's really interesting to see someone out there in
the US who would like to remove not just home bias,
but all home and go abroad. Although I'm interested that
she thinks that fixed income is that safe in what
looks to me like a inflation rising interest rate environment,
I'm not sure that I would have gone sixty percent
(08:25):
fixed income.
Speaker 2 (08:27):
That is feisty too.
Speaker 3 (08:29):
Yeah, she does have it in a wide it's pretty
well diversified. You know some asset back yea ten percent
in US and European investing, great corporate bonds, twenty in
high yields, and the last twenty percent she put an
emerging market corporates and sovereigns. So she's placing a pretty
broad broad bed there.
Speaker 1 (08:48):
Interesting And do you know what she is my favorite,
by the way, you're right, And she's particularly my favorite
for her alternative idea because you know, you was last.
If it was a non financial thing or something a
little alternative, what would you do? And she said, you know,
I'd spend that money going somewhere amazing every weekend with
a different friend. I just constantly cycle my friends and places.
And it went to her sister. And for trip number one,
(09:10):
it's gonna take more than a weekend. They've got to
Argentina and Chilean and hike around Patagonia, and that's something
that my husband and daughter just did and I forget
that is worth a lot. So this is a woman
after my own heart.
Speaker 3 (09:21):
Although I didn't on that trip me too, that was
my favorite as well. I mean one person mentioned buying
a Picasso drawing, which apparently you might be able to
get for about a million bucks.
Speaker 2 (09:31):
Oh goody. Yeah, I don't know. I'm a bit nervous
about the art market actually.
Speaker 1 (09:35):
But.
Speaker 3 (09:36):
Interesting another segment.
Speaker 1 (09:39):
Another it did another segment, but you know, it's another
it's another thing that with high interest rates a piece
of art is worth less than it is with low
interest rates. And you begin there are a few cracks
developing in the art market that I can see. So
maybe we'll come back that another time. What else did
we get? I was interested in Anne Barry who talked
about public markets being expensive and therefore maybe go into
into private markets. And she talks about private credit.
Speaker 3 (10:01):
Yes, Anne Barry, who's the founder of thread natal Ventures.
She was sort of along with another woman in the package.
She was talking about areas where there have been dislocations
and it's sort of interesting in this time of excess
that we may be in in the US that they
were talking about areas when so much money flowed into
the commercial real estate markets and venture markets and due
(10:24):
to low interest rates back in like twenty twenty one,
twenty one is between twenty two. So she was looking
back and saying, you know, there are opportunities when there's
a lot of pressure on PE funds to you know,
exit these investments that they've had that usually hold them
for five to seven years. It's getting on sort of
six to eight. So she was saying there's a lot
of pressure and getting these these exits happening, and that
(10:48):
that can lead and that that can lead to some
very good opportunities for private capital because all of these
deals require private capital. So you know, as the industry
exits these deals, you know, there's a ton of dry
powder sitting out there in global PE funds, so they
have to go out and spend it, and when they do,
they'll be using private credit to some degree.
Speaker 1 (11:11):
Yeah, it's interesting, isn't I Mean it feels like we're
in the whole industry is in a little bit of
a paralysis. You know, the deal that they want to
exit from the reason they can't exit from them in
the main is because the price is wrong, So they
need to see something of a price reset, and private
credit don't have a role in that.
Speaker 3 (11:27):
Yes, that's true, and I don't know with the volatility
that we're seeing now. You know, people thought that this
window might open.
Speaker 1 (11:36):
Well, this was supposed to be the year of IPOs,
wasn't it again? Yes, yet another year of IPOs. It
hasn't worked out. And I remember reading at the beginning
of the year that this would be the year of
private equity IPOs and the great exit year, and that
was all going to work out really well because what
with valuations being so high in the listed market, that
translated through into peer companies in the private market and
(11:56):
may be able to get out of these great prices
twich the answer today is a works.
Speaker 3 (12:00):
Yes, And I mean maybe there's some opportunities in that
sort of situation and all the dislocation people are saying,
you know, in times of distress, there's always opportunity, right,
So you know.
Speaker 1 (12:13):
Speaking of which, you had more of pape from Burnsteinn
Private Wealth Management talking about as something very similar in
terms of interest rates commercial commercial real estate, which obviously
has had a nightmare time with rising interest rates as well.
Speaker 3 (12:26):
Yes, yes, very much so. And I mean her argument
was sort of similar that she thinks though that commercial
real estate prices have reset with a new reality, and so,
you know, with a lot of debt coming do and
lenders right now are going to be less likely to
offer the attractive terms that they did when they originally
made the loans. There are going to be solid properties
that have issues with their capital structure, and you know,
(12:49):
that may make them available at a discount. And she
was appointed to multifamily housing in particular where multifamily areas
where multifamily housing starts expected to drop, like some you
know in the South, that could be an interesting place
to put capital. And I mean she also made the
point that of course, the ability to raise rents, you know,
(13:10):
means that you have something of a hedge against inflation.
Speaker 1 (13:14):
Yeah, yeah, and she was was she was she the
other one who was also interested in buying art? Was
that her alternates as well?
Speaker 3 (13:22):
Yes, Marin, she was the one who was interested in
buying art.
Speaker 1 (13:25):
Because there was one there was one who specifically went
for a Pocanso, and then there was someone else who
said they can they collected contemporary art, yes.
Speaker 3 (13:33):
Yes, yeah, right, as Anne Berry collects contemporary art, and
an artist she said she loves and hasn't bought yet
is Rebecca Manson, who creates these sort of wall sculptures
and ceramic wall sculptures. They're very fascinating. They're like butterfly wings,
(13:53):
and I'm very hard to describe. But yes, she's not buying,
particularly with appreciation in mind, which is always what they
say you should do about it. Oh, buy what you love,
don't buy it thinking it's going to appreciate.
Speaker 1 (14:05):
So susan trip to Patagonia or ceramic wool sculpture with butterfly.
Speaker 3 (14:10):
Wings, I don't know, Okay. I loved Andrea Decenzo's idea
about traveling every weekend with family and friends to different areas,
so I have a few I would travel too. I
would have a sister's weekend by two sisters in Newport's,
New York, which isn't very exotic, but there's a beautiful
(14:32):
place up there called Mohawk Mountain House where you can
go hiking.
Speaker 2 (14:35):
I go there.
Speaker 3 (14:36):
Internationally, I've never been to Amsterdam, dying to go there.
I'd grab some friends and go there. There's no I mean,
I want to go to Santa Fe, New Mexico. What
about you, where would you go?
Speaker 1 (14:45):
Well, pretty much anyway, you know in the UK at
the moment with so heavily taxed and you know, and
let's talk about wealth taxes and taxia pension and taxing
theirs and taxing that. Then everyone I talked to us
just like, yeah, whatever, I'm gonna spend the lot.
Speaker 2 (14:57):
Die Broke is on the move.
Speaker 1 (15:00):
But I tell you, I do really want to go
to Chili and Patagonia. Everything my my husband and my
daughter told me about it. It sounds absolutely amazing. Left me
behind this time, but I think I can try and
you know, get another trip out of them.
Speaker 2 (15:12):
That's great. So there we go.
Speaker 1 (15:15):
Everybody, if you have a million dollars, just spend it.
Just spend it. That extra million dollars that is, just
spend it. Spend it on mainly travel. Thanks Susan.
Speaker 3 (15:24):
Pick up a little art on while you're traveling.
Speaker 1 (15:26):
Yeah, maybe travel first and art if there's anything left
over from you a million bird, I like that. Thanks
for listening to this week's Maren Talk to Your Money.
If you like our share, rate, review and subscribe wherever
you listen to podcasts. Also, if you sure to follow
me and John on exor Twitter at Maren at w
and John underscore Stappack and also Suzanne who is a
(15:46):
wealth Watch. This episode is produced by Sumersati, Production support
and sound design by Moses and Questions and comments on
this show and all.
Speaker 2 (15:53):
Our shows always welcome.
Speaker 1 (15:55):
Our show email is merin Money at Bloomberg dot net
Host
Merryn Somerset Webb
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