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For Major Investor, Wall Street's Crisis Raises Questions and Opportunities
Bill Conway says the best time to invest is when the economy is gloomiest.
(Courtesy Of Carlyle Group)
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Here's what he said:
"As you know, our annual Investor Conference commences this weekend in Washington. I want to be certain that you continue to understand my views and that we have consistent communications with our limited partners.
"In January, 2008, I sent each of you a brief note (attached) about my view of the global economy and the actions I wanted us to take. Generally, these actions were to intensely manage our portfolio and to invest in a few wonderful deals. These guiding principles remain in effect. If anything, I have grown even more pessimistic about the near-term future. My pessimism is a function of the housing crisis, problems with financial institutions, energy prices and an over-stretched consumer. These problems are not confined to the United States. And, I expect the troubles to persist at least through 2009. Hopefully, we are ready."
It's worth noting that Conway began his January note this way: "If you are not in a panic by now, it is too late . . . "
He signed off by saying: "P.S. If you are in a state of panic, now is the time to return to calm, and take good care of our investors, portfolio companies and employees."
Thomas Heath's "Value Added" column focuses on Washington's entrepreneurial set and runs weekly on the WashBiz Blog.
