Client Affairs
Never Mind The Turbulence, There's Plenty Of Lucrative Opportunities - UBS
Significant investment opportunities in emerging markets, innovative industries and American small business are still available for the savvy investor, despite turbulent markets, an uncertain US regulatory and political environment and fears about employment, housing and healthcare, according to a roundtable held by UBS Wealth Management in the US.
“Now, more than ever, our clients need intelligent, reasonable and concise advice that cuts through the noise and distraction,” Robert McCann, chief executive of UBS Wealth Management Americas who hosted the event, said.
The evening began with a conversation about the economy and investment opportunities between Stephen Schwarzman, chief executive of Blackstone, and Margaret Brennan, anchor, Bloomberg News, who also moderated the panel discussion. A debate among the panel was followed by a conversation between McCann and former US President Bill Clinton, which focused on philanthropy, leadership and the role of individuals and their government.
After discussing the work of the Clinton Global Initiative and other corporate and non-governmental philanthropic initiatives, Clinton told the audience that, despite a political landscape that seems to be polarizing more and more every day: “Do not bet against America. People have been betting against this country for a long time, and so far people have lost money. I’m not prepared to bet against this country, even in difficult times.”
The panel discussion that preceded Clinton’s remarks, included Paul Begala, co-founder of Carville & Begala, and Phil Gramm, vice chairman of UBS Investment Bank and former Texas Senator, engaging in a debate about housing, healthcare, retirement, free trade, social security, job creation and economic stimulus.
Those topics were also debated and tactical investment advice given by: UBS Global Asset Management chief executive John Fraser; UBS Wealth Management Research head Mike Ryan; president of Ariel Investments Mellody Hobson and Morgan Creek Capital Management chief executive Mark Yusko.
Ryan recommended that clients look at emerging companies and industries that have potential to be leaders in the healthcare space. Fraser recommended not only the developing world economies, but also Western Europe.
Both Ryan and Fraser recommended investing in small business and entrepreneurship, with Ryan urging a more transparent tax and regulatory environment to support them.
"When you talk to small business owners, the issue that they're contending with is the uncertainties on the policy front. And as I tell people, look, if you give a business owner the rulebook, he'll figure out how to win,” Ryan said. “But if you keep tearing sheets out of the rulebook and putting in new sheets, he's not going to know how to win."
Hobson said that uncertainty about the economy, currency fluctuations or the makeup of Congress were unlikely to dissipate soon, but for an investor with “courage and cash in this market, I have to tell you, it’s Fat City.”
More than 400 clients and advisors attended in person and more than 4,100 viewed via live Web cast.