18 Burst results for "Starwood Capital"

"starwood capital" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:34 min | Last month

"starwood capital" Discussed on Bloomberg Radio New York

"Recession. It's definitely coming. It's executed here two quarters negative already, but you will see, look what's happening. Look at Nike. Look at AMD. Look at target. Look at FedEx. I mean, this isn't your normal market. This isn't like things are running away. Well, what about? We can talk all day about what this means for investors. And we will. But let's talk for a second about what this means for the real economy. Because you're in the residential space, we reported a little earlier. Yeah, you're in all the spaces. And you've sold, we've reported that you've been selling earlier this year. What does this mean for residential as opposed to commercial in the next year or so, especially as Americans are already dealing with inflation? Their mortgage rates are going up. Yeah, and most of the Americans have fixed rate mortgages. So that's a good news item. They're not going to be squeezed by increasing interest rates, which is actually, I was kind of surprised about that. Most people have fixed rate mortgages. I think it's like 60% of the market. 10% have floating rate. They're going to get hurt. And 30 or 40% of people have no mortgage at all So they won't really have any impact. But it means people can't move if you have a fixed rate mortgage and it's a 3%. You're not going to move to a house, new house with a 7% mortgage. So you're going to be stuck, which is why new home sales are plummeting. I also think people are nervous, I should be nervous about their jobs. One of the funniest things, it's not a funny thing. I just have to say this because I haven't articulated before. But I think global wealth is down like 36 trillion in the stock market. And I think the U.S. is probably ten. Well, $10 trillion at the lowest capital gains rate was $2 trillion of taxes. The government just lost their revenue by him raising interest rates how he has. He's cost the US Treasury $2 trillion. At the same time, he's knocked rates up a hundred basis points now, 300 basis points off the floor. That's almost a $1 trillion of interest expense on $31 trillion of debt. So what are we going to do? We're going to print more money. And that's going to force rates up. So rates are going to drift higher without him having the increased risk any further. And the further he goes, the more money we're going to have to print to pay the interest expense on the existing 31 trillion of debt. So it's really a dangerous game he's playing and he's killing the economy and will take people out of jobs and we'll put them on unemployment benefits and then we'll have to give them unemployment benefits when they were when we were taxing their incomes before. You've been listening to Barry stern like CEO of Starwood capital with Bloomberg chinali basic on the sidelines of the JPMorgan Robin Hood investors conference. Coming up, one of those dealing with the

AMD FedEx Nike US Treasury U.S. government Barry stern Starwood capital Bloomberg chinali JPMorgan Robin Hood
"starwood capital" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:59 min | Last month

"starwood capital" Discussed on Bloomberg Radio New York

"Like real estate investors do. You had an ESA and a lot of soul searching among real estate investors going on right now. And here's one approach from billionaire real estate investor Sam zell at the Greenwich economic forum. I actually bought some gold. In the last year. I bought some gold stocks, and I bought some real live gold. I've never done that before. To me, it's reflective of the fact that I'm very concerned about Fiat currencies. You know, we had a gold standard. We had for many, many hundreds of years. Our monetary systems were predicated on real collateral for lack of a better word. Now zell does say his investment in gold is small so far. Others, though, Ed C gold in the distressed debt that's floating around now. Yeah, and Barry stern licht, who is a CEO at Starwood capital, is among those people. And here's stern Lucknow with shanali basic on the sidelines of the JPMorgan Robin Hood investor conference. Let's listen in. For me, for value guys that grew up with cash flows and I think value investing. There'll be incredible opportunities. I think what we're looking to do is pick through the debris and find the companies and the investments in our case in mostly in real estate that they're broken balance sheets, but not broken assets. And they'll be broken companies, but I mean broken balance sheets and companies too that represent fantastic opportunities to deploy capital. Taking a medium's long-term view, I think the question for us and for investors is the faster the fed goes and the more damage they do, probably the faster we wind up having to lower rates when they realize the mistakes they've made, unfortunately, they're going to cost millions of people their jobs globally. And there's really hurting global trade and obviously you see the situation in the UK. People are beginning to talk about Japan, their defense of the yen, and can they do that. I mean, they're putting unprecedented stress on the world. And Powell is unbelievably late doing this. He sat still while the meme stock craze was going on and I heard about 80% of the ICOs and the crypto world have gone bankrupt and the fed was quiet. And now people got employed, we should be proud of it three and a half percent unemployment rate, but they're hell bent on putting people out of work. And they're going to lose their jobs because of what they've done already. Why do you feel that way when there's still such a demand for labor in so many areas, including rolling over? It's rolling over. So the housing market, construction workers, construction projects, the auto workers that won't be demand for less demand for cars. I think the fed is looking in the rearview mirror. You're looking at a lot of information that's old. You just look at what CEOs are reporting and look at what you'll hear in the third quarter of earnings reports. You'll hear probably decent earnings in the quarter. But then I think the outlooks will change the guidance will change because people are so uncertain and the currencies are creating quite a bit of volatility. And it's interest rate environment means that the project you were gonna do, you might wait and wait for more clarity, waiting is a recession. And I think, again, I think the question is, how fast will rates have to fall to fix the damage? And if he does too much too soon, he could make it this really bad. And I think you hear that. But I don't know. I mean, it's not our job to be equity market forecasters, but I am personally looking for opportunities that I think represent incredibly compelling long-term investments. And I think you're beginning to see them. Do you think that opportunity and distress in particular is something that is around the corner? Absolutely. This is a bunch of minefields, right? This is like, you're going to hear about. That's why I kind of I'm so agitated about this because we're creating this collateral damage. And I kind of liken it to there were really smart things people did and there were healthy fish in the pond. And then these stupid things people did. And they were idiot investments and for whatever reason they called it the democratization of finance, which means you didn't have any idea what you were doing, but you were taking on professionals that did things like look at the quality of the company or the quality of the management. And so you thought the healthy fish would survive and the sixers would die. But the fed is draining the entire pond. So everyone's going to die. And so it's going to happen over time. You'll hear about explosion here and explosion there, an explosion here, an explosion there. And you're literally stepping into a minefield. And the fed, you know, what people don't realize is the fed has frozen the banking system. Not just in the U.S., but globally. So liquidity is drying up in the banks. And then the shadow banks are confessed on that, but they're also nervous. So without liquidity in the system, not only are they raising rates, but they're obviously selling bonds at the same time. It's the fastest rise in rates in history. I think I just get angry at people who said the fed needs credibility to fight inflation. Wait, you'll get what you want. You'll get this

Sam zell Greenwich economic forum Ed C Barry stern licht Starwood capital JPMorgan Robin Hood fed zell Lucknow Fiat ICOs Powell Japan UK sixers U.S.
"starwood capital" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:39 min | Last month

"starwood capital" Discussed on Bloomberg Radio New York

"Loves a good bargain. Yeah, especially when you're looking at spending huge chunks of your money on assets like real estate investors do. You had an ESA and a lot of soul searching among real estate investors going on right now. And here's one approach from billionaire real estate investor Sam zell at the Greenwich economic forum. I actually bought some gold in the last year. I bought some gold stocks, and I bought some real live gold. I've never done that before. To me, it's reflective of the fact that I'm very concerned about Fiat currencies. You know, we had a gold standard. We had for many, many hundreds of years. Our monetary systems were predicated on real collateral for lack of a better word. Now Zelle does say his investment in gold is small so far. Others, though, Ed C gold in the distressed debt that's floating around now. Yeah, and Barry stern licht, who is a CEO at Starwood capital, is among those people. And here's stern Lucknow with shanali basic on the sidelines of the JPMorgan Robin Hood investor conference. Let's listen in. For me, for value guys that grew up with cash flows and I think value investing, there'll be incredible opportunities. I think what we're looking to do is pick through the debris and find the companies and the investments in our case in mostly in real estate that they're broken balance sheets, but not broken assets. And they'll be broken companies, but I mean broken balance sheets and companies too that I represent fantastic opportunities to deploy capital. Taking a medium's long-term view, I think the question for us and for investors is the faster the fed goes and the more damage they do, probably the faster we wind up having to lower rates when they realize the mistakes they've made, unfortunately, they're going to cost millions of people their jobs globally. And there's really hurting global trade and obviously you see the situation in the UK. People are beginning to talk about Japan, their defense of the yen and can they do that. I mean, they're putting unprecedented stress on the world. And Powell is unbelievably late doing this. He sat still while the meme stock craze was going on and I heard about 80% of the ICOs and the crypto world have gone bankrupt and the fed was quiet. And now people got employed, we should be proud of it three and a half percent unemployment rate, but they're hell bent on putting people out of work. And they're going to lose their jobs because of what they've done already. Why do you feel that way when there's still such a demand for labor in so many areas, including rolling over? It's rolling over. So the housing market, construction workers, construction projects, the auto workers, that won't be demand for less demand for cars. I think the fed is looking at a rearview mirror. You're looking at a lot of information that's old. You just look at what CEOs are reporting and look at what you'll hear in the third quarter earnings reports. You'll hear probably decent earnings in the quarter. But then I think the outlooks will change the guidance will change. Because people are so uncertain and the currencies are creating quite a bit of volatility. And it's interest rate environment means that the project you were gonna do, you might wait and wait for more clarity, waiting is a recession. And I think, again, I think the question is, how fast will rates have to fall to fix the damage? And if he does too much too soon, he could make it this really bad. And I think you hear that. But I don't know. I mean, it's not our job to be equity market forecasters, but I am personally looking for opportunities that I think represent incredibly compelling long-term investments. And I think you're beginning to see them. Do you think that opportunity and distress in particular is something that is around the corner? Absolutely. This is a bunch of minefields, right? This is like, you're going to hear about. That's why I kind of I'm so agitated about this because we're creating this collateral damage. And I kind of liken it to there were really smart things people did and there were healthy fish in the pond. And then these stupid things people did. And they were idiot investments and for whatever reason they called it the democratization of finance, which means you didn't have any idea what you were doing, but you were taking on professionals that did things like look at the quality of the company or the quality of the management. And so you thought the healthy fish would survive in the 6 fish would die. But the fed is draining the entire pond. So everyone's going to die. And so it's going to happen over time. You'll hear about explosion here and explosion there and explosion here and explosion there. And you're literally stepping into a minefield. And the fed, you know, what people don't realize is the fed has frozen the banking system. Not just in the U.S., but globally. So liquidity is drying up in the banks. And then the shadow banks are confessed on that, but they're also nervous. So without liquidity in the system, not only are they raising rates, but they're obviously selling bonds at the same time. It's the fastest rise in rates in history. I think I just get angry at people who said the fed needs credibility to fight inflation. Wait, you'll get what you want. You'll get this recession. It's definitely coming. It's already here two quarters negative already, but you will see, look what's happening. Look at Nike, look at AMD. Look at target, look at FedEx. I mean, this isn't your normal market. This isn't like things are running away. Well, what about? We can talk all day about what this means for investors. And we will. But let's talk for a second about what this means for the real economy. Because you're in the residential space, we reported a little earlier. Yeah, you're in all the spaces. And you've sold, we've reported that you've been selling earlier this year. What does this mean for residential as opposed to commercial in the next year or so, especially as Americans are already dealing with inflation? They're mortgage rates are going up. Yeah, and most of them are going to have 6 straight mortgages. So that's a good news item. They're not going to be squeezed by increasing interest rates, which is actually, I was kind of surprised about that. Most people have fixed rate mortgages. I think it's like 60% of the market. 10% have floating rate. They're going to get hurt. And 30 or 40% of people have no mortgage at all. So they won't really have any impact. But it means people can't move if you have a fixed rate mortgage and it's a 3%. You're not going to move to a house, new house with a 7% mortgage. You're going to be stuck, which is why new home sales are plummeting. I also think people are nervous, I should be nervous about their jobs. One of the funniest things, it's not a funny thing. I just have to say this because I haven't articulated before. But I think global wealth is down like 36 trillion in the stock market. And I think the U.S. is probably ten. Well, $10 trillion at the lowest capital gains rate was $2 trillion of taxes. The government just lost their revenue by him raising interest rates how he has. He's cost the US Treasury $2 trillion. At the same time, he's knocked rates up a hundred basis points now, 300 basis points off the floor. That's almost a $1 trillion of interest expense on $31 trillion of debt. So what are we going to do? We're going to print more money. And that's going to force rates up. So rates are going to drift higher without him having increased risk any further. And the further he goes, the more money we're going to have to print to pay the interest expense on the existing 31 trillion of debt. So it's really a dangerous game he's playing and he's killing the economy and will take people out of jobs and we'll put them on unemployment benefits and then we'll have to give them unemployment benefits when they were when we were taxing their incomes before. You've been listening to Barry stern like CEO of Starwood capital with Bloomberg shanali basic on the sidelines of the JPMorgan Robin Hood investors conference. Coming up one of those dealing with

fed Sam zell Greenwich economic forum Starwood capital Zelle Ed C JPMorgan Robin Hood Barry stern licht Lucknow ICOs Fiat Powell Japan
"starwood capital" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:53 min | Last month

"starwood capital" Discussed on Bloomberg Radio New York

"Investors, and we will. But let's talk for a second about what this means for the real economy. Because you're in the residential space, we reported a little earlier. You're in all the spaces. And you've sold, we've reported that you've been selling earlier this year. What does this mean for residential as opposed to commercial in the next year or so, especially as Americans are already dealing with inflation? They're mortgage rates are going up. Yeah, and they're most Americans have 6 straight mortgages. So that's a good news item. They're not going to be squeezed by increasing interest rates, which is actually, I was kind of surprised about that. Most people have fixed rate mortgages. I think it's like 60% of the market. 10% have floating rate. They're going to get hurt. And 30 or 40% of people have no mortgage at all. So they won't really have any impact. But it means people can't move if you have a fixed rate mortgage and it's a 3%. You're not going to move to a house, new house with a 7% mortgage. You're going to be stuck, which is why new home sales are plummeting. I also think people are nervous I should be nervous about their jobs. One of the funniest things, it's not a funny thing. I just have to say this because I haven't articulated before. But I think global wealth is down like 36 trillion in the stock market. And I think the U.S. is probably ten. Well, $10 trillion at the lowest capital gains rate was $2 trillion of taxes. The government just lost their revenue by him raising interest rates how he has. He's cost the US Treasury $2 trillion. At the same time, he's knocked rates up a hundred basis points now, 300 basis points off the floor. That's almost a $1 trillion of interest expense on $31 trillion of debt. So what are we going to do? We're going to print more money. And that's going to force rates up. So rates are going to drift higher without him having an increased risk any further. And the further he goes, the more money we're going to have to print to pay the interest expense on the existing 31 trillion of debt. So it's really a dangerous game he's playing and he's killing the economy and will take people out of jobs and we'll put them on unemployment benefits and then we'll have to give them unemployment benefits when they were when we were taxing their incomes before. You've been listening to Barry stern like CEO of Starwood capital with Bloomberg shanali basic on the sidelines of the JPMorgan Robin Hood investors conference. Coming up one of those dealing with the big drop in asset prices. Kathy wood of ark investment management. You're listening to Bloomberg vests. One 45 over 92. One 80 over one 11. A 182 over a hundred. And I had a heart attack and a cardiac arrest. And then a stroke. Your blood pressure numbers could change your life. A lot of people don't understand, including myself, I didn't know I do. The impact of having a show. My memory

US Treasury Barry stern Starwood capital Bloomberg shanali JPMorgan Robin Hood U.S. Kathy wood government ark investment management cardiac arrest heart attack
"starwood capital" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:17 min | Last month

"starwood capital" Discussed on Bloomberg Radio New York

"Assets like real estate investors do. Yeah, Denise, I had a lot of soul searching among real estate investors going on right now. And here's one approach from billionaire real estate investor Sam zell at the Greenwich economic forum. I actually bought some gold in the last year. I bought some gold stocks, and I bought some real live gold. I've never done that before. To me, it's reflective of the fact that I'm very concerned about Fiat currencies. You know, we had a gold standard. We had for many, many hundreds of years. Our monetary systems were predicated on real collateral for lack of a better word. Now Zelle does say his investment in gold is small so far. Others, though, Ed C gold in the distressed debt that's floating around now. Yeah, and Barry stern licht, who is a CEO at Starwood capital, is among those people. And here's stern Lucknow with shanali basic on the sidelines of the JPMorgan Robin Hood investor conference. Let's listen in. For me, for value guys that grew up with cash flows and I think value investing. There'll be incredible opportunities. I think what we're looking to do is pick through the debris and find the companies and the investments in our case and mostly in real estate that they're broken balance sheets, but not broken assets. And they'll be broken companies, but I mean broken balance sheets and companies too that I represent fantastic opportunities to deploy capital. Taking a medium's long-term view, I think the question for us and for investors is the faster the fed goes and the more damage they do, probably the faster we wind up having to lower rates when they realize the mistakes they've made, unfortunately, they're going to cost millions of people their jobs globally. And there's really hurting global trade and obviously you see the situation in the UK. People are beginning to talk about Japan, their defense of the yen and can they do that. I mean, they're putting unprecedented stress on the world. And Powell was unbelievably late doing this. He sat still while the meme stock craze was going on and I heard about 80% of the ICOs and the crypto world have gone bankrupt and the fed was quiet. And now people got employed, we should be proud of it three and a half percent unemployment rate, but they're hell bent on putting people out of work. And they're going to lose their jobs because of what they've done already. Why do you feel that way when there's still such a demand for labor in so many areas, including rolling over? It's rolling over. So the housing market, construction workers, construction projects, the auto workers that won't be demand for less demand for cars. I think the fed is looking in a rearview mirror. You're looking at a lot of information that's old. You just look at what CEOs are reporting and look at what you'll hear in the third quarter earnings reports. You'll hear probably decent earnings in the quarter. But then I think the outlooks will change the guidance will change. Because people are so uncertain and the currencies are creating quite a bit of volatility. And it's interest rate environment means that the project you were gonna do, you might wait and wait for more clarity, waiting is a recession. And I think, again, I think the question is, how fast will rates have to fall to fix the damage? And if he does too much too soon, he could make it this really bad. And I think you hear that. But I don't know. I mean, it's not our job to be equity market forecasters, but I am personally looking for opportunities that I think represent incredibly compelling long-term investments. And I think you're beginning to see them. Do you think that opportunity and distress in particular is something that is around the corner? Absolutely. This is a bunch of minefields, right? This is like you're going to hear about. That's why I kind of I'm so agitated about this because we're creating this collateral damage. And I kind of liken it so there were really smart things people did and there were healthy fish in the pond. And then these stupid things people did. And they were idiot investments and for whatever reason they called it the democratization of finance, which means you didn't have any idea what you were doing, but you were taking on professionals that did things like look at the quality of the company or the quality of the management. And so you thought the healthy fish would survive in the 6 fish would die. But the fed is draining the entire pond. So everyone's going to die. And so it's going to happen over time. You'll hear about explosion here and explosion there and explosion here and explosion there. And you're literally stepping into a minefield. And the fed, you know, what people don't realize is the fed has frozen the banking system. Not just in the U.S., but globally. So liquidity is drying up in the banks. And then the shadow banks are confused on that. But they're also nervous. So without liquidity in the system, not only are they raising rates, but they're obviously selling bonds at the same time. It's the fastest rise in rates in history. I think I just get angry at people who said the fed needs credibility to fight inflation. Wait, you'll get what you want. You'll get this recession. It's definitely coming. It's already here two quarters negative already, but you will see, look what's happening. Look at Nike, look at AMD. Look at target, look at FedEx. I mean, this isn't your normal market. This isn't like things are running away. Well, what about, we can talk all day about what this means for

Sam zell Greenwich economic forum Zelle Ed C Barry stern licht Starwood capital JPMorgan Robin Hood fed Lucknow Denise Fiat ICOs Powell Japan UK U.S. AMD
"starwood capital" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:19 min | Last month

"starwood capital" Discussed on Bloomberg Radio New York

"What the fed is doing with interest rates, because on top of that, when we borrow, we borrowed, it spread above so far. The low rate. And those spreads have more than doubled because of the uncertainty in the market. So a triple-A might have priced, let's say, a hundred basis point or 1% above the reference rate of libor. The government's the barring rate. And today that could be 250. So it's not just the base rate. It's the spread, the total cost of refinancing has gotten pretty expensive. What about abroad? You started to touch on this a little earlier. The market is really reacting very strongly to what you're seeing happen in the UK. Across the world. So you're saying that this is partially the fed impacting the rest of the world, but there are issues happening elsewhere. And there are really a lot of worries baking about which risk here. You know, inflation in the U.S., you mentioned labor, labor is tight, and there's still even though the number of open jobs dropped to 1.1 million unprecedented number in the last report, which the fed should notice. We still have 9 million on jobs that aren't that are not occupied. And part of it's our labor force participation rate is shrunk. But in Europe, inflation is almost a 100% the energy situation. And if you could somehow cure that, you talk about an upside of Putin was kicked out of power and his backfires on him, the markets would have a field day. I mean, in Europe would be fine. And the hundreds of billions of dollars they're going to write to their customers and their small businesses and individuals to support their energy bills in this time of crisis across Northern Europe. It's a lot of money. They wouldn't have to spend. And it's put enormous pressure on those economies and we are hotels in the UK. The bill was 80,000. This year, the 800,000. We put out for the energy Bill. Electricity bill, we put out bids for our energy contracts and two of the 7 utilities. The other 5 don't even want to play. So in the UK, what they did with precipitated this recent crisis is they put the floor to the pedal to the floor on fiscal stimulus by basically saying, we're going to cut taxes and all of a sudden people say, wow, we're trying to fight inflation. How could you try to stimulate the economy? So in the banks had to come in and say, support the pound. It's like, you're being on the pedal, the brake, and the accelerator, full out at the same time, and the markets went, wow, you can't do that. And this is crazy. And it is absolutely insane what they tried to do, and their timing of it in the middle of a crisis. What are the lasting effects of it, as somebody who operates in the region? Well, I mean, so look, one of the most interesting things is how currencies have moved and the how will it change flows of capital and how that will affect different asset classes. So for example, the pound at one ten hit I think one O four. This morning I saw it was one ten. Tourism, right? You buy a hotel in the UK, it will be full. Guaranteed, there will be a zillion people there. Americans were all over Europe this summer, and there'll be all over the UK, and they'll not only be seen hotels, but they'll probably be shopping at all the stores and buying everything. Nice time to buy an apartment in the UK. And I think for the people who have all the money today, which typically are the oil producing nations, really that have benefited from the rising global prices. And they can go on a global shopping spree. Then they probably don't have a lot of competition. There's a lot of money in Asia still. But the American American investors, the pension plans here, they're all facing lower, they've lost a lot of money. The stock market and the bond market. So they're not rich as they were. They'll still have contributions, but the real money now is shifted to the Middle East and to some other sovereigns like the new Japanese suburban. Now let's come back to the United States for a second because there's another huge thing just happening really days away and that's the U.S. midterms. How do you think that's going to change the calculus for investors? What are you watching for? Are there certain areas that you are looking at more than others? How is the second? You know, a split government right now I think would be good for investors. So if you have the Republicans taking or keep getting the house, keeping the Senate or the Democrats taking the Senate and the Republicans taking the house. Or the Republicans having a sweep and you have Biden in The White House. A freeze of government doing anything really dumb right now. It's probably healthy for us to get to the presidential election. So I think the best outcome is probably a split Congress. And maybe they'll compromise and do some smart things and focus on things that matter to the nation instead of some of the nonsense they spend all their time on these days. Including the energy policy. Getting solar, I was listening to a presentation today. Robin Hood about how solar is so powerful as a source and so cheap that energy prices could go to zero. That was actually a presentation by the coach of this morning. Whether it's right or wrong, it's certainly exciting and something that government should definitely put investment behind. And they did a little with Biden's energy act or renewables Bill, which I think he called the deficit reduction bill, which was really clever marketing. But I think those are important things that the government can do at times like this. I'm agnostic. I just think we need leadership. And I think some of the, it's a very weird time because you have politics. You have geopolitics. You have the economy. You have everything sort of in play at once. You have the China situation. U.S. relations with China. And Biden is certainly up the ante. I mean, he is definitely whether it's a chips or Taiwan or Pelosi's visit. I mean, you have a lot of things actually that are making investors uncomfortable. Real quick, last question for you here. We've reported this morning that a company that you've backed, spac related company. Everyone talks about spacs as though it's the market that's fully died off. It's in talks with CVS for an acquisition. Has a stack market totally failed, or is it something that you see? There are a lot of IPOs that were done at the same time as the spacs. We're doing emanate activities. This back, there was some bad actors over buying bad companies, the street was indiscriminate and who they backed. You're talking about Kano healthcare, which is a real company with $3 billion in revenues and is more than double this revenue since we took it public in the spac structure. This backing itself was not a bad vehicle, but there were a lot of dumb things that got done. And they threw all the baby out with the bathwater. I have a chart of specs on my phone actually. And I'm watching everything's a $2. There are three dots. And some of them are really good companies, and they have great prospects. Others are frauds. And they've gone one of them's at 7 cents at company I passed that. I think it's three cents this morning. So anyway, there are a lot of bad IPOs done at the same time because the banks were trying to compete against these facts. I won't name names, but there's some IPOs in the same period that are down more than these facts. Well, we will come back to you as you watch a navigate this market very strongly. Thank you so much for your time. That is the CEO and founder of Starwood capital group back to you. All right, finale. Of course, Bloomberg sonali basic there with Barry stern talking about a lot of things and you can catch that interview, certainly on Bloomberg dot com and the Bloomberg terminal. So much going on today, everyone. And of course, a lot more to

UK fed Europe U.S. Biden Northern Europe Putin Senate government Middle East Asia Robin Hood Kano healthcare White House China spac Congress
"starwood capital" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:44 min | Last month

"starwood capital" Discussed on Bloomberg Radio New York

"Forth, you've got Cleveland fed, Loretta master, you know, talking about a lot more hawkish. You also have different people saying they're concerned about stress in the financial markets. Others saying, you know, expect some volatility. That's what's going to happen. It's kind of this back and forth, if you will. Yeah, but I mean, we don't think anything is actually going to change before the next fed meeting. This is kind of the last most important data point for the fed. I'm talking about Thursday's CPI report or the last CPI report that we have before the fed's meeting on November 2nd. And everybody's just saying 75 basis points. That's what traders are betting on, and that's seemingly what the fed speakers are saying. Well, AI, I mean, there's really nothing, I guess, to knock them off that pivot. I mean, you talk about the PPI numbers tomorrow. The idea that we're going to be what above 8% on the headline, but even on a core basis above 7, that's basically what's in the pipeline, presumably coming to consumers unless, of course, some of these companies want to eat the costs. But how many companies have we already heard? Basically say, look, we're raising prices and at least for now, consumers seem to be taking them. So what does that mean then for the CPI number? As Taylor would say, you know, it's second order, first order, what is it 5th order effects? It's the first derivative. First derivative. Okay, all right. And also, well, what is this? 17%. 6 or 7. What does that mean? All right, well, we've got a lot to talk to and we'll continue tomorrow. All right, right now we're going to head back to the annual JPMorgan Robin Hood investors conference Bloomberg chinali basic sitting by with the key voice. Over to you. Thank you, team. Welcome to our Bloomberg television and radio audiences on standing by with Barry stern like. He's the CEO and founder of Starwood capital group and what a time to talk to you at a time of rising interest rates, a lot of jitters in the market. You're here at Robin Hood right now. What's the sentiment like? Is it negative? Is it a group of people who are ready to start to dip their toes in the water at a greater rate? I would say in general, I've been surprised that I wouldn't call it optimism, but there's a weird option. Is it a group of professional investors or people really interested in the market and ideas? And everybody's looking for things to do, smart things to do. And I think the overall sentiment, everyone's sort of looking at each other and saying, everyone is so negative that maybe that's a positive. The sentiment is so bad. And even everybody knows the S&P earnings are too high, everybody knows GDP growth rates estimates for next year are too high. So the question is, when is the market going to say, when is it discounted? When have you sold your securities in anticipation of that happening? And some people say, okay, the bad news, it's going to get worse. And so that's not in the market, or everyone understands what we're talking about. And so they're positioning for the inevitable rebound. Do you have a general consensus on what that capitulation could look like? How much worse it could get before things start to get better? For me, for value guys that grew up with cash flows and I think value investing, there'll be incredible opportunities. I think what we're looking to do is pick through the debris and find the companies and the investments in our case in mostly in real estate that they're broken balance sheets, but not broken assets. And they'll be broken companies, but I mean broken balance sheets and companies, too, that represent fantastic opportunities to deploy capital. Taking a medium to long-term view, I think the question for us and for investors is the faster the fed goes and the more damage they do, probably the faster we wind up having to lower rates when they realize the mistakes they've made, unfortunately, they're going to cost millions of people their jobs globally. And there's really hurting global trade and obviously you see the situation in the UK. People are beginning to talk about Japan, their defense of the yen and can they do that. I mean, they're putting unprecedented stress on the world and Powell is unbelievably late doing this. He sat still while the meme stock craze was going on and I heard about 80% of the ICOs and the crypto world have gone bankrupt and the fed was quiet. And now people got employed, we should be proud of a three and a half percent unemployment rate, but they're hell bent on putting people out of work. And they're going to lose their jobs because of what they've done already. Why do you feel that way when there's still such a demand for labor in so many areas, including rolling over? It's ruling over. So the housing market, construction workers, construction projects, the auto workers that won't be demand for less demand for cars. I think the fed is looking in rearview mirror. You're looking at a lot of information that's old. You just look at what CEOs are reporting and look at what you'll hear in the third quarter earnings reports. You'll hear probably decent earnings in the quarter, but then I think the outlooks will change the guidance will change. Because people are so uncertain and the currencies are creating quite a bit of volatility. And it's interest rate environment means that the project you were going to do, you might wait and wait for more clarity, waiting is a recession. And I think, again, I think the question is, how fast will rates have to fall to fix the damage? And if he does too much too soon, he could make it this really bad. I think you hear that. But I don't know. I mean, it's not our job to be equity market forecasters, but I am personally looking for opportunities that I think represent incredibly compelling long-term investments. And I think you're beginning to see them. Do you think that opportunity and distress in particular is something that is around the corner? Absolutely. This is a bunch of minefields, right? This is like, you're going to hear about. That's why I kind of, I'm so agitated about this because we're creating this collateral damage. And I kind of liken it to there were really smart things people did and there were healthy fish in the pond. And then these stupid things people did. And they were idiot investments and for whatever reason they called it democratization of finance, which means you didn't have any idea what you were doing, but you were taking on professionals that did things like look at the quality of the company or the quality of the management. And so you thought the healthy fish would survive in the 6th fish would die. But the fed is draining the entire pond. So everyone's going to die. And so it's going to happen over time. You'll hear about explosion here and explosion there and explosion here and explosion there. And you're lily stepping into a minefield. And the fed, you know, what people don't realize is the fed has frozen the banking system, not just in the U.S., but globally. So liquidity is drying up in the banks. And then the shadow banks are confessed on that, but they're also nervous. So without liquidity in the system, not only are they raising rates, but they're obviously selling bonds at the same time. It's the fastest rise in rates in history. I think I just get angry at people who said the fed needs

fed JPMorgan Robin Hood Barry stern Starwood capital group Loretta Cleveland Robin Hood Bloomberg Taylor ICOs Powell S Japan UK U.S.
"starwood capital" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:53 min | 7 months ago

"starwood capital" Discussed on Bloomberg Radio New York

"Higher by one tenth of 1% now little change the Dow down one tenth of 1% NASDAQ down two tenths of 1% And that's a Bloomberg business flash I am almost evenly but All right Charlie thank you so much Charlie palette back at Bloomberg headquarters in New York City I just want to get straight to our next guest Bryce don't like this with us Chairman CEO of Starwood capital group here at milk and how are you I'm good thank you It was nice to be in LA What's not to love There's a lot to love I mean I think what's not to love is that we're inside rather than outside correct You should do this outdoors next time Hey do we have too much wind Do we noted Let's top of mind for you right now My job is evolved over the decades and I'm always worried about the big things Geopolitics politics And obviously we're nervous about the escalations in the Ukraine And impact should you invest at all Just wait it out Should you see what happens What's the endgame I know there's a panel on this and I ran into Steve Mnuchin who I know Nobody I'm not even sure Putin knows what his endgame is So it's not a zero possibility that he escalates this right Because that's where people do just with things And there's also like he's not exactly welcome into western society anytime soon So Russia has chosen a direction which is shocking in the modern age I think a lot of people are just astonished that you're seeing civilians massacred And the west doesn't know what to do If there were in nuclear halo over this whole conversation they would go in and help But obviously the west is death and the Europeans having fought two world wars on their territories I was over in Germany just two weeks ago and Americans are focused on the NFL Draft and the NBA playoffs and the Germans are nervous I mean everyone's slightly near the close you get to the border the more nervous you are and pull and separates them in the Baltics We've investments in the Nordics in Norway and Finland We were actually selling some stuff we haven't fill in right now So it's definitely a cloud It's sort of a big storm cloud on on the investing horizon whatever you're investing in you know you wake up in the morning and they've done something crazy You're nervous So nervousness leads the equity markets decline probably we've slowed down our pace of investing We invested $16 billion in property globally last year That's just equity So probably that was 30 or $40 billion total And we've still cherry picking but it's just more cautious And cautiousness is what's going to cause the economy to flow across the board There's no doubt that the list Okay you said your cherry picking What are the opportunities that you're finding right now One of the beauties of the public markets is they screw things up They go to access companies way over net asset value And deep discounts to asset value So we try to find the things where we think they're wrong And we've taken private accompanying Japan that owned a bunch of office buildings that we thought the markets had wrong We've done the same on two transactions in the UK In the U.S. let's take privates right now although because of the cost of financing is suddenly gotten quite expensive not just the specter of rates A lot of real estate players like us Blackstone KKR Aries oak tree we floated debt We bought properties with floating debt And we protect ourselves the banks require us to buy caps so that we wouldn't have too much exposure to higher interest rates It's a little expensive right now And obviously interest rates have moved up but also spreads have moved out So the credit markets are telling you that things are not normal I always think the bond guys are smarter than the equity guys The way I could you guys have a lot of involved They were very emotional But the credit guys just look at credit And we look at the world situation and triple-A's in the real estate worlds have gapped out from sort of 80 to one 61 70 So and everything price is off the triple-A so it turns out that it costs you a financing to acquire anything And it's the same is true in the private equity world Has increased And the banks actually are the stocks are down and they're a little less aggressive on lending They're also feeling a little bit like the little fall So they're nervous Both full and nervous And things like we're the largest owner of apartments in the United States We have a 115,000 units both affordable and market rate housing It's been an unbelievable 12 months It's really and rents are still galloping ahead And I'm trying to understand the interplay between inflation And interest rates interest rates are rising we can offset a big jump in rates if we have big jump in rents So you're having that jump the question is how long will it last And that's where inflation comes in because normally you'd say it's going to top out and you're seeing rental growth double digits in almost every major market in the United States Abby and minor markets all apartment rents So it's kind of and yet it's yields on property or holding fairly steady even though interest rates have gone up But that feels like that might not hold One of the things one of the panels I did here with a bunch of CEOs is cautious optimism But you send a little bit more down We're supposed to be cautiously optimistic That's like our I think we said that all the time no matter what's happening in the world And I am a public company CO2 I'm always there's always something to do And one of the things to do is not do anything That's actually something to do too So we're just being super selective I think we buy something off market or we think we're getting a better than market price And we like the asset class we understand it We have all this data because we have a hundred plus 120 billion of assets Ken Griffin if a Citadel yesterday said most uncertainty seen since O 8 Anybody talks about O 8 We all get a little nervous Well Paul Jones this morning was pretty negative on things too I mean I think the specter of the fed tightening and the fed showed up so late to this game And we still have a lot of spending coming And the infrastructure Bill they haven't spent any money $1.2 trillion They states haven't even spent the 400 billion they were getting from the American recovery act Some of it hasn't even been allocated yet So I was with the mayor of Miami of the day and he's like he's getting a $1 billion from the government can do whatever he wants with it That's inflationary though And then China shut down It was bad but it was open Now they closed and I can't even imagine this parts in shortages were going to have going for it So I see some people say inflation is topping out The supply chain isn't going to be impacted by interest rates He can cause a slowdown in.

Charlie palette Bloomberg headquarters Starwood capital group Steve Mnuchin Blackstone KKR Bryce Putin Charlie Ukraine New York City United States Finland LA NBA Norway Russia NFL
"starwood capital" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:26 min | 1 year ago

"starwood capital" Discussed on Bloomberg Radio New York

"A global news update President Biden plans to visit those states hit hardest by a deadly tornado outbreak The nation's Homeland Security secretaries already on his way to Kentucky Alejandro mayorkas will be joined by fema administrator DN criswell who says there's still hope of finding survivors in the aftermath of Friday night's devastating outbreak of tornadoes The lifesaving and life sustaining efforts are our priority today to continue to try to find as many people as we can that might still be trapped in this rubble She appeared on CNN's State of the Union The CDC is launching a pilot program at JFK airport aimed at detecting COVID variants the bio surveillance program a partnership between the CDC and companies express check and ginkgo bioworks Novelist and reichs is dead at the age of 80 Her first gothic fiction novel interview with the vampire was published in 1976 Chris Wallace is stepping down as host of Fox News Sunday The journalist making the announcement today on what was his final broadcast He hosted the Sunday morning show for 18 years I'm Scott Carr This is Bloomberg best on Bloomberg radio This is Bloomberg best I'm at Baxter And I'm to these Pellegrino Denise Miami continues to attract a lot of attention Especially as we get into the deep wind turbines here in the New York area Yeah we heard about how great a place Miami is from Starwood capital CEO and chairman Barry stern lick He spoke at Bloomberg's the future of global financial centers And he told Bloomberg's Eric schatzker why he likes Miami real estate and crypto Check this out First off I grew up coming down here So I knew that I knew Florida I knew Miami my parents had a home inveraray up in I guess that's north Ford Lauderdale And my grandmother lived on the beach actually Like most Jewish grandmothers And you know I watched Miami had this interesting mix of culture and style and action and it has actually great infrastructure It has a great airport and it access to the airport is easy So because I run an international company I actually fly a lot I travel a lot And for people to come see me or visitors that come see me And I think it was pretty evident that Miami was positive place to do business and mayor Suarez I mean he's defined a welcoming attitude of government to business And the partnership between the city and private enterprise trying to improve the community all the time building schools and roads and infrastructure parks museums is kind of an incredibly pleasant and positive thing that you don't experience that much in the north where it seems like the government is against success and against and we all want to help the community Like we came down here and I was just talking on my way over with some of my team that the city to really compete now the city has to help that we need schools We need and that's probably the number one thing that Miami needs because of all the companies want to come down here but they can't come down if their employees want to say where am I getting my kids into school So they need to improve some of that With the tech community community moving here partnerships between private enterprise mentoring and the university's building out their infrastructure for companies that want to come here because it is such a positive and a working system here I mean it's really the best of America It's like it's a multicultural and it wants to work It makes you proud to be an American actually And in today's day and age gosh it's a breath of fresh air So the mayor is an extremely positive force and you may not know if you're not from here There are 26 mayors down in the county So it's like a coalition of mayors that work for the dade county commissioner is quite powerful gal herself But they're all trying to do good And they're trying to help the constituents which is so refreshing as opposed to try to penalize them and it's kind of how do we get things done And they think holistically about the whole environment which is great I think of you as something of a pied piper You're the guy people call if they're thinking about moving or relocating their business to Miami Do you think Barry that the city is going through a true and lasting renaissance or is what we've seen over the past 18 months just a step change supercharged by COVID and that eventually growth is going to fly And look there's a I've been doing real estate in my in store for I used to be the CEO chairman of Starwood hotels But started capital which is the private from predated star hotels And we started moving our investment to what we call I mean because the growing states they happen to be the red states Or I guess you'd call Florida purple But it depends on where you are in the state But they're charging growth Florida Texas Georgia to some extent Tennessee for sure no state income tax And we've started even though intuitively we knew that the investments in the northeast and bike coastal if you were a real estate investor and invest in New York great cities of New York.

Miami President Biden Bloomberg Alejandro mayorkas DN criswell JFK airport reichs Scott Carr Bloomberg radio CDC Pellegrino Denise Miami Starwood capital Barry stern Eric schatzker Chris Wallace fema Fox News Kentucky CNN Suarez
"starwood capital" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:42 min | 1 year ago

"starwood capital" Discussed on Bloomberg Radio New York

"120 countries This is Bloomberg radio Now a global news update an already tragic situation is getting worse in the central U.S. where dozens are dead after one of the worst tornado outbreaks in the nation's history At least 70 deaths are confirmed in Kentucky with the governor saying that number will almost certainly rise past 100 Elsewhere 6 people are dead at an Amazon warehouse in edwardsville Illinois It collapsed after being hit by a tornado last night The tornadoes that hit the area were among 300 tornadoes in a system that spanned half a dozen states And the CDC is launching a pilot program at JFK airport aimed at detecting COVID variants ashok pala has more The bio surveillance program is a partnership between the CDC and companies express check and ginkgo bio works Its purpose is to monitor and track new variants like aron while also providing free COVID testing to international travelers arriving from specific countries a negative COVID test is required before traveling to the U.S. and foreign flyers must be fully vaccinated I'm Jim Forbes This is Bloomberg best on Bloomberg radio This is Bloomberg best I met Baxter And I'm to these Pellegrino Denise Miami continues to attract a lot of attention Especially as we get into the deep wind turbines here in the New York area Yeah we heard about how great a place Miami is from Starwood capital CEO and chairman Barry stern lick He spoke at Bloomberg's the future of global financial centers And he told Bloomberg's Eric schatzker why he likes Miami real estate and crypto Check this out First off I grew up coming down here So I knew I knew Florida I knew Miami my parents had a home up and inveraray up in I guess that's north Fort Lauderdale And my grandmother lived on the beach actually Like most Jewish grandmothers And you know I watched Miami had this interesting mix of culture and style and action and it has actually great infrastructure It has a great airport and it access to the airport is easy So because I run an international company I actually fly a lot I travel a lot And for people to come see me or visitors to come see me And I think it was pretty evident that Miami was positive place to do business and mayor Suarez I mean he's defined a welcoming attitude of government to business And the partnership between the city and private enterprise trying to improve the community all the time building schools and roads and infrastructure parks museums is kind of an incredibly pleasant and positive thing that you don't experience that much in the north where it seems like the government is against success and against and we all want to help the community Like we came down here and I was just talking on my way over with some of my team that the city to really compete now the city has to help that we need schools We need and that's probably the number one thing that Miami needs because of all the companies want to come down here but they can't come down if their employees want to say where am I getting my kids into school So they need to improve some of that With the tech community community moving here partnerships between private enterprise mentoring and the university is building out their infrastructure for the companies that want to come here because it is such a positive and a working system here I mean it's really the best of America It's like it's a multicultural and it wants to work It makes you proud to be an American actually And in today's day and age is gosh it's a breath of fresh air So the mayor is a extremely positive force and you may not know if you're not from here There are 26 mayors down in dade county So it's like a coalition of mayors that work for the dade county commissioner He's quite powerful gal herself But they're all trying to do good And they're trying to help the constituents which is so refreshing as opposed to try to penalize them And it's kind of how do we get things done And they think holistically about the whole environment which is great I think of you as something of a pied piper You're the guy People call if they're thinking about moving or relocating their business to Miami Do you think Barry that the city is going through a true and lasting renaissance or is what we've seen over the past 18 months just a step change supercharged by COVID and that eventually growth is going to fly And look there's a I've been doing real estate in my in store for I used to be the CEO of chairman to start with hotels But start a capital which is a private firm predated start hotels And we started moving our investment to what we call I mean because the growing states they happen to be the red states Or I guess you'd call Florida purple But it depends on where you are in the state But they're charging growth Florida Texas Georgia to some extent Tennessee for sure no state income tax And we've started even though intuitively we knew that the investments in the northeast and the Calais sued by coastal if you were real estate investor and invest in New York great cities of New York Chicago maybe Washington D.C. California it's become more and more difficult for investors to invest in those markets Partly because they're doing their best to chase their.

Bloomberg Miami Amazon warehouse JFK airport Jim Forbes CDC Pellegrino Denise Miami Starwood capital Barry stern Eric schatzker north Fort U.S. edwardsville aron Baxter Kentucky dade county Illinois Suarez Lauderdale
"starwood capital" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:31 min | 1 year ago

"starwood capital" Discussed on Bloomberg Radio New York

"This is Bloomberg best on Bloomberg radio This is Bloomberg best I'm at Baxter And I'm to these Pellegrino Denise Miami continues to attract a lot of attention Especially as we get into the deep wind turbines here in the New York area Yeah we heard about how great a place Miami is from Starwood capital CEO and chairman Barry stern like He spoke at Bloomberg's the future of global financial centers And he told Bloomberg's Eric schatzker why he likes Miami real estate and crypto Check this out First off I grew up coming down here So I knew that I knew Florida I knew Miami my parents had a home up and inverary up in I guess that's north for Laura Dale And my grandmother lived on the beach actually Like most Jewish grandmothers And you know I watched Miami had this interesting mix of culture and style and action and it has actually great infrastructure It has a great airport and it access to the airport is easy So because I run an international company I actually fly a lot I travel a lot And for people to come see me or visitors to come see me And I think it was pretty evident that Miami was positive place to do business and mayor Suarez He's defined a welcoming attitude of government to business And the partnership between the city and private enterprise trying to improve the community all the time building schools and roads infrastructure parks museums is kind of incredibly pleasant and positive thing that you don't experience that much in the north where it seems like the government is against success and against and we all want to help the community Like we came down here and I was just talking on the way over with some of my team that the city to really compete now the city has to help we need schools We need and that's probably the number one thing that Miami needs because of all the companies want to come down here but they can't come down if their employees want to say we're going to get my kids into school So they need to improve some of that With the tech community community moving here partnerships between private enterprise mentoring and the university is building out their infrastructure for companies that want to come here because it is such a positive and a working system here It's really the best of America It's like it's a multicultural and it wants to work It makes you proud to be an American actually And in today's day and age gosh it's a breath of fresh air So the mayor is a extremely positive force and you may not know if you're not from here There are 26 mayors down in dade county So it's like a coalition of mayors that work for the dade county commissioner He's quite powerful gal herself But they're all trying to do good And they're trying to help the constituents which is so refreshing as opposed to try to penalize them And it's kind of how do we get things done And they think holistically about the whole environment which is great I think of you as something of a pied piper You're the guy people call if they're thinking about moving or relocating their business to Miami Do you think Barry that the city is going through a true and lasting renaissance or is what we've seen over the past 18 months just a step change supercharged by COVID and that eventually growth is going to fly And look there's a I've been doing real estate in my in store for I used to be the CEO chairman of Starwood hotels But started capital which is the private from predated star hotels And we started moving our investment to what we call because the growing states they happen to be the red states Or I guess you'd call Florida purple But it depends on where you are in the state But they're charging growth Florida Texas Georgia to some extent Tennessee for sure no state income tax And we've started even though intuitively we knew that the investments in the northeast and bike coastal if you were a real estate investor you would invest in New York great cities of New York Chicago maybe Washington D.C. California It's become more and more difficult for investors to invest in those markets Partly because they're doing their best to chase their residents out And taxes are going up real estate taxes are going up everywhere So if you're commercial real estate owner you have to face ever increasing taxes And then you have a regulation coming at you from the top You've complained Barry that Amazon is destroying mom and pop American retail by using Amazon Web Services to subsidize losses on free shipping If you believe in competition in a free market and I think you do why is that wrong So if Amazon was producing steel you are not allowed to sell dump steel into a cities like the United States from offshore below the cost of supply And yet I got a bike pump delivered to my house in Miami for free in two hours There's no mom and dad store in the world that can compete with that So they are hemorrhaging cash and they're annihilating mom and dad retail in the process And at first I like main streets I like stores and main streets I like stores People trying to open a store and they can't compete with that And we're a society that I have you know I have friends they just push a button get a roll of toilet paper in a box comes in the next day The paper towels come separately in a box and the next day we get the cascade dishwasher and I like all these boxes show up Every one of those trips could have been a trip to the supermarket and or to the local whatever So I think it's unfair They subsidized all their growth through AWS through the cloud services which was massively profitable The government was as usual very late to the game They let them also in the originally never pay taxes on Internet sales There was an emerging market right So they were subsidized against everything else Now you have a $1 trillion company What's the endgame Your prime account is going to cost you 500 bucks And you're not going to be able to go anywhere else to shop They're opening department stores After destroying the department stores they're going to open department stores After mowing down every little business in the country I come from greenish Connecticut The Main Street is half empty And you see the story You don't even know what rent they're paying They may be open They may be paying nothing to landlord Because we have no leverage Who's going to replace them So you let the guy stay and doesn't pay your rent It's not healthy It's not a healthy situation I love I love landscape of streets some main streets of America So I don't want to see an Amazon truck on no stores How would you fix it I break up Amazon Would you I'd separate AWS from the retail business absolutely And that's easy This is an FTC but it's too late You kind of laid it out China is about to take apart Alibaba for the exact same reason They don't want that concentration of power Americans don't think long term You can see the future I think you went to one 25 on your prime account Now it was 75 bucks before I mean my mom let me grandma my mom she's 87 She knows how to buy on Amazon She didn't know how to do that pre COVID So she's not.

Miami Bloomberg Bloomberg radio Pellegrino Denise Miami Starwood capital Barry stern Eric schatzker Laura Dale dade county Florida Starwood hotels New York Amazon Suarez Washington D.C. Barry America Tennessee Georgia
"starwood capital" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:31 min | 1 year ago

"starwood capital" Discussed on Bloomberg Radio New York

"Bloomberg best on Bloomberg radio This is Bloomberg best I'm at Baxter And I'm to these Pellegrino Denise Miami continues to attract a lot of attention Especially as we get into the deep wind turbines here in the New York area Yeah we heard about how great a place Miami is from Starwood capital CEO and chairman Barry stern lick He spoke at Bloomberg's the future of global financial centers And he told Bloomberg's Eric schatzker why he likes Miami real estate and crypto Check this out First off I grew up coming down here So I knew I knew Florida I knew Miami my parents had a home inverary up in I guess that's north Ford Lauderdale And my grandmother lived on the beach actually Like most Jewish grandmothers And you know I watched Miami had this interesting mix of culture and style and action and it has actually great infrastructure It has a great airport and it access to the airport is easy So because I run an international company I actually fly a lot I travel a lot And for people to come see me or visitors to come see me And I think it was pretty evident that Miami was positive place to do business and mayor Suarez I mean he's defined a welcoming attitude of government to business And the partnership between the city and private enterprise trying to improve the community all the time building schools and roads infrastructure parks museums is kind of an incredibly pleasant and positive thing that you don't experience that much in the north where it seems like the government is against success and against and we all want to help the community Like we came down here and I was just talking on my way over with some of my team that the city to really compete now the city has to help that we need schools We need and that's probably the number one thing that Miami needs because of all the companies want to come down here but they can't come down if their employees want to say where am I getting my kids into school So they need to improve some of that With the tech community community moving here partnerships between private enterprise mentoring and the university's building out their infrastructure for companies that want to come here because it is such a positive and a working system here It's really the best of America It's like it's a multicultural and it wants to work It makes you proud to be an American actually And then in today's day and age is gosh it's a breath of fresh air So you know the mayor is an extremely positive force and you may not know if you're not from here There are 26 mayors down in Dave county So it's like a coalition of mayors that work for the dade county commissioner He's quite powerful gal herself But they're all trying to do good And they're trying to help the constituents which is so refreshing as opposed to try to penalize them And it's kind of how do we get things done And they think holistically about the whole environment which is great I think of you as something of a pied piper You're the guy people call if they're thinking about moving or relocating their business to Miami Do you think Barry that the city is going through a true and lasting renaissance or is what we've seen over the past 18 months just a step change supercharged by COVID and that eventually growth is going to fly And look I've been doing real estate in my in store for I used to be the CEO chairman of Starwood hotels But started capital which is the private from predated start hotels And we started moving our investment to what we call because the growing states they happen to be the red states Or I guess you'd call Florida purple But it depends on where you are in the state But they're charging growth Florida Texas Georgia to some extent Tennessee for sure no state income tax And we've started even though intuitively we knew that the investments in the northeast and the Calais sued by coastal if you were a real estate investor and invest in New York great cities of New York Chicago may be Washington D.C. California It's become more and more difficult for investors to invest in those markets Partly because they're doing their best to chase the residents out And taxes are going up real estate taxes are going up everywhere so if you're commercial real estate owner you have to face ever increasing taxes And then you have regulation coming at you from the top You've complained varied that Amazon is destroying mom and pop American retail by using Amazon Web Services to subsidize losses on free shipping If you believe in competition and a free market and I think you do why is that wrong So if Amazon was producing steel you are not allowed to sell dump steel into a cities like the United States from offshore below the cost of supply And yet I got a bike pump delivered to my house in Miami for free in two hours There's no mom and dad store in the world that can compete with that So they are hemorrhaging cash and there are annihilating mom and dad retail in the process And at first I like main streets I like stores and main streets I like stores I like people trying to open a store and they can't compete with that And we're a society that I have friends They just push a button get a roll of toilet paper in a box comes in the next day The paper towels come separately in a box and the next day we get the cascade dishwasher And I'd like to get all these boxes show up Every one of those trips could have been a trip to the supermarket in order to the local whatever So I think it's unfair They subsidize all their growth through AWS to the cloud services which was massively profitable The government was as usual very late to the game they let them also in the originally didn't pay taxes on Internet sales There was an emerging market right So they were subsidized against everything else Now you have a $1 trillion company What's the endgame Your prime account is going to cost you 500 bucks And you're not going to be able to go anywhere else to shop They're opening department stores after destroying the department stores They're going to open department stores After mowing down every little business in the country I come from granted to Connecticut The Main Street is half empty And you see the story You don't even know what rent they're paying They may be open They may be paying nothing to landlord Because we have no leverage Who's going to replace them So you let the guy stay and doesn't pay your rent It's not healthy It's not a healthy situation I love I love landscape of streets the main streets of America So I don't want to see an Amazon truck on no stores How would you fix it I break up Amazon Would you I'd separate AWS from the retail business Absolutely And that's easy This is an FTC but it's too late You kind of laid it out China is about to take apart Alibaba for the exact same reason They don't want that concentration of power Americans don't think long term You can see the future I think you went to one 25 on your prime account and I was 75 bucks before I mean my mom my grandma my mom she's 87 She knows how to buy on Amazon She didn't know how to do that pre COVID So she's not making the.

Miami Bloomberg Bloomberg radio Pellegrino Denise Miami Starwood capital Barry stern Eric schatzker mayor Suarez Dave county Florida Starwood hotels New York Amazon Washington D.C. Lauderdale dade county Ford United States Calais Barry
"starwood capital" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:48 min | 1 year ago

"starwood capital" Discussed on Bloomberg Radio New York

"Indebted companies This is amid fears of a potential blow up And we get more and what's happening from Bloomberg's Hana George in London ECB officials have discussed whether to cap high leverage lending at a certain share of a bank's balance sheet Bloomberg's told the leverage low markets has been on a tear this year as private equity firms cash out of companies and investors seek protection against inflation but European regulators are concerned about the risk firms such as Deutsche Bank are taking in loans to companies with high levels of debt Still some ECB officials are reluctant to cap the loans if banks can show that they're doing enough to manage the risk In London I am Hannah George Bloomberg radio All right thank you Hannah Meantime European markets are trading higher the sour the footsie in the UK up more than just about a tenth of a percent of the decks in Germany is flat though and the cac in Paris up about one tenth of a percent U.S. financial markets are closed for the Thanksgiving holiday Starwood capital group acquiring 2300 single-family rental homes from pretty and partners is an increases its bet on U.S. suburban real estate We get more and what's happening there from Bloomberg's Charlie pellet Sources tell Bloomberg Starwood led by Barry stern licked as agreed to pay more than $1 billion for the portfolio single-family rentals became a popular trend as the COVID-19 pandemic sparked migration to sunbelt suburbs and pushed real estate investors to seek new strategies more than $30 billion has been committed to rental houses since 2020 according to deal announcements compiled by John burns real estate consulting Thank you Charlie and global news 24 hours a day Other than Bloomberg quick take powered by more than 2700 journalists and analysts in more than a 120 countries I'm Denis Pellegrini and this is Bloomberg.

Bloomberg Hana George ECB Hannah George Bloomberg London Starwood capital group Deutsche Bank Bloomberg Starwood Barry stern Hannah COVID U.S. Paris Germany UK Charlie and global news John burns Denis Pellegrini
"starwood capital" Discussed on The Peter Schiff Show Podcast

The Peter Schiff Show Podcast

04:28 min | 1 year ago

"starwood capital" Discussed on The Peter Schiff Show Podcast

"Cnbc had a lot more to do with bitcoin. Today then gold. Even gold had a pretty good rally today. You really wouldn't know much about it if you just watch cnbc. Because they mostly focused on bitcoin as did most of their guests that were commenting on the markets. Bitcoin was again the topic. Does your of course. The price of bitcoin continues to trade. Well above fifty thousand per coin. as. I'm recording this podcast. Up around fifty seven thousand. So price is very high of course. The price of a lot of cryptocurrencies are also going up. But probably the most ridiculous comment. I heard today and you know there's lots of ridiculous comments made all day long on cnbc about bitcoin but the comments by berry sternly early. This morning i think were the most worthy of my commenting on not that they were really worthy of anything else. Other than a spot on the peter shift show podcast because of the absurdity of the statement. And if you don't know who berry stirring like is he is the chairman of starwood capital group so they manage all these hotels and so a lot of the stuff that berry had to say before he started talking about gold and bitcoin. I completely agree with he was talking. About how the vad is turned the markets in the casinos. How there's bubbles everywhere. There's lots of inflation that it's not transitory. So he said a lotta of until. He veered off into the topic of bitcoin gold because he admitted on air that he was buying both bitcoin and as a hedge against inflation and he was buying it instead of buying goal. That was his inflation hedge but he also admitted and these are his own words that he thought bitcoin was a dumb coin and the reason he thought it was a dumb coin was because unlike other cryptocurrencies. It really doesn't have any use other than a store value but he claims that it's a store of value even though it has no use now. I argue that something has no use then. Exactly what value are you storing because when you store value you're storing the use of the item right. I could use the item today the commodity or i can store it to use it in the future but if i can't use it for anything today then i'm not storing any value for future use. So this is always lost on the bitcoin people but then after. He admitted that bitcoin had no us but it was still a store of value. He said but the reason it's okay is because he said that gold and silver also have no value yet people valued them for years. They were used as an inflation hedge. And so if golden silver which have no value our inflation hedges then why can't bitcoin which also has no value being inflation hedge but of course the point that he is missing is gold and silver are not worthless they do have value to dismiss the value of golden silver to say golden silver have no value therefore bitcoin can have value. You're starting with a false premise. So your entire argument. That's built on top of that. False premise falls apart..

cnbc berry starwood capital group Bitcoin Cnbc bitcoin
"starwood capital" Discussed on Squawk Pod

Squawk Pod

08:03 min | 1 year ago

"starwood capital" Discussed on Squawk Pod

"18% of all crypto mining. I've never heard of that country because of cheap and abundant coal power. Interestingly enough, Joe, one of the things that's so fascinating about this, the story is, I don't remember, we've talked a lot about the environment and the mining costs, use volcanos, dude. El Salvador, lay in the Bitcoin, part of the argument had been very much around China and about how a lot of this was being powered by dirty coal. The more and more this moves to the United States in many of the markets where you're starting to see the mining develop, the more you're starting to see this being done. Hopefully in an environmentally friendly way. And this is what I think Elon Musk and Jack Dorsey and others have been talking about. And it really is a zero sum game, because you can only mine a certain amount of time about that part. So just saying, give you the different perspectives. I love the story, though, the way we keep reporting it is, we're winning. We're winning. We're winning because China stopped running, right? That is true, too. Still to come on squawk pod. There are all the workers, supply chain issues and striking a proper hybrid balance with real estate investor, Barry sternly. Companies are trying to stay super flexible since they don't exactly know what's happening in their future and how their workforce is going to respond to coming back to work. But I do giggle when I see football stadiums completely full. We'll be right back. Get in early. Join the CNBC investing club of Jim Cramer, be among the first. Get tips straight from Kramer, the only club with exclusive trading leads for early access symmetry email at CNBC dot com slash investing club. Welcome back to squawk pod. Today on our TV broadcast we heard from two big market names, the first BlackRock's Larry Fink. The second, the one you're about to hear from Starwood capital's barrister elect, he's a renowned investor and real estate mogul. Now, Barry tuned into our show for Larry's interview so lucky you, we're giving you the highlights of that Larry Fink interview plus, barrister's reactions to it. Here's Joe kicking things off. Barry, it's good to see it's been a while. You've got your your pulse is all your fingers. You've got a lot of fingers all over a lot of different pulses. In other words, you got businesses all over the place. How is it going in terms of reopening in terms of supply chain and cost pressures and just I guess in terms of overall rebounding from the pandemic? Where do you want to start? I mean, so let's go to the how's your business? How's real estate, I guess. In Florida. So real estate is very strong. Probably one of the strangest occurrences out of the pandemic was the rapid increase in home prices across the country. I don't think anyone would have thought that if Americans were seriously worried about their jobs and their futures they would have gone out and bought houses that have higher prices. So I think it's one of the big surprises of the COVID period was really the housing market. And then, you know, some of the asset classes in real estate like industrial, they stayed strong right through the crisis because companies were scrambling to produce fix their ecommerce platforms to fix their distribution and get their products from the websites to their homes. So industrial just went right through it. Apartments took a little pause. And a lot of landlords, including us in the public, we have a 105,000 apartments in our portfolio today. So we didn't want to raise rents while people were worried about their jobs or when panic was in the streets. So in 2020, the whole industry took a timeout. But lately, the part of the market's been the strongest I've ever seen. What's shocking about apartment rank growth is it's nationwide and it's double digit from Jacksonville to Phoenix to Seattle rents are flying. And it tells you something about the consumer I'll come back to the consumer in a second. And then you have the office markets, which we've all been sort of scratching our heads like when would they fill one would they recover? Most of us expected the office markets to get physically full again. Most of them are least, by the way, after Labor Day, but the COVID variant came and the whole curve flattened. And so but now we're seeing across the country. You know, even in Texas, you're only about 40% occupied in New York City, probably like 25. That's physical occupancy in office building. But we're up to like 35 now in Manhattan. And if you go to, if you look around the world, which we have assets all over the globe, you know, it really depends where you are in China, in Korea, in the Middle East, they're in their offices. And then you get to some of the blue states, the darker states, New York, San Francisco. Those are really tough markets. The physical occupancy and actually total occupancy because they're not absorbing the space that they were. One interesting phenomenon of this recovery in the office market is companies like WeWork and shared offices getting a disproportionate share of new leases because I think companies are trying to stay super flexible since they don't exactly know what's happening in their future and how their workforces are going to respond to coming back to work. But I do giggle when I see stadiums football stadiums completely fall 105,000 fans at a college football game or out of service. And they're packed and then nobody wants to go to the office. So I find that kind of interesting. Bear, did you see when that Merck drug? We heard about it. And the market took off that day. We need that. That's going to help. And I think that will help with what you were just talking about. People were turning. But then I want you to comment on what the heck is happening in the labor force right now. That was my next comment because you kept the hotels you run into the labor force. And people ask me about my talk about this morning and I said, I'm going to talk about Janet Yellen and how wrong she is about the economy. I mean, there's 6 million unemployed, but there's 11 and a half million jobs that are open, and we can't find the whole service economy in the crisis, whether it's a restaurant, a pizzeria, a laundromat, a small shop. Amazon can wade can raise wages, no problem. They're making a $1 trillion in richest man on earth, or second, which is made on earth now, I guess. You know, they can go to 15, 16, 17 hours in a warehouse, but mom and dad can't do that. So this labor force contraction, the fact that so many people are not looking for a job and the labor participation rate has dropped is really hurting the underbelly of the U.S. economy. And it can't really fully recover until these people come back to work. I was at our Brooklyn hotel last week. We employ 220 people. We're missing 40 of them. We can't find them. They won't come back to work. It's not even what we pay. They just won't leave their house or whatever it is they're doing. They're trading crypto. I mean, they're not leaving. So I think they have to change the way they form this incentive. They should actually pay people a bonus for going back to work and getting back in the labor force off federal programs and state programs frankly and get back to work and then they can tax them because they have a job. So, you know, it would pay the government to give people an incentive to go back to work because it's going to cripple this recovery. It is a crisis. You walk around New York City, which I happen to be sitting in right now. In a lot of restaurants, haven't reopened. And they can't get labor. I'm an investor in one restaurant and they waited to open for 5 months until they could find a staff sufficient to actually run the restaurant. So, you know, big business isn't hurt by wage inflation and frankly, it's just hurting small business, which is the democratic constituency. And it's really, it's an interesting thing. They're overdoing it in the wrong direction. All these support programs coming in the $2 trillion or three and a half or one and a half $1 trillion package, they may exacerbate that problem and encourage people to stay home. And the country can't really work without its service people back. White collar jobs are here. And we have no problem with wage inflation. I mean, thank God, it's great. And if you look at the stats, the lower wage earners have gained the most percentage wise, obviously, it's nominally not.

Larry Fink Barry CNBC Starwood capital China Jack Dorsey Elon Musk Joe football Jim Cramer El Salvador BlackRock WeWork Kramer U.S. Janet Yellen Larry
"starwood capital" Discussed on MAD MONEY W/ JIM CRAMER

MAD MONEY W/ JIM CRAMER

03:29 min | 1 year ago

"starwood capital" Discussed on MAD MONEY W/ JIM CRAMER

"Now it's a paltry one point three two percent. You're under terrific. Growth of data center business. It hit a new all-time high earlier this month. But it's output back six percent. I think down six is a good entry point. Maybe wait till down ten because you'll so small but it didn't last long when the last time they have one in your cell loss because then i got a three day. Rally back to its highs. Now this thing's a by any meaningful pullback this got probably i think the best growth all the ones that i'm talking about so those who growth equities number seven old friend of ours benda's that's the healthcare real estate investment trust senior housing communities medical office buildings research centers even fuel spills stock got crushed. Last year cova very bad for business. They even had to cut the dividend which shock me. This year has made a comeback. When we spoke to see your deb cafaro less much great store. Ventas use this period consolidate. The industry is not a lot of new house. A senior housing being built. That's great for her business. So even if the cut it's still got a few percent yield. But i gotta tell you it would not surprise me if dead cafaro raises the payout back to where it was. Don't wait for that if you want to own the stock because the stock will be much higher by them. Eighth is one. Oh god sends called innovative industrial properties. It's aretha landlord for the medical marijuana industry specialized greenhouses. This is the only cannabis name member. We get that growth generation. We told you to get out in the fifty forties and fifties. Everyone got mad at me. That was a good call for the cell here. This one no sell two point. Six percent yield. Pick and shovels play for cannabis. Were importantly been able to raise the pay out for six consecutive quarters. Magin a big activity can get if we ever legalize we all over the country. Stop fooling around with the we socks. They're awful. This is the one to is mount. Now here's that used to focus on physical record storage you higher than your papers but a few years ago. They embraced the digital future. Since then our mountains build out. Fifteen data centers across five countries went from physical record storage digital record swords. Stocks had huge. Run up more than fifty percent this year. But it's still got a monster. Five point five percent yield. I don't know what more you can ask. Sox one of the most about on the lighting amount by the way this one that someone asked me about. Just this big. I thought i'd mentioned again. Starwood property stress the real estate investment of the offshoot of starwood capital. This is the leading thei- here of commercial real estate and infrastructure projects walls the owner of apartments buildings and some other commercial properties diversified. Enough away from office buildings. I'm not worried. I like starwood property. Trust because i trust the chairman ceo barry sternly. This thing has a seven point. Seven percent yield which usually be a red flag. That seems like it's going to be hired. There will be no. I am not worried since wall street has a habit of underestimating. both starwood would end crazily sterling. When i pull the crash hit the stock plunged has have changed. Twenty five percent you made. It seem like a dividend couples. But it didn't happen payout rock-solid something that rarely ever say about a stop with seven point seven five percent yield. But that's 'cause barry stern rock-solid here's the bottom line we're too treacherous moment here. I think it was going to get worse over. This week's as i've been saying that way. If you wanna have that cash that i told you to have and you wanna put it to work. How about picking the with income. Here's your list again. I know they're not interesting. The last thing we want right now is interesting. Arnold and pennsylvania. Arnold mulia. Jim what's up yes First time caller. And i love your show Thank you today. I want to ask you about focuses on investing.

benda deb cafaro cafaro Magin starwood capital Starwood barry sternly Sox barry stern Arnold mulia Arnold pennsylvania
"starwood capital" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:32 min | 1 year ago

"starwood capital" Discussed on Bloomberg Radio New York

"Of a percent, or three points at 43 81, the Dow Jones industrial average down 1/10 of a percent or 38 points at 34,960. NASDAQ Now little changed, it, said. 14,733 10 Year treasury of 2 30 seconds had 1.35% the yield on the two year 20.25% Nymex crude oils of half percent, or 40, cents, at $74.51, a barrel Comex gold at 4 10%, or $6.90 at 18 12 80 announced. You're at 1.1813 against the dollar, The end at 1 10.41. Pepsico is up about 1.9% after posting the fastest sales wrote that at least a decade, JPMorgan Chase is down about half percent and Goldman Sachs is down 4/10 percent after both reported mixed results. And that's a Bloomberg business Flash Paul and Lisa Thank you so much. Karen. Last Friday, Joe Biden signed an executive order that had myriad provisions, including how to improve competition or increased competition, not necessarily break up the biggest companies but at least reduce their dominance over certain industries. And in all of that, Was a bid to lower drug prices. This is a persistent bid by every president comes into office, given how many people have decried the high price is joining us now to discuss Jackie Lee Bloomberg Law Health Care reporter to really dig into how President Biden plans to do this. So what are the contours to this executive order when it comes? To lowering drug prices. Jackie Say. Good morning. A lot of what President Biden proposed in the executive order last week actually resurrected a lot of the Trump era drug policies so one of the biggest ones was pushing for a drug importation from Canada. Pushing the Federal Trade Commission to crack down on pay for delay, Um, tactics, which is when brand drugmakers pay generic companies to delay Entering the market with cheaper products, and those are the two most specific policies that Biden proposed in his executive order last week. All right. So whenever I think health care drug prices We've got to think of these big pharma companies and their influence in Washington, D. C. Where are the big farmer companies just generally speaking in terms of working with the government To try to reduce drug prices. So the drug industry is saying that they support you know, common sense solution that being said a lot of the solutions that are being proposed. Um, you know, the drug companies don't really like. So you have build in Congress that are pushing for direct negotiation between the government and drug companies, which they obviously do not like. Um, companies do not like drug importation. They say it you know, is Not safe and it doesn't make sense. So While drug companies say that they will work with the government, you know they really haven't given any specific policies in terms of here's what we need to be doing. I mean, they are very keen to go after the other players in the drug industry, so Tbm, Um you know, insurance companies. They're kind of always willing to pass the buck. But in terms of Specific policies that would affect them. There aren't too many that the drug industry is supporting. Right now. There's a broader question, especially following President Trump's era of how much power executive orders can have. Is there the possibility that President Biden can single handedly jawbone down prices through executive orders without getting Congress on board? Well, I think that There could be. But the problem with executive orders in the past, particularly when it comes to how the Trump administration called through on this executive orders was that they didn't go through the correct administrative procedures. That's what a lot of judges who have pushed back on some of the rules that the Trump administration finalized. That's what they've said so It's not really clear if the Biden administration follows through on the correct administrative procedures on those rules, if they can actually, you know, have those rules finalized and then implemented to lower prices, So we're going to have to see, but it's definitely If Congress were to pass, you know, law that would allow, you know, direct negotiation, For example, that is probably the clearest and cleanest way to directly lower prices. Jackie this you know, this importing drugs from Canada seems to me more of a band aid than an actual You know, solution to the problem here is that how it's viewed within the industry and that this is just kind of a short term fix that it doesn't really address the underlying issues of you know drug prices in the United States. Definitely. I think that even people who are really in support of lowering prices feel that importation is a band aid because, eh, the Canadian government hasn't even you know, gotten on board, saying they're willing to export drugs the United States but be also Canadian. Like the Canadian population is much smaller than the U. S population. You know, 40 million versus 330 million so they don't even have to supply The state of our drugs needs and desires, So it's definitely viewed at a band Aid solution. Jackie Lee. Thank you so much for being with us. Jackie Lee Bloomberg Law Health Care reporter. Talking about one aspect in the myriad of different provisions in the executive order that President Biden signed on Friday. And that is the ever popular lowering drug prices apologised to reset here. We got the CPI data that came in the hottest since 2000 and eight We got earnings from big banks that were a blockbuster on many accounts. There were some disappointments, but there were some really Strong points in particular, with investment banking, the markets struggling. I mean, it's basically flat on the day if you take a look at stocks, it's basically you know, yields aren't doing that much. People kind of are reverting back to their transitory story. And it really raises a question about the faith based market. This idea that we have a murky outlook and people have to bet on what they think that outlook says without evidence to really Back it up, right? And so I think the I think the earnings period here is going to be all about the Ford guidance and hopefully to the extent that the companies can speak into the back half of the year and then maybe even into the beginning of 2022 what more normalized environment says that will be of interest to investors. But then I feel like it just comes back to kind of where we've been, which is the Fed. Which is why I think I need to go out to Jackson Hole, quite frankly, for some on the ground reporting of the meeting out there in August, But you know, it's just a question. I think of, you know, what is this fed going to do in terms of kind of pulling back a little bit? On some of the accommodation whether it's tapering whether it's language about language about raising rates at some point, and, you know, can they engineer a I guess for lack of a better word of soft landing for Fed policy. In the meantime, though, you have an economy that's dramatically different. And I take a look at the mall industry and I bring this up with you. Because I know that you love Mall of America. You're huge mall Go er, Starwood Capital owned 30 Miles before the covid pandemic. It's now down to eight. They basically have throat in the towels. You do wonder whether some of the world the way we used to know it. Will never return. Yes, it's exactly right. I mean, you think about the e commerce and kind of how we've all interact with e commerce over the past 18 months.

Joe Biden Goldman Sachs $74.51 34,960 $6.90 Karen United States Federal Trade Commission JPMorgan Chase 1.35% Lisa 1.1813 August Trump Friday Congress 38 points Pepsico 40 million NASDAQ
General Electric, Bloomberg And Starwood discussed on WBZ Midday News

WBZ Midday News

00:12 sec | 3 years ago

General Electric, Bloomberg And Starwood discussed on WBZ Midday News

"An aircraft financing business owned by General Electric has attracted a couple of suitors Bloomberg reports Starwood capital and Apollo global have submitted offers the unit could go for around four billion

General Electric Bloomberg Starwood Apollo Global