Julian Robertson on the Economy, Politics, the Environment and Underaged Drinking
Native North Carolinian and PercyWalker.com's " Greatest Hedge Fund Manager of All Time" had a lot of interesting things to say in an interview broadcast on CNBC yesterday. The thing that received the most play, and no doubt contributed to the big decline yesterday, was his view on the economy:
"I think we are going to have a doozy of a recession," Robertson told CNBC's Erin Burnett. "I think the credit situation is worse than anybody realizes, and...I think we're getting little inklings of that. I don't think any of the normal indicators you would look at in the economy are really very strong. As a matter of fact, they are weak, and not really getting any better."
Also of interest (but you have to watch the interview at CNBC.com to hear it because I can't find a transcript):
- On the taxation of carried interest: Mr. Robertson believes that carry should not receive capital gains treatment. Ouch! In light of Mr. Robertson's view, I'm rethinking my own position on this issue.
- On Mitt Romney: "Smartest guy I've ever seen." I agree! Mr. Robertson is also sorry that Romney is "trapped into appealing to the ultra-conservative wing of the Republican party." Double agree!
- On the environment: Robertson is very concerned about global warming. Thinks we should have a cap-and trade system. Doesn't think corn ethanol is positive for the environment. Thinks nuclear is a positive and has invested money into ways to deals with nuclear waste. Thought Al Gore's movie was great but wished he hadn't put in the stuff about his loss in Florida.
- On underaged drinking: He's "working with the former president of Middlebury College to have licensed drinking for 18 year-olds." Interesting! I'm for it.
Comments