Weekly Business Insights from Top Ten Business Magazines | Week 300 | Shaping Section | 4

Extractive summaries and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Week 300 | June 9-15, 2023.

Forbes Iconoclast Summit 2023: Wisdom From The World’s Most Influential Investors

Forbes Magazine | June 12, 2023

Listen to the Extractive Summary of the Article

More than 30 influential investors and business leaders converged on Pier Sixty in Manhattan for the second annual Forbes Iconoclast Summit on Monday to break down how they’re positioning their portfolios and steering their companies and clients through the delicate environment.

Goldman Sachs CEO David Solomon who started the summit with a keynote conversation lowered the probability that the U.S. will enter a recession in the next year to 25% from 35%.  “The economy’s been incredibly resilient,” Solomon said, “but if you’re running a business like ours, you have to be prepared for the downside.  “It’s important for a business like Goldman Sachs to always be looking for more avenues to invest in, and when you do that, some things are going to go well and some things aren’t.”

JPMorgan asset and wealth management CEO Mary Callahan Erdoes, Brookfield CEO Bruce Flatt and Baroness and member of the House of Lords Dambisa Moyo, while reflectin on opportunities in China claimed “If it isn’t happening at the governmental level, make it happen in business.  Especially given Middle Eastern and Asian investors’ interest in growing their business in the region. “We can choose who to do business with in China.

Billionaire hedge fund manager Ray Dalio gave the audience a history lesson about how investors can learn from centuries of history before their lifetimes to understand the present and prepare for the future.  “Things that surprised me often surprised me because they didn’t happen in my lifetime, but they happened many times in history,” Dalio said. “By studying the 1920s to 1945 period, I understood the nature of the 2008 financial crisis.”  Dalio pointed to three major social and economic factors that are unique to the current cycle: “enormous” and increasing amounts of debt, internal conflict surrounding wealth inequality that has spurred the rise of populism, and the rise of another world power like China today. 

Artificial intelligence expert Amir Salek, senior managing director at Cerberus Capital Management said, Finally the power of computers has reached a point where AI has pushed the threshold of what was previously considered to be the depths of its capacity,”. “This is the first time that AI has enough data and computing power at the same time.”

Ashvin Chhabra, president and CIO of Euclidean Capital claimed “I think technology is overhyped,” said Chhabra. “We already have the technology to solve most of our problems, and we’ve had it for the last 50 years. It’s human beings that solve problems, not technology.

Wolff, eight-time F1 champion, credited the growth of the championship-winning team to its racing legend Nikki Lauda and attributed its success to the entire team of engineers and Mercedes F1 employees. “We’re not a team of a few stars, but we’re a team of 2,500 stars,” he said.

3 key takeaways from the article

1. Three major social and economic factors that are unique to the current cycle: “enormous” and increasing amounts of debt, internal conflict surrounding wealth inequality that has spurred the rise of populism, and the rise of another world power like China today. And according to Gldman Sachs representative it’s important for a business like Goldman Sachs to always be looking for more avenues to invest in, and when you do that, some things are going to go well and some things aren’t.”
2. Wolff, eight-time F1 champion, credited its success to the entire team of engineers and Mercedes F1 employees. “We’re not a team of a few stars, but we’re a team of 2,500 stars.”
3. Technology experts believed that this is the first time that AI has enough data and computing power at the same time.  But the other experts warned that technology is overhyped.

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Topics:  Technology, Teams, Disruption