Chairman's letters and speeches

2012

04 December 2012

2012 Q3 Investor Letter

As we approach the end of 2012, Europe is facing the same political and economic problems which have confronted it over the past few years, and it has still not come up with a solution.  In this quarter, Europe may not be facing the real possibility of economic meltdown as it did earlier in the year, but neither is it showing any evidence of the sort of growth needed to pull the continent out of its economic malaise. 

17 September 2012

The Case for Having Investment Boundaries

An extract of this appeared in the Financial Times, Blueprint for British business Supplement: Risk Management, 18 September 2012

13 September 2012

2012 Q2 Investor letter (Extracts)

Another quarter and another summit of EU leaders trying to calm the markets. It is a continuation of the emotional cycle of fear followed by relief that we have all been going through since late 2009.

01 June 2012

Speech to Limited Partner Group - June 2012

The situation in southern Europe today reminds me of how I felt as a teenager in 1970s pre-Thatcher Britain, living in a country with constant strikes, falling living standards and seemingly no way out of its debt crisis.

22 May 2012

2012 Q1 Investor letter (Extracts)

Just like the British weather this Spring, market sentiment towards the European monetary system is unpredictable and prone to extremes. The optimism which drove the European markets’ recovery during most of the first three months of the year, helped by the money pumped into the financial system by the ECB, has already disappeared.

29 February 2012

Guy Hands' speech at Super Return, Berlin - “Economic storm clouds and options in Europe: where can Private Equity find value?”

The father of innovation is necessity and out of the current economic crisis will by necessity come innovation.

27 February 2012

2011 Q4 Investor Letter (Extracts)

After an encouraging first half, 2011 turned out to be a tough year as concerns about the faltering global economic recovery generally, and the troubles in the Eurozone specifically, became more pronounced.

01 February 2012

Guy Hands' speech at 18th VC & PE Conference, Harvard Business School - "My first forty years in Private Equity"

It is an honour to be invited to speak at Harvard Business School.  The first time that I came to Boston was in 1980.