Chairman's letters and speeches

2014

24 November 2014

2014 Q3 Investor Letter (Extracts)

The global economy seems to be moving in two different directions. While the American and British economies are enjoying steady growth, the rest of the world seems to be slowing down, with the Eurozone possibly facing stagnation or even deflation.

03 March 2014

Guy Hands Speech at SuperReturn Berlin: "Private Equity: The Forces Impacting Returns"

Last year at this event I said that there were increasing opportunities in private equity in Europe, though not to the same level as in the US where the debt markets had reopened fully. A year later, the balance has shifted. In the US, rising prices mean there is a lack of good buying opportunities. By contrast, assets in Europe are under-priced, while the European economy is poised for a recovery following years of crisis and uncertainty. Opportunities now exist in the recovering European market. Banks will increasingly dispose of the bad loans to zombie companies that they have been holding on their balance sheets, while corporates are focusing on their core businesses, which will also lead to disposals. And governments are selling assets to reduce debt levels.