I think there are probably too many hedge fund managers in the world, as well as active fund managers. The hedge fund industry is very efficient. We see a lot of hedge funds open and a lot close. It's very binary. You either succeed or fail in the hedge fund world. If you succeed, the amount the managers make it beyond most people's wildest dreams of wealth.
Martin GilbertI think the retirement crisis globally is a major problem. I think it's especially prevalant in countries such as Japan, where immigration is an issue. I think the US is more shielded from it than most countries in the world. It has a higher birth rate than Japan, immigration is tolerated here unlike probably it is in Japan. I don't think it's as big an issue in the US as it is elsewhere in the world.
Martin GilbertI think the economy in the US has surprised. The old adage is that if America sneezes, the rest of the world catches a cold. If the US economy does well, the global economy will do well.
Martin GilbertI think the sign of complacency in the stock market is when people don't worry. At the moment, everyone worries about everything. They worry about geopolitical risk, about political risk, they worry that the markets are too high. The time to really worry is when everyone thinks that markets are going up and everything is going really well.
Martin GilbertI think the issue that millennials have is that the return on asset classes such as bonds, cash, are so low now compared to the historical levels that it's very difficult for them to save enough to be able to retire comfortably. If interest rates do trend back upwards, it may be less of a problem going forward.
Martin Gilbert