>> EVERYONE WELCOME BACK TO
CHEDDAR MOVERS HERE THE US
EQUITIES MARKET IS HEATING UP
AND THAT COULD BE A SIGN
TO START LOOKING ABROAD FOR NEW
INVESTMENT OPPORTUNITIES WITH
US NOT DISCUSS IS GREG SWENSON
WHO IS THE
FOUNDING PARTNER AT BRICK
MCADAM MERCHANTS TO A MERCHANT
PER MERCHANT THANKING
HOUSE FOCUSED ON INTERNATIONAL
FINANCING SUCH A PLEASURE, I'M
HERE WITH US TODAY WHICH
INTERNATIONAL MARKETS ARE YOU
MOST OPTIMISTIC ABOUT FOR THE
NEW YEAR.
>> YEAH WE REALLY LIKE THE
EMERGING AND FRONTIER
CAPITAL MARKETS AND INVEST IN
MARKETS IN AND A LOT OF THAT'S
BECAUSE THEY ARE IN.
FOCUSED ON INDUSTRIES THAT WERE
OUT OF SAVOR THE LAST FEW YEARS
SO WE REALLY LIKE FOOD SECURITY
AND ENERGY SECURITY AND THEY
JUST SEE A HUGE REBOUND.
BOTH IN PUBLIC MARKETS AS WELL
AS IN PRIVATE CAPITAL
INVESTMENTS FOR ENERGY NEXT
YEAR, IT'S ONE OF THE IT'S ONE
OF THE SECTORS THAT YOU KNOW WE
EXPECT 20% YEAR-OVER-YEAR
GROWTH
IN TURN AND IN THE PUBLIC
MARKETS AND A LOT OF FANTASTIC
OPPORTUNITIES IN THE IN
PRIVATE CAPITAL.
>> RIGHT AND I THINK I THINK
YOU KNOW WHEN IT COMES TO THE
TRADE DEAL HERE IS HE LIKE
MARKETS LARGELY ALREADY BAKING
IN THE FACT THAT WILL BE YOU
KNOW SIGNED.
>> YEAH, THAT'S
THAT'S TRUE. I THINK A LOT OF
THE GOOD NEWS 30 TAKEN IN THE
SEEN BAKED IN THE LAST YEAR
IN DECEMBER. SO I'M YOU KNOW I
LOOK AT THERE'S ANY TO SOME
POINT MONTHS IN IN EARNINGS
GROWTH I THINK THAT COULD YOU
KNOW HAVE A REAL NEGATIVE
IMPACT ON
THE MARKET, IT'S A LOT OF THAT
IS IS ALL PRICED IN THE MARKET
EXPECTS IT AND I THINK THAT
IT'S BASICALLY THE STREET
CONSENSUS IS FOR 9 AND
A HALF PERCENT YEAR-OVER-YEAR
EARNINGS GROWTH AND SO WE LOVE
WE LOOK FOR MORE OPPORTUNITIES
IN THE
PRIVATE MARKETS WHERE YOU CAN
GET YOU KNOW REALLY EXCEPTIONAL
I ARE OURS AND YOU KNOW
EXCEPTIONAL RETURNS IN ENERGY
AND FOOD SECURITY AGRICULTURE
AND ENERGY TO THE MOST FOR US.
>> BUT BUT NOT EVERYBODY CAN
TAP INTO THE PRIVATE MARKETS AT
THE SAME RATE THAT SOME LARGE
FIRMS AND INVESTMENT
HOUSES COM.
>> TRUE AND THAT'S CHANGING I
THINK YOU KNOW THAT WAS SOME
YOU KNOW INDIVIDUAL INVESTOR
ACCESS TO PRIVATE ACT WHAT YOU
KNOW I THINK THAT'S BECOMING A
LITTLE
BIT MORE FOR INVESTORS AND AND
YOU HAVE THE HIGH NET WORTH AND
SAMMY OFFICER CUT THAT PROVIDES
PROVIDES
ALTERNATIVE SO YEAH, I THINK
YOU'LL SEE MORE OF THAT IF YOU
IF YOU DON'T HAVE THAT OPTION
AND THE OTHER STILL A LOT OF I
THINK SHE SAID SHE STOCKS IN IN
THE ENERGY SECTOR AND I'M YOU
KNOW YOU'VE GOT EXCEPTIONAL
YIELDS AND SOME OF THESE LARGE
KEPT A MAJOR OIL COMPANIES LIKE
THE TEA. SO YOU KNOW IS IF YOU
CAN DO
THAT RIGHT MARKETS AND THEN
GREAT YOU KNOW THAT'S SOMETHING
THAT WE TAKE ADVANTAGE OF THOSE
IN CREDIT AS WELL AS
AN EQUITY IN PRIVATE CAPITAL
AND THEN I THINK THERE'S A LOT
OF OPPORTUNITY THE PUBLIC
PARTS.
>> YEAH, ABSOLUTELY AND IF YOU
TAKE A LOOK AT YOU KNOW WHAT'S
HAPPENING.
BRING I GUESS CAPITAL FROM
OTHER PLACES HERE TRYING TO
BRING YOU SPECIFICALLY US AND
UK
CAPITAL WHERE THERE'S MORE
SIGNIFICANT CHINESE AND RUSSIAN
INFLUENCE, WHAT'S THE MOTIVE.
>> YEAH THERE'S SOME COUPLE
MOVING PARTS THERE ONE IS TAXES
KNOW THAT ONE OF THE ADVANTAGES
ARE ONE OF
THE US, THE GOOD SOME OF THE
GOOD NEWS THAT CAME OUT OF THE
TRADE WARS IN THE LAST COUPLE
YEARS,
IT'S EXPOSED. SOME OF THE
BEHAVIOR OF OF THE CHINA AND
THE CHINESE YOU KNOW THAT THE
BELT AND ROAD INITIATIVE FOR
FOR EXAMPLE AND I THINK YOU'RE
GOING TO SEE SOME PUSH BACK
AGAINST THE CHINESE IN MARKETS
SUCH AS AFRICA AND
EASTERN EUROPE WHERE ARE THE US
AND WESTERN EUROPE IN CAPITAL
WANTS TO
KEEP CHINESE AND I ALSO THINK
YOU'LL SEE THE CHINESE BACKING
AWAY A LITTLE BIT IS IS THAT
THEY'RE GOING TO TAKE SOME HITS
ON SOME OF THEIR. INVESTMENTS
THAT HAVEN'T WORKED OUT SO WELL
SO THAT CREATES MORE
OPPORTUNITY
FOR WESTERN AND I THINK YOU
ALSO HAVE THE FACT THAT YOU
KNOW THAT THERE IS
SOME SIGNIFICANT INTEREST IN
FOOD SECURITY COMING OUT OF THE
OF THE MIDDLE EAST SO WE
LIKE AGRICULTURE. FOR THAT
REASON AND THEN YOU'VE GOT REAL
REAL EFFORT NOT ONLY COMPETING
WITH THE CHINESE AND
POTENTIALLY RUSSIAN CAPITAL BUT
ALSO REDUCE HIM TO
TENDENCY ON ON RUSSIAN THE
RUSSIAN ENERGY UNITE IN EASTERN
EUROPE. I THINK THAT'S GOING TO
BE AN IMPORTANT SCENE. WELL
SINCE YOU MET.
>> MIDDLE EAST, HOWEVER, RECENT
IRAN TENSIONS REALLY IMPACTED
YOUR OUTLOOK AND THE
INVOLVEMENT THAT YOU'RE SOUGHT
OUT IN THE MIDDLE EAST.
>> YEAH, IT'S AMAZING THE YOU
KNOW STEVE OR SAYS A FEW
YEARS BACK AT ONE NICE SHOCK TO
THE OIL MARKET WHICH WOULD HAVE
REAL REPERCUSSIONS IN YOU NOT
IN PRICE ISN'T AND WE DIDN'T
REALLY SEE THAT WHEN WHEN REFCO
FACILITY WAS BOMBED A FEW
MONTHS BACK. YOU REALLY DIDN'T
SEE MUCH OF
A JUMP AS OPPOSED TO YOU KNOW
EVEN 25 YEARS AGO AND ONCE YOU
KNOW IRAQ INVADED KUWAIT BE
SOME MASSIVE DISRUPTIONS IN
IN OIL MARKETS, YOU DON'T
REALLY SEE THAT ANYMORE SO I
THINK I THINK INVESTORS ARE
TAKING A LONGER TERM
PERSPECTIVE. THEY'RE NOT
LOOKING FOR SURPRISE SHOCK
SERWER MEDIA JUMPS AH YOU KNOW
I THINK THAT
WELL IN THE LONG RUN YOU LOOK
FOR INVESTMENTS WHERE THE BREAK
EVEN IS
CONSIDERABLY LOWER SO WE LIKE
SOME UPSTREAM IDEAS WHERE YOU
KNOW WHERE THE BREAK EVEN MIGHT
PEOPLE WELL BELOW $30 A BARREL
AND WITH PRICES, YOU KNOW
SIGNIFICANTLY HIGHER THAN THAT
IT'S IT'S IT'S PROVIDING FOR
GREAT
RETURN SO UM YEAH I DON'T THINK
THAT THE OILS YOU KNOW THE
PRICES
RESPOND TO SHOCKS LIKE THEY
USED TO AND SO I THINK YOU CAN
TAKE A LONGER TERM PERSPECTIVE.