Interactive Brokers Chair Thomas Peterffy discusses his expectations for a second Donald Trump administration, his firm’s growth prospects, and why he is “sort of scared of cryptos.” He speaks with Sonali Basak from a Goldman Sachs Group Inc. conference.
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Questions asked in this interview
12
0:06When you think about what President-elect Trump, who you have given to for his prior campaign and the most recent one, what do you think the most impactful change will be to investors over the next four years?
2:19Who would you like to see take that spot? Who would you be backing?
3:05Do you think that she has a significant place there?
3:37Have you seen much more increased activity, especially from the business community, in what is now known as Wall Street South?
4:31Do you think that if they are put on as aggressively as had been postured during the campaign, that there could be ramifications, inflation that pervades the US economy?
5:14If you are looking at a pro-growth agenda and stock markets now at record highs, another day of gains in the NASDAQ 100 just soaring equities, what does it mean for business, for you, your clients, and your ability to grow?
5:57Have you considered mergers and acquisitions for Interactive Brokers?
7:09Does that mean you said you would build yourself, but would you ever consider a transformative deal, something that would be a merger of equals or even larger?
7:42How do you feel about cryptocurrencies from where you stand, and do you think that when your clients go to Interactive Brokers, it's going to be something they're asking about more and more?
9:09Will the investor of tomorrow be more likely to buy Bitcoin or a US stock?
I am sitting by with Thomas Peterffy of Interactive Brokers. A lot of things are dominating the conversation, but none more than the next presidential administration. When you think about what President-elect Trump, who you have given to for his prior campaign and the most recent one, what do you think the most impactful change will be to investors over the next four years?
Well, the most impactful aspect of the new administration will be less regulation and less interference with private enterprise. Having grown up in a socialist country, I came to a conviction early on in my life that a free market economy is the only way to efficiently run a society. So I'm very happy that this is the outcome we had this election time. I did not contribute as much to President Trump as I did to other Republican candidates. I've always been a Republican all my life because, as I said, a good economy can only be based on private entrepreneurship.
Speaking of the Republican Party beyond Trump, I am very curious to hear what your thoughts are for Ron DeSantis's political future at the end of his term as Florida Governor. Where do you think his career goes from here?
Well, unfortunately, I think Ron DeSantis shot himself in the foot with this six-week abortion issue. I don't know if he will change his politics on that or not, but that is going to be a very difficult situation. I was a great supporter of Ron for many years up until he came up with this six-week abortion thing because I don't believe in it. I don't think it's a good thing.
Beyond Ron DeSantis, who do you think he has put up for the Senate seat for Marco Rubio? Who do you think takes that spot in Florida? Who would you like to see take that spot? Who would you be backing?
Well, I think Ron DeSantis would probably be the best candidate for that Senate seat, and I hope that he will do that rather than being Secretary of Defense. Because from a point of view of his political future, I think a senatorial seat would be a better place to jump off from than Secretary of Defense.
Well, she certainly has done a good job this time around, but I think she's... I don't really know how old she is. Is she old enough to become a senator? She must be if they are talking about her, right? But I think she's still a very young woman.
You, of course, are a very prominent Florida resident yourself. Activity in Florida has been very heated, a lot of people from Wall Street moving down there, and of course with the President-elect at the Winter White House. What has it been like there? Have you seen much more increased activity, especially from the business community, in what is now known as Wall Street South?
Well, you see, it's especially from my point of view because I live only three houses away from Mar-a-Lago. Many times I cannot get out of my house because there are so many cars waiting in line that it's very hard for me to go anywhere. So there is a hell of a lot of traffic there. The road is always closed up, and unfortunately, these assassination attempts are very difficult to cope with. So yes, it's not easy to live in Palm Beach nowadays.
You were talking earlier about the pro-growth agenda, but nothing to say yet of the tariff agenda. That is something that has spooked a significant portion of the business community. Do you think that if they are put on as aggressively as had been postured during the campaign, that there could be ramifications, inflation that pervades the US economy?
Yes, it's certainly possible. But I agree with Trump that it is probably the best tool to get to the point where we want to get to. And I think the opposite side will see that and will agree with it, and they will give in.
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