William Conway on currency hedging
From Global Financial Leaders’ Investment Summit: Conversations with Global Investors - Panel 1 · · Hong Kong Academy of Finance (AoF) 金融學院
“Generally we hedge our equity position to the dollar; I'm not a professional currency hedger and I like to make money on the performance of our businesses as opposed to the performance of the currencies, but the currency is likely to be weak as long as the Japanese economy and the people running it are focused on trying to increase inflation and keep interest rates negative.”
On , William Conway, Co-Founder & Co-Chairman of the Board at CARLYLE GROUP INC, spoke about currency hedging during Global Financial Leaders’ Investment Summit: Conversations with Global Investors - Panel 1 on Hong Kong Academy of Finance (AoF) 金融學院.
About William Conway
At the Global Financial Leaders’ Investment Summit in November 2022, Conway described Japan as the market he "probably prefer[s] the most today," noting that the yen's decline from 105 to 150 against the dollar meant "everything's on sale in Japan for people who have dollars." He added that private equity investors could borrow cheaply in Japan and that hedging the yen could provide positive carry. He also said that Europe would likely become an attractive market "a couple of years from now" but not yet, and that the U.S. remained the place with the most advantageous opportunities due to rule of law and transparency. In earlier appearances, Conway discussed Carlyle's decision to go public, saying it was driven by the firm's growing investments in its own funds, the need for a currency for acquisitions, and providing liquidity for partners. He has described emerging markets as "a great place to invest" on a risk-adjusted basis, and specifically called China "the single most attractive place in the world for us to invest at the moment," citing its growth rate and shift toward consumer spending. He also expressed confidence in Saudi Arabia's investment reforms under the crown prince, while stating he has "concerns about rule of law in every country in which we invest." In philanthropic remarks, Conway has urged graduates to "make a difference" and emphasized that "every day there's plenty of opportunities to make a difference and you don't have to be a superhero to do it."