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What opportunities are you seeing on the investment side?
All kinds of opportunities. Real estate is doing very well. We are doing business in many countries – Russia, China, India, the US, eastern Europe, Korea, and we are about to do things in Brazil. It's worldwide.
What else other than real estate?
Oh many things. It depends on the country. Healthcare and environmental are two examples. Also, other financial services. We have a lot of relationships with private equity funds that we have invested in for years, and have investments with them, which are very diverse.
How would you describe the economic climate?
If the US is not in recession, it is very close to one. The credit markets are still very tight, which is not unexpected. There is a lot of de-levering going on, banks and even individuals. There is less disposable income, so people are very cautious. That translates into economic activity. We are going to be in a mild recession or slow growth for some time.
How is that affecting what you are looking at?
It creates opportunities. You get a lot of distressed properties around, companies, and we are very fortunate we have capital.