David Bonderman Quotes
101 David Bonderman Quotes
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[In April 2013] Private equity is not immune to market forces. You buy in the market and you sell in the market. When nobody’s buying we can’t sell. When nobody’s selling we can’t buy. So you have to expect cyclical variations…
David Bonderman
[In April 2013] When my partners and I started TPG in 1993, we thought that the business would become global… We thought the investment world would globalise which it has. I have to say it wasn’t a very popular view at the time. We had a lot of trouble raising capital. Particularly for Asia.
David Bonderman
[In April 2013] We actually done more investing in Indonesia than any other emerging market other than China.
David Bonderman
[In April 2013] While there is corruption everywhere, it has not been a problem for us in Indonesia.
David Bonderman
[In April 2013 on overseas investing] In our business you have to have a currency view because when you’re 5-10 year investors you can’t hedge it for that length of time.
David Bonderman
[In April 2013] I would say the most interesting countries are the ones that have stability and are not xenophobic.
David Bonderman
[In April 2013] India has more than it’s fair share of insanities.
David Bonderman
[In April 2013] It wasn’t very long ago when PE’s in the Chinese markets were roughly five times the PE’s in Indonesia. [Roughly PE 40 in China versus PE 8 in Indonesia reflecting everyone wanting to invest in China and not Indonesia.]
David Bonderman
[In April 2013] Other places that are of particular interest are Turkey… and Columbia which is the only country in Latin America that has never defaulted on it’s debts.
David Bonderman
[In April 2013] Ghana and South Korea had the same GDP when Ghana became independent in 1960.
David Bonderman
[In April 2013] Governments behave in different ways. Sometimes good and sometimes bad.
David Bonderman
[In April 2013] People understand that American’s can’t pay bribes even if they want to.
David Bonderman
[In April 2013] Sometimes even in corrupt places you can get a fair hearing. And other times the governments won’t do a thing or are behind it.
David Bonderman
[In April 2013] India’s a good example where bribery is a way of life from the top to the bottom. And you just have to learn not to deal with those who are corrupt.
David Bonderman
[In April 2013] We as a private equity industry are substantially funded by pension funds and some sovereign wealth funds.
David Bonderman
[In April 2013] The real problem with Africa is that the markets are small… The only two countries that really have markets of any size are Nigeria which has a whole set of problems and South Africa which has a whole set of problems. What is attractive with Africa is that it’s starting from a very low base.
David Bonderman
[In April 2013] A lot of these countries are moving the most and improving the most because they are the worst.
David Bonderman
[In April 2013] Improving is better than getting worse.
David Bonderman
[In April 2013] If the base is low enough, you can improve for a long time at the bottom of the list.
David Bonderman
Sound fiscal and monetary policy. Because if your currency is unstable you can’t invest. Nobody worries about the currency in China.
David Bonderman
I think that what we leave behind us is extremely important.
David Bonderman
Bonus
[On David Bonderman] He’s a remarkable dealmaker.
Richard Rainwater
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