them using all of their senses. Those senses are defined and
refined by instincts born from repetition—riding thou-
sands and thousands of previous waves in all conditions.
They will first concentrate on surviving, then positioning,
then dominating the next wave.
Investing at this moment feels exactly the same. The
sea is swirling, the currents are crossed, the swells are ebbing
and flowing, the novices are drowning and there is grand
wipeout after grand wipeout of some of the great names,
which is intimidating and daunting to all.
Now is that moment for investing. Now is that mo-
ment when private equity has its greatest opportunity and
its greatest challenge. The turbulence we have experienced
in 2008 will dictate the circumstances for new investments,
which will surely find historically high returns. History has
shown that private equity returns soar at these deep in-
flection points in stabilized markets. Following the down-
turns in the early ’90s and 2000s, returns were upwards of
25% for US private equity firms.My thanks to Tom Barrack for his consistently great insights.
Let’s all remember to be champions in every situation and in all
conditions—starting right now.
DONALD J. TRUMP