>> HELLO, EVERYONE.
DID YOU CHOOSE THAT WALK IN MUSIC? >> THAT WAS MY THEME. [LAUGHTER]
>> GREAT TO SEE YOU. . >> NICE TO SEE YOU. >> THIS IS A GREAT CROWD WE
HAVE TO LISTEN TO WHAT YOU HAVE TO SAY.
I LOVE TALKING TO YOU IN THESE CONTEXTS BECAUSE YOU ARE
EXPERIENCED, RELENTLESSLY CURIOUS, AND SO WELL-CONNECTED.
PART OF IT STEMS FROM YOUR NETWORK OF PEOPLE BUT ALSO I
THINK IT IS FAIR TO SAY YOU ARE SORT OF NOW NOT THE CEO BUT FOR
A LONG TIME THE CEO OF CEO'S. YOU HAD THIS POOR OLIO
COMPANIES. AND THEY GIVE YOU GREAT
INSIGHTS INTO WHAT IS HAPPENING IN THE WORLD.
I WANT TO START THERE, WHAT DOES THE WORLD FEEL LIKE RIGHT
NOW TO YOU AS AN INVESTOR? >> I SORT OF FEEL TODAY LIKE I
AM ON THE BEACH. SUNNY, NICE OUT BUT I HAVE READ
THERE IS A TSUNAMI COMING OR SOME SORT OF A MAJOR STORM.
I DON'T SEE IT BUT IT IS COMING. WHAT WE ARE SEEING IS IT IS A
TALE OF TWO WORLDS IN A WAY. THE GOOD SECTOR IS SLOWING DOWN
-- GOODS SECTOR IS SLOWING DOWN AND INFLATION IS AFFECTING A
LOT OF COMPANIES, ABLE TO PASS ON THE COST AS EASILY AS THEY
HAVE IN THE PAST. THEN YOU HAVE THE SERVICES SIDE.
THAT SIDE IS DOING EXCEPTIONALLY WELL, TRAVEL,
LEISURE, ETC.. THAT IS DOING VERY WELL.
I DON'T SEE RIGHT NOW ANY REAL SLOW. HAVING SAID THAT.
-- HAVING SAID THAT, WE EXPECT INFLATION TO STAY STICKIER
OVERALL AND IN LARGE PART FOR SEVERAL REASONS, ONE IS TIGHT
LABOR MARKET, VERY TIGHT. THAT IS NOT GETTING A LOT
BETTER. THE ONE THING I GUESS I COULD
BE ENCOURAGED BY IS THE PARTICIPATION RATE FROM 25 TO
50-YEAR-OLDS AS -- HAS PICKED UP AND I THINK IT IS OVER 80%
83%. THAT IS QUITE GOOD. 55 AND OVER HAS DECLINED.
IT IS IN THE 30% -- 38%. YOU WILL HAVE A TIGHTER LABOR
MARKET FOR LONGER IN MY VIEW. THAT IS TOUGH.
SECONDLY YOU HAVE INFLATION SHOULD STAY UP BECAUSE THE
ENERGY TRANSITION, CAPEX, AN ENORMOUS AMOUNT OF MONEY AND
I'VE COURSE GEOPOLITICAL TENSIONS.
OUR COMPANIES THAT WE HAVE AT ONE TIME ANYMORE LESS 200
DIFFERENT COMPANIES AROUND THE WORLD, THEY ARE SEEING A LOT OF
THE SAME THINGS, BUSINESS IS NOT TERRIBLE, REVENUES ARE UP
DOUBLE DIGIT, EARNINGS ARE HIGH SIGEL DIGIT RIGHT NOW AND WE
EXPECT THAT FACT TO CONTINUE AS LONG AS WE MANAGE THE COST SIDE.
>> SO WHEN YOU TALK TO THESE CEOS, ARE THEY NERVOUS,
EXCITED, CAUTIOUS, HOW WOULD YOU CHARACTERIZE THEM GENERALLY?
>> I DON'T KNOW HOW YOU GET EXCITED ABOUT INFLATION RUNNING
WHERE IT IS OR A SLOWDOWN IN THE ECONOMY. HAVING SAID THAT, I WOULD SAY
THEY ARE CAUTIOUS AND ARE CAUTIOUS ON CAPEX, CAUTIOUS ON
ON, THERE CAUTIOUS ON EXPANSION. SUPPLY CHAIN IS GOTTEN BETTER.
STILL NOT PERFECT YET. YOU STILL HAVE ISSUES WITH
CHINA AND A LOT OF OUR COMPANIES HAVE USED CHINA AS A
SUPPLY BASE. WE ARE JUST BEING CAUTIOUS.
THAT IS THE RIGHT THING TO DO RIGHT NOW. WHERE WE CAN TRY TO PUSH OUT
MATURITIES, ETC. JASON: I WOULD IMAGINE THAT THESE TWO
DECIDEDLY NOT ROBUST TO MAKING MARKET. HENRY: PRETTY QUIET.
IF YOU THINK ABOUT IT, JASON, TODAY YOU HAVE GOT IT LOOK BACK AT 2021, JULY 2021, YOU HAD
HIGH-YIELD IPO'S AND PRIVATE CREDIT, OR CREDIT, NOT PRIVATE
CREDIT, AT 8.5% OF GDP. TODAY, LAST APRIL ABOUT 1.3% OF
GDP. WHAT HAS HAPPENED IS YOU HAVE A
MUCH TIGHTER CAPITAL MARKET. THAT JUST MAKES IT TOUGHER TO
DO THOSE. HAVING SAID THAT, THE PRIVATE
CREDIT MARKET IS VERY STRONG RIGHT NOW.
PEOPLE LIKE KKR AND OTHERS THAT HAVE A LARGE PRIVATE CREDIT
BUSINESS, WE ARE ABLE TO FILL THE GAP.
SECONDLY, WE BOUGHT SEVERAL COMPANIES THAT WE JUST DID ALL
EQUITY AND WE WILL FINANCE LATER WHEN RATES COME DOWN, AND
WE HAVE PLENTY OF EQUITY CAP AND WE WILL BUY WHICH EQUITY.
WHAT YOU ARE GOING TO SEE, I THINK, IS A SUSTAINED PERIOD OF
TIME WHERE THE CAPITAL MARKETS WILL STAY TIGHTER.
IT IS NOT TO DATE A CREDIT ISSUE. IT IS NOT THERE YET.
IT IS MORE OF A LIQUIDITY ISSUE RIGHT NOW AS TO WHY YOU ARE NOT
SEEING AS MANY PRIVATE EQUITY DEALS DONE. JASON:
I WANT TO GET INCOME BASED ON WHAT YOU JUST SAID, INTO THE
GUTS OF KKR. WHAT YOU DESCRIBED IS A VERY
DIFFERENT FIRM FROM WHAT YOU AND YOUR COUSIN GEORGE ROBERTS
STARTED IN 1976. 95% OF THE MONEY RAISED LAST
YEAR WAS NOT PRIVATE EQUITY. IT WAS ALL IN THOSE AREAS THAT
YOU DESCRIBED AND MORE. HOW WOULD YOU DESCRIBE THIS
FIRM RIGHT NOW? HENRY:
I THINK YOU HAVE TO GO BACK A LITTLE BIT AND UNDERSTAND THE
MOST IMPORTANT CONVERSATION THAT JERRY COME GEORGE, AND I
HAD IN 1976, AND THAT IS WHAT KIND OF CULTURE DID WE WANT TO
HAVE. IT WAS VERY IMPORTANT TO US TO
HAVE A CULTURE WHERE EVERYBODY WAS INCLUDED IN EVERYTHING WE
DID. THAT MEANT EVERYONE WAS PAID
FOR AND GOT PART OF THE CARRIED INTEREST, PART OF THE FEE
INCOME, BECAUSE ALL WE DID WHEN WE STARTED WAS PRIVATE EQUITY,
WHETHER YOU WORKED ON A DEAL OR YOU DIDN'T, WHETHER YOU ARE
PARTNER AT THE FIRM OR NOT A PARTNER AT THE FIRM.
FAST-FORWARD 47 YEARS, WE HAVE 26 OFFICES AROUND THE WORLD
MAYBE 40, 45 DIFFERENT PRODUCTS THAT WE HAVE AT KKR TODAY,
RANGING ALL THE WAY FROM EVERY KIND OF CREDIT PRODUCT,
INFRASTRUCTURE, REAL ESTATE, PRIVATE EQUITY, GROWTH EQUITY,
ETC. AND TODAY IT IS EXACTLY THE SAME CULTURE.
EVERYONE AT THE FIRM GETS TO PARTICIPATE IN EVERYTHING WE DO.
THAT MEANS THAT IF I CAME IN TO SEE YOU AND YOU ARE THE CEO OF
A COMPANY, IT USED TO BE ALL WE COULD TALK ABOUT HIS THE
COMPANY FOR SALE. TODAY, LET'S GET TO KNOW YOU.
WE ARE VERY BIG BELIEVERS THAT PEOPLE DO BUSINESS WITH PEOPLE
THEY LIKE AND TRUST. BUILD A RELATIONSHIP.
THAT IS HOW WE GO ABOUT IT. EVENTUALLY FIND OUT BECAUSE
EVERYONE AT KKR HAS A TOOLKIT. THEY FIND OUT THAT THIS COMPANY
NEEDS TO REDO THEIR BALANCE SHEET. THIS ONE WANTS TO MAKE AN
ACQUISITION, BUT THEY DON'T HAVE THE BANKS COVERING THEM
ANYMORE BECAUSE WE ARE IN A TIGHTER CREDIT SITUATION, ETC.
WE ARE ABLE TO BE ABLE TO PROVIDE CAPITAL UP AND DOWN THE
CAPITAL STRUCTURE. YES, THAT IS CORRECT.
LAST YEAR, ABOUT 95% OF THE MONEY WE RAISED, WHICH WAS
SOMEWHERE IN THE $75 BILLION, $80 BILLION RANGE, WAS NOT
PRIVATE EQUITY F THE REASON FOR THAT WAS WE HAD FINISHED
RAISING LARGE PRIVATE-EQUITY POOLS OF CAPITAL ALREADY.
THAT MONEY WAS USED FOR CLIMATE, ESG, REAL ESTATE,
CREDIT -- ALL KINDS OF CREDIT -- AND FOR INFRASTRUCTURE.
WE ARE VERY DIVERSIFIED FIRM, IT WILL BE A SOLUTIONS PROVIDER
TO MANY COMPANIES ANYWHERE IN THE WORLD.
THAT IS REALLY BY DESIGN, WHAT GEORGE AND I AND JOE AND SCOTT
REALLY WORKED ON OVER THE YEARS. JASON:
ONE OF THE INTERESTING THINGS YOU HAVE GOTTEN INTO, AND THE
CO-CEO TALKED ABOUT THIS A COUPLE WEEKS AGO, LAST WEEK OR
TWO, GETTING INTO THE HIGH NET WORTH AREA, A NEW FUND RELATED
TO THAT. THIS HAS LONG BEEN THE HOLY
GRAIL FOR FOLKS IN THE ALTERNATIVE INVESTMENT BUSINESS.
TALK ABOUT THAT OPPORTUNITY, IF YOU WILL. HENRY:
JASON, THAT IS A HUGE OPPORTUNITY.
FIRST OF ALL, AND THE HIGH-NET-WORTH AREAS, $178
TRILLION OF CAPITAL NET WORTH, INCOME, ETC.
TODAY, 1% OF THAT IS IN THE ALTERNATIVE SPACE INVESTED.
SO, THINK ABOUT THAT. IF YOU GOT TO 3% TO 5%, WHAT
DOES THAT MEAN? THAT IS TRILLIONS OF DOLLARS
THAT WE WILL BE ABLE -- THAT IS TRILLIONS OF DOLLARS THAT WILL
BE ABLE TO GO INTO THE ALTERNATIVE SPACE.
I TALKED ABOUT ALTERNATIVE, WHAT I AM SAYING IS THAT HIS
PRIVATE EQUITY, INFRASTRUCTURE, REAL ESTATE, PRIVATE CREDIT,
ETC. AND SO WE HAVE COME UP WITH DEMOCRATIZED PRODUCTS ACROSS
THE BOARD HERE. AND WE ARE WORKING WITH
DIFFERENT REGISTERED ADVISORS AND GETTING ON DIFFERENT
PLATFORMS TO SELL THESE DIFFERENT PRODUCTS.
THIS IS FAIRLY NEW FOR US, BUT INITIAL REACTIONS SO FAR HAS
BEEN VERY STRONG. IF WE HAD THIS CONVERSATION 10
YEARS AGO AND YOU SAID TO ME, DO YOU THINK KKR WILL EVER BE
DEALING WITH THE HIGH-NET-WORTH POPULATION, I WOULD SAY IN A
SMALL WAY. BUT TODAY WE ARE NOW ABLE TO
DEAL WITH THE HIGH-NET-WORTH POPULATION GLOBALLY IN A MAJOR
WAY. THAT IS GOING TO CHANGE THE COMPLEXION. THESE ARE POOLS OF CAPITAL THAT
WOULD BE FAIRLY WELL TIED UP FOR FIVE YEARS AT LEAST, IF NOT
LONGER. WE ARE GOING TO COME I HOPE,
TAKE ADVANTAGE OF THE OPPORTUNITIES THERE TODAY.
JASON: ONE OF THE THINGS THAT IS GOING
ON AT THE FIRM, YOU ARE A YEAR AND CHANGE INTO PRETTY MAJOR
TRANSITION, WHICH IS YOUR JOB HAS CHANGED.
YOU AND GEORGE HANDED OFF THE CEO ROLES.
WHAT IS YOUR JOB RIGHT NOW? HENRY:
FIRST OF ALL, I'M GLAD AFTER 45 YEARS TO FINALLY GET PROMOTED.
[LAUGHTER] I'M REALLY HAPPY ABOUT THAT.
GEORGE ROBERTS AND I BOTH FOUNDED THE FIRM WITH JERRY
KOHLBERG, AND FOR 45 YEARS GEORGE AND I WERE CO-CEO'S.
WE ARE NOW CO-EXECUTIVE CHAIRMEN.
WE MEET OFFICIALLY ONCE A WEEK WITH JOE AND SCOTT.
WE HELP THEM THINK THROUGH STRATEGY.
THEY ARE RUNNING THE BUSINESS. THIS IS GIVEN TO THEM.
BY THE WAY, THIS TOOK A LOT OF THOUGHT ON GEORGE'S AND MY PART.
WE DIDN'T WAKE UP ONE NIGHT AND SAY LET'S JUST PICK SOME PEOPLE
OUT OF THE AIR. WE ACT WE STARTED WITH ABOUT
SEVEN PEOPLE THAT WE THOUGHT POSSIBLY COULD DO THE JOB.
NARROWED IT DOWN TO THREE PEOPLE -- THAT WAS OVER A
SEVEN-YEAR PERIOD. WHAT WE DID WAS TO MAKE JOE AND
SCOTT CO-CHIEF OPERATING OFFICERS IN 2017.
GEORGE AND I STAYED AS CO-CEOS, AND BE CAP GIVING MORE AND MORE
RESPONSIBILITY TO THEM CAN LET'S SEE HOW THEY DO.
AND THEY DID A PHENOMENAL JOB, PARTICULARLY DURING COVID.
THE FIRM GREW DRAMATICALLY DURING THAT PERIOD OF TIME, AND
THEY PERFORMED MAGNIFICENTLY AND THEY SHOULD REAL LEADERSHIP.
PICKING TWO PEOPLE -- I'VE HEARD OVER AND OVER AGAIN TWO
PEOPLE NEVER WORK. AT KKR, GEORGE AND I GREW UP
TOGETHER. WE'RE FOUR MONTHS APART IN AGE.
WE MET WHEN WE WORK TO COME WE ARE FIRST COUSINS AND BEST
FRIENDS. THAT IS THE BEST PARTNERSHIP
YOU COULD HAVE. WHAT WE SAW IN A JOE AND SCOTT
WAS THE FACT THAT THEY CAME INTO THE FIRM TOGETHER PROBABLY
26 YEARS AGO NOW. GREW THROUGH THE FIRM TOGETHER.
AND THEIR FAMILIES ARE BEST FRIENDS.
IF THERE WAS ONE PIECE THAT WE FOCUSED ON VERY MUCH, OBVIOUSLY
THEY HAVE CAPABILITY OF LEADERSHIP.
DID THEY BELIEVE AND IN THIS BY OUR CULTURE? THAT WAS CRITICAL.
-- BELIEVE IN AND LIVE BY OUR CULTURE? THAT WAS CRITICAL.
THIS CULTURE OF INCLUSION, EVERYBODY PUT IS ABATING --
EVERYBODY PARTICIPATING. THEY LIVE BY IT.
THAT WAS A VERY IMPORTANT PART. GEORGE AND I ALWAYS BELIEVE --
WE ARE ALWAYS ASKED, HOW DID YOU MAKE IT WORK SO WELL.
BY THE WAY, YOU 2 MUST FIGHT A LOT.
WE HAD A TERRIBLE FIGHT CAN WE BOTH WERE SEVEN. [LAUGHTER]
HE WANTED TO WRITE MY NEW BICYCLE, HE HAD COME UP TO
TULSA FROM HOUSTON FOR CHRISTMAS.
I GOT CHASED IN THE HOUSE BECAUSE I WANTED TO RIDE THE
BIKE FIRST. I RAN IN THE CORNER AND CRACKED MY HEAD OPEN AND I
HAD 26 STITCHES. THAT IS THE LAST FIGHT WE HAVE
HAD F THERE IS NO REASON TO GO FIGHT AND BUST YOUR HEAD OPEN.
JASON: WHO SAYS WALL STREET IS IN A
CONTACT SPORT? [LAUGHTER] HENRY: THAT'S RIGHT.
JOE AND SCOTT, WE SAW MANY OF THE SAME CHARACTERISTICS, THE
SAME FRIENDSHIP AND CAMARADERIE WITH THE FAMILIES AND THE TWO
OF THEM THAT GEORGE AND I HAVE. IT BECAME PRETTY NATURAL FOR
THEM TO THEN SUCCEED US. BUT WE BUILT THIS OVER A LONG
PERIOD OF TIME BECAUSE WE ALWAYS SAID WE WANTED A FIRM
THAT SURVIVED LONG AFTER GEORGE AND HENRY WERE GONE AND
CONTAINED THE SAME DNA WE HAVE BEEN ABLE TO BUILD FOR MANY YEARS IN THE PAST. JASON:
ONE THING I LIKE TO ASK YOU ABOUT IS NEW YORK CITY, BECAUSE
YOU HAVE BEEN A STEWARD OF THIS PLACE SINCE YOU CAME TO
COLUMBIA BUSINESS SCHOOL BACK IN THE DAY.
YOU HAVE BEEN VERY INVOLVED FROM A CIVIC, PHILANTHROPIC,
AND BUSINESS PERSPECTIVE. WHAT DO YOU SEE IN YOUR CITY?
YOU HAVE MOVED TO HUDSON YARDS, THE FIRM IS LOCATED THERE.
WHAT DOES YOUR KITTY FEEL LIKE AT THIS MOMENT --WHAT DOES NEW
YORK CITY FEEL LIKE AT THIS MOMENT? HENRY:
I WORRY ABOUT NEW YORK, AND I THINK IT IS GOING TO TAKE A
LONG TIME. WE HAVE SOMETHING WE DIDN'T
HAVE BEFORE, THE AFTERMATH OF COVID COME OF JUST GETTING
PEOPLE BACK TO WORK. I'M AM HAPPY TO SAY THAT AT KKR
WE GOT PEOPLE BACK ABOUT TWO YEARS AGO. WHAT WE SAID WAS WE ARE AN
APPRENTICE MODEL. PEOPLE LEARN FROM EACH OTHER.
WE EXPECT YOU TO COME BACK IN. THEY DID.
IT DIDN'T HURT IN NEW YORK, THE FACT THAT WE HAD A BRAND-NEW
OFFICE, GREAT FOOD, AND PEOPLE WANT TO BE TOGETHER.
AND YOU LEARN FROM EACH OTHER. ONE OF OUR BIGGEST CHALLENGES
IN NEW YORK, AND A CHALLENGE FOR MAYOR ADAMS COME IS GOING
TO BE TO GET PEOPLE BACK INTO THE OFFICE.
THAT IS GOING TO BE TOUGH. IT STILL ISN'T HAPPENING YET.
IT IS BETTER THAN IT WAS. THAT IS ONE WORRY.
SECOND WORRY THAT I HAVE IS JUST CRIME.
I WISH THAT THE MAYOR AND OTHERS IN THE GOVERNMENT COULD
FIGURE OUT A WAY TO BE MUCH MORE FOCUSED ON PENALTIES FOR
PEOPLE THAT COMMIT CRIMES. YOU CAN GO INTO STORES AND TAKE
UP TO $1000 AND NOT MUCH HAPPENS TO YOU. THAT'S WRONG.
WE'VE GOT TO START GETTING TOUGHER ON CRIME, AND IT IS
LIKE THE BROKEN WINDOWS 30 -- ONE WINDOW GETS BROKEN, ANOTHER
WINDOW GETS BROKEN, THE WHOLE NEIGHBORHOOD IS GONE.
THAT IS WHAT HAS HAPPENED IN PART.
THIS TURNAROUND IN NEW YORK, IT CAN HAPPEN.
I HAVE LIVED HERE SINCE 1967. COMING FROM OKLAHOMA.
BUT I THINK IT IS JUST GOING TO TAKE A LONG TIME TO GET BACK TO
WHERE WE SHOULD BE. JASON: AS WE START TO WIND DOWN A
LITTLE BIT, I HAVE TO ASK YOU ABOUT A VERY IMPORTANT TOPIC,
GOLF. YOU ARE VERY GOOD GOLFER. I KNOW THAT FROM A NUMBER OF
PEOPLE, INCLUDING MY BOSS AND YOUR FRIEND. HENRY:
DON'T BELIEVE EVERYTHING YOU -- [LAUGHTER] YOU JASON: JASON: ARE A DEALMAKER.
WE SAW A HELL OF A DEAL, PUTTING PJ AND LIV GOLF
TOGETHER. WHAT DO YOU MAKE OF IT? HENRY:
LOOK, I DON'T KNOW ALL THE DETAILS COME AND MY THAT IS THAT THERE IS MORE-- MY BET IS
THAT THERE IS A LOT MORE THAN HEADLINE SAY.
BUT GETTING TOGETHER IS THE BEST THING FOR GOLF.
THE LESSONS THAT WERE RAGING ON ONE SIDE, THE CULVERS FROM LIV
-- GOLFERS FROM LIV TAKING SHOTS AT PGA AND VICE VERSA
COMBAT IS NOT CONSTRUCTED FOR THE GAME.
GOLF FOR A WHILE WAS VERY FLAT. TIGER WOODS GOT INTO THE GAME
AND ALL OF A SUDDEN THE NUMBER OF PARTICIPANTS IN GOLF
INCREASED BY $2 MILLION, $3 MILLION PARTICIPANTS.
AND THEN IT STARTED BACK DOWN. YES, IT MAKES INTERESTING
READING, BUT IT IS NOT CONSTRUCTIVE.
I WOULD SAY THIS IS CONSTRUCTIVE.
I DON'T KNOW ALL THE FINE PRINT, THE DETAILS, BUT I AM
VERY HAPPY THEY'VE GOTTEN THIS BEHIND THEM.
YOU HAVE SOME VERY CAPABLE PEOPLE ON THE PGA SIDE THAT ARE
ON THE BOARD, HEADED BY ED HURLEY, JIMMY DUNNE.
THEY KNOW A LOT ABOUT GOLF AND THEY ARE DEALMAKERS.
WHEN I SAW THE HEADLINES COME ACROSS, I COULDN'T BE HAPPIER
THAT THIS IS I HOPE NOW BEHIND US, AND WE WILL BE ABLE TO GO
FORWARD WITH THE GAME OF GOLF. THE GAME OF GOLF IS NOT WHAT
YOU SEE ON THE TV, IT IS ALL OF US TO GO OUT ON WEEKENDS AND
GET A CHANCE TO KNOCK THE BALL AROUND. JASON: AS YOU REFLECT ON WHERE YOU ARE
-- WE TALK A LITTLE BIT ABOUT SUCCESSION AND WHAT YOU ARE
DOING. WHAT ENERGIZES YOU AT THIS
POINT FROM A BUSINESS PERSPECTIVE OR EVEN PERSONALLY?
THIS IS A PRETTY REMARKABLE CHAPTER YOU HAVE ENTERED INTO.
HENRY: I HAPPEN TO LOVE WHERE I AM
RIGHT NOW. FIRST OF ALL, I'M ASKED FROM
TIME TO TIME, WHAT DRIVES ME. FOR YEARS WHAT HAS DRIVEN ME IS
EXACTLY THE SAME, IF NOT EVEN MORE SO, CURIOSITY.
I DON'T THINK THAT ANYONE CAN BE A GREAT INVESTOR UNLESS YOU
ARE CURIOUS. YOU HAVE GOT TO BE CURIOUS
ABOUT A LOT OF THINGS, NOT JUST THE STOCK OR THE STOCK MARKET. IF I TOOK PEOPLE TO THE WINDOW
IN OUR OFFICE AND WE GO THROUGH 74 TO 80 AND SAID, LOOK OUT,
WHAT DO YOU SEE OUT THERE, I WOULD SAY POSSIBILITY, AS
OPPOSED TO I SEE THE TUGBOAT IN THE HUDSON RIVER.
YOU HAVE GOT TO SEE OPPORTUNITY AND SEE -- CONNECT THE DOTS.
WHAT DRIVES ME SO MUCH TODAY IS CURIOSITY.
I'VE SPENT A LOT OF TIME SINCE 1998, OUT OF MY BACK POCKET, IN
THE VENTURE, STARTUP WORLD. WE DIDN'T DO IT AT KKR, SO I
WAS ABLE TO DO THAT. TODAY I BUILD THAT UP
SIGNIFICANT AND I HAVE A LOT OF FUN MEETING WITH YOUNG
COMPANIES , ENTREPRENEURS, ETC. SECONDLY, I'M VERY INVOLVED IN
AN ORGANIZATION CALLED SPONSORS FOR EDUCATIONAL OPPORTUNITY,
AND THAT IS CRITICAL FOR ME. IT IS HELPING THE UNDERSERVED
COMMUNITY GET A GOOD EDUCATION FROM NINTH GRADE THROUGH
COLLEGE . I SPENT A LOT OF TIME ON THAT.
AND I'M STILL VERY INVOLVED WITH KKR. I'M AS BUSY TODAY OR THIS YEAR,
EXCEPT I DON'T HAVE TO WORRY ABOUT ALL OF THE DETAILED DAY
TODAY. JASON: SOUNDS LIKE A PRETTY GOOD JOB.
HENRY: IT'S A GREAT JOB. JASON: THANK YOU FOR SPINNING TIME
WITH US. PLEASE HELP ME THANK HENRY
KRAVIS. [APPLAUSE]
