The Importance of Economics in Private Equity

I spend nearly all my time at Fulcrum as a macroeconomist. I'm very actively engaged in that with a corner of my life, but it isn't the main thing I do. KKR have and always have had analysts with a strong economic bent because they're picking sectors. And those sort of big sectoral decisions definitely have an economic content to them. Lately, what I've noticed we have a fortnightly call with my partners on the West Coast in Anthos. It's going to impact when the markets spring back to life,. When the IPO markets come back, they've gone by the way completely.