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Robert Wallace on Europe’s struggle with various challenges
"The geopolitical and macroeconomic climate in Europe is concerning. The risks are elevated versus most periods of time. [...] I do think that the backdrop of uncertainty in Europe makes it challenging to know exactly what to do as in investor in that region.”
Robert Wallace on Stanford’s investment strategy
"I would advocate any investor that has an adequate time horizon to not be afraid to lean into periods of uncertainty and dislocations because really valuable businesses tend to gain market share in periods of economic weakness. Valuable assets become more valuable. But you might be able to buy them at a discount when everybody else is a little bit fearful and when a little bit of panic is in the air."
“Having the discipline to maintain your time horizon when other people are getting nervous is a key part of what we do at Stanford University. I would advocate that most investors as long as they have a sufficiently long time horizon and no near term liabilities try to do the same thing."
Robert Wallace on interesting sectors in Europe
"We see technology becoming more important and more investible in Europe in general."
"A lot of that creative destruction will arise in Europe, and it will be very good for the European economy and for the world as well."
"One thing that's clearly going to be an important investment theme for Europe is how it achieves energy security and energy independence."
Robert Wallace on the outlook to European companies
"In general high quality businesses [...] that have a strong enduring appeal are going to come through this period of weakness certainly stronger.”
“I would advise people to look for quality and for businesses that have some material degree of pricing power and the ability to pass on costs and can also take advantage of weaknesses in their competitors and so gain a little bit of market share in a difficult time."