5 Things I Learned from David Rubenstein

In April 2011, I had the opportunity to interview David Rubenstein in front of 500 guests from Bisnow and Glassman Wealth Services. Looking back to before the US debt downgrade, and several tax and political deadlines, I realized that several of his comments stuck with me. Here are the 5 things I learned from him that day:

1. The US congress works in crisis mode, and has not shown that it is capable of effectively handling chronic issues. While not an optimistic and warm feeling, he was exactly right. For now, the stop-gap measures and constant deadlines are a self-made snare trapping congress in a never-ending cycle of crisis management. This is not healthy for the larger issues looming in our near future.
2. There is always political risk when investing in foreign countries. However, the greatest political risk we face is not with other countries, but in the US. We face serious problems with our deficit spending, long-term debt and currency.
3. China is no longer an emerging economy, although they’re still described that way. The country will face its struggles, but has so much going for it, that it should surpass the US economy by 2035.
4. Do what you are passionate about and do it on your terms. David defines passion as doing something regardless of compensation and at the exclusion of just about everything else. He started out in law and quickly realized that he did not have a passion for it before putting together private equity deals. Many people questioned David’s decision to establish a private equity firm in DC back in 1987 when every other serious player was in New York. I guess they were wrong.
5. Give back to those who made it possible. Here, we usually think of a mentor, professor or school. David gives back to America. From buying the Magna Carta for public display to helping to fund the restoration of the Washington Monument, David’s unbounded generosity benefits everyone who lives in or visits Washington, DC.

I hope you will join me on Wednesday, December 4 as I interview David Rubenstein once again. Learn more or register for Bisnow Live – 2014: Which Way is Up for Washington Business.