Joe's View

I do what I normally do when I am in New York: run around and meet people. I start the day with Joe who is a self-made man and founder of a series of buy-out and hedge-funds representing >$7-billion. We met in '04 and toured around Europe in a private jet staying at five-star hotels which I learned from his secretary then is a hobby. Joe is a capitalist - he appreciates the value of a buck and how to make it, which often includes difficult decisions like down-sizing or management change. This environment is indeed difficult and he will do same. Eating salmon and drinking coffee, overlooking Central Park from the 46 Floor of CPW 1, we compare notes on our market and the difficulties ahead- amazing to him, New York has not changed which is to say people are out shopping and eating. Habits die hard. Joe's wife of >30 years reads the New York Times and occasionally enters the conversation to emphasize a point or add an addition. They work well together. From Columbus Circle, I lunch at the Greek Mylos which has the freshest seafood in Manhattan in my humble opinion. I eat some more salmon. In this instance I am with the world's second or third largest investor, AlpInvest, and here too we compare notes and again not much to be happy about (next to me several old biddies discuss foreclosures, which ruin the value of their $5-million Upper East Side condos). As goes main-street, there goes New York. And venture capital. And leverage buy-outs. And hedge-funds. And.. .and... and . . The day ends at 1880s chop-house Keenes on 36th and 6th Ave and a favorite of Teddy Roosevelt for its exhaustive whisky collection which remains more or less in place as far as I can tell. Like PJ Clarke's on the East Side, this place has seen old times and good times. I reunion with First Boston pals Kelly and Todd, who visits from Boston to present to HNW families+Katie, who joins from work. We end up at Kelly's fab apartment where I admire his hot-tub and drink red wine including a Monticello '97. Good year.

"Don't hit at all if it is honorably possible to avoid hitting; but never hit softly. "
Teddy Roosevelt

"I didn't grow up in the ocean -- as a matter of fact -- near the ocean -- I grew up in the desert. Therefore, it was a pleasant contrast to see the ocean. And I particularly like it when I'm fishing."
W., Washington, D.C., September 26, 2008