On Monday, October 15, Afsaneh Beschloss travelled to Toronto to participate in the Fortune Global Forum, which was keynoted by Canadian Prime Minister Justin Trudeau. Afsaneh was featured on the “Global Investment Strategies” panel (video here and article here) along with Wei Sun Christianson, CEO of China and co-CEO of Asia-Pacific, Morgan Stanley; and Mark Machin, president and CEO, Canada Pension Plan Investment Board. Afsaneh discussed how in the coming months U.S. wages as well as inflation would go up, and that additional rate increases by the Fed will be warranted.
“In terms of Europe, we think the pressures will be the other way around.” With respect to emerging markets, she said they can be “your worst investment in a given year, or your best. You really have to look at the emerging markets over the long term. You have to have a 10-year perspective.”
There is strong investor interest across Asia, but there are also pockets of interest in markets such as Eastern Europe and Latin America. “The thing that is most interesting in these countries, though is the intersection of what we broadly call ESG, impact [investing] and sustainability. For too long, those types of investment have been put in a box and considered as non-returning, she said. “We are at a very interesting time, where you actually will make money investing in these.”
Afsaneh also spoke on the “China and the World: A New Era for Business” panel with Mayor Zhang Dehua of Yuxi Municipality, Yunnan Province; Chen Dongsheng, chairman and CEO of Taikang Insurance Group; Louisa Cheang, vice-chairman and CEO of Hang Seng Bannk; Vincent Qiu, CEO of Baozun; and Jonathan Woetzel, director of McKinsey Global Institute and Senior Partner of the Urban China Initiative for McKinsey & Company. Both panels were moderated by Adam Lashinsky, executive editor of Fortune magazine.
Other notable speakers at the Fortune Global Forum were: 2018 Nobel Laureate Donna Strickland; former U.S. Treasury Secretary Lawrence Summers; Daniel Schulman, president and CEO of PayPal; Chuck Robbins, CEO of Cisco; economist Dambisa Moyo; Kevin Johnson, president and CEO of Starbucks; and Steve Case, chairman and CEO of Revolution.
Video of the prime minister’s speech is available here. Following the conference, Afsaneh and RockCreek Managing Director Alifia Doriwala had a 20-minute meeting with Trudeau, during which they discussed U.S.-Canada bilateral trade and investment. You can read more about that meeting here.