And we are joined by the men gestured speaking there, David Rubenstein is the cochair of the National Book festival. At what point did you decide to become involved with the library of congress and National Book festival . A number of years ago when Jim Billington was still the librarian of congress, i made a modest contribution and he asked me to get involved. I got involved as the cochair and eventually the chair of the medicine counsel which is the support arm of the library of congress. It does not have enough money to get everything that it once from congress so they try to get philanthropic support. The medicine counsel is that arm and i have charted for the last several years. You have the money to donate because you are an investor. Your recent focus how to invest masters on the craft. When did you start investing . I started a large private equity and Firm Private Equity firm. I would not say i am a great investor but people in the firm are great investors. This people is designed to give insights into what make people great investors. did you talk to . I dedicated the book to Warren Buffett whom i previously talk to. Michael morris who helped to build sequoia, one of the best venture firms, another great investor, one of the great overall macro investors, joe simons who helped invent quantitative investing, larry fink who built blackrock. A number of people. We will put the numbers on the screen if you have a question or comment for David Rubenstein. A lot of topics he can talk about, he has also written history and leadership books. The numbers are up on the screen. Go ahead and dial in. What is the goal of investing . It is the highest return on money invested, correct . Not necessarily. There are some people who care about other things. There are people who care about esg, environmental, social, and government factors. They will not invest in oil and gas because they do not think that is good for the Global Climate situation. Generally investors are trying to get a good return on their money and do it in a legal and ethical way. Someone who owns a Venture Capital firm, are you an esg investor . Carlisle as one of the best esg programs. We do look at esg standards, but it is not the only thing we look at. If something looks good in esg but it is a bad investment will not do it. Do you agree with the esg philosophy . The esg philosophy means Different Things to different people. Some people would say like david whom i interviewed that you should focus principally on esg and you will get better rates of returns. Other people think now esg is being overemphasized and some people think there is a wave of bad feelings towards esg investment. That is not my view but some people feel esg as gotten much attention. There was a young man standing over here who is very excited to have you sign his book and meet you. What is your advice to the teenager . Do well in school, read as you can, learn how to be a good speaker. You cannot be too much, learn how to write well, get a good education, make sure you listen to your parents, but generally if you are interested in an investor in being an investor a good education helps. Investors are people who are well read, they have added a bit of they have an ability to pick up information. If you dropped out of high school you are not likely to be a great investor. Investing requires a good education, a field for numbers and other skills. When you say a feel for numbers, do you need math skills . Good arithmetic skills, you need to have a facility for numbers and not be afraid of numbers as some people are. If i like a certain pair of shoes and i think that Company Makes a good pair of shoes, what should i be looking for. There was a general view, peter lynch said if you like a product look at the company, and maybe it is a good investment. You might look at the company and see with the company is doing and whether the company has characteristics that might make it a good investment. Lets hear from eleanor coming in from bethesda, maryland. You are on with David Rubenstein. I need to talk mr. Rubenstein what a delight is program is on sunday evening and what example of a beautiful way to use resources that are great to build up american treasures and add to them. It is a wonderful, wonderful project. I loved everything about the program on sunday, friday nights when he gets his tie straightened and he starts to talk to some interesting individuals about how they made success. Very interesting, so thank you very much, mr. Rubenstein. Thank you for your kind words. What was eleanor referring to on friday night and sunday night . I have a program where i interview people at the New York Historical society and it is put on pbs. I have a program on bloomberg tv that is put on pbs as well. And the new art Historical Society program . Is people who are great writers typically history but not only history. It is about a halfhour interview and a fulllength interview. It is a long interview for a history book. People who are just meeting you for the first time tonight, she also referred to civic investments that u. S. Made. Not to give the whole list but just some of the things you have done . I call it patriotic philanthropy. When the Washington Monument and earthquake damage i put money up. Recently iwo jima, monticello, mount vernon as well. I try to fix buildings that are historic but do not have enough money from the government to make it as good as it should be. Are you willing to tell us a successful investment that you may personally and one that was not successful . I do not have enough time to talk about all of the ones that were not successful. The ones i regret are the ones that i did not do. I did not invest in facebook. We were an early investor in amazon but we sold our stock too soon. Carlisle has made thousands of investments over the years. We have been around for 35 years. If you do not have bad deals you are not doing good investing, because not everything works out even forewarn buffet. The governor of virginia, glenn youngkin. He was at our firm for about 25 years. It did a very good job for us. Frank, daytona beach, florida. I am calling it because i went to ask you if you think that nonfiction or fiction literature is more important to society, and as a followup, what is your favorite fictional book . I tend to read more nonfiction than fiction to be honest, but i cannot say that fiction is insignificant. Fiction books have had more impact on society than many other nonfiction books. Uncle toms cabin had an enormous impact on society. I think gone with the wind had an important impact on society as well. Fiction books have done incredible things to change the attitudes of society. Nonfiction books have a big impact as well. How to invest, how to lead, two books in her series. I am thinking i should do out to interview, the skill of interviewing . You should write a book about it. Investing, can it hinge on luck . Everything in life hinges on luck but you make your own luck. If you were waiting for something lucky it to happen it probably will not happen. You make your luck by contacts, adding to know people. Luck is an important part of life and investing is an important part of life. Is there an emotional aspect would investing . Yes, i think you have to enjoy it and that is an emotion. If you get too emotional you might make a mistake. Obviously if you do very well and make a lot of money you can give that money away and be satisfied with the money you have given away. That could be emotional. David rubenstein, is newest book is called out to invest masters on the craft. He has written about leadership, cochair of the Carlyle Group and chairman of the board for the jfk center for performing arts and national gallery
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