Carlyle Group co-founder and co-CEO David Rubenstein believes the US will enter a recession sometime in the next three years.
Rubenstein says it's inevitable because the country tends to have a recession every seven years or so since World War II. But he believes the recession isn't here yet, forecasting a modest growth of 1% to 2% this year.
Carlyle was launched in 1987 and has managed $193B in private equity holdings, real estate, credit assets and hedge funds. Its stock took a hit this year, falling 31% to below its IPO price. Rubenstein says the company is not happy with its stock price, but the market will eventually recognize its value. [Bloomberg]
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