Billionaire investor Ron Baron: If I had more money to invest, I would invest it

GREAT PEOPLE AND PEOPLE WE TRUST

AND PEOPLE WE LIKE

TOM PRITZKER IS MY FRIEND.

HE SAYS YOU KNOW I HAVE BEEN

TRYING TO FIGURE OUT HOW YOU DO

THIS

HOW DOES THIS HAPPEN

HOW DO YOU PICK STOCKS

I FIGURED IT OUT

YOU TRY TO FIND PEOPLE WHO YOU

REALLY LIKE WHO YOU REALLY

ADMIRE AND THINK ARE GREAT AND

YOU CAN TRUST THEM

YOU INVEST AND FIND OUT A WAY TO

INVEST WITH THEM

IF YOU LIKE THE PERSON, YOU

FIGURE OUT A WAY

THAT'S WHAT YOU DO

I THINK THAT IS WHAT WE DO

WE FIND AND IT GOES BACK TO WHEN

I WAS A KID AND IN ASBURY PARK

ONE GUY OWNED THE RIDES ON THE

BOARDWALK.

PEOPLE GO TO THE BOARDWALK AND

PLAY THE CUPIE DOLLS OR UMBRELLA

FRANCHISE.

I SEE THESE THINGS AND MY WHOLE

LIFE IS THE PEOPLE WHO MY

GRANDFATHER STARTED OFF AS A

CONSTRUCTION WORKER AND THEN

OWNED A CANDY STORE.

HE JUST FIGURED OUTPUT MORE PINK

BALLS IN THERE TO BOUNCE THE

PENNY ON THE STREET.

IT IS ABOUT BEING LONG TERM

ABOUT EVERYTHING

THE PEOPLE WHO HAVE DONE THE

BEST HAVE INVESTED IN THE LONG

TERM IN BUSINESS

THAT TAKES YOU THROUGH THE

INFLATION.

ONE MORE THING

A WEEK AGO THERE WAS AN ARTICLE

IN THE TIMES INTERVIEWING SIX OR

SEVEN MONEY MANAGERS

EVERYONE SAID WE WAIT UNTIL

INFLATION PEAKS AND RATES GO

DOWN

EXCEPT ONE GUY

HE SAYS WE WILL GET THROUGH

THIS

HE SAID IN 1963, WE WERE

STOPPING THE CUBAN MISSILE

CRISIS AND STOPPING RUSSIAN

SHIPS IN THE OCEAN

WE GOT THROUGH THAT.

THEY HAD THE NATIONAL GUARD

SHOOTING KIDS ON CAMPUSES.

WE GOT THROUGH THAT.

WE HAD ASSASSINATION OF

POLITICAL LEADERS.

WE GOT THROUGH THAT.

THERE ARE ALL OF THESE THINGS

THAT HAPPEN ALL THE TIME

ON THE OTHER HAND, THIS CHAOS

WHENEVER WHEN HAD IT BEFORE, WE

COME THROUGH AND THE STOCK

MARKET IS 800.

IT IS NOW 32,000

>> ARE YOU PUTTING MORE MONEY TO

WORK RIGHT NOW BECAUSE YOU CAN

FIND MORE OPPORTUNITIES BECAUSE

PRICES HAVE COME DOWN OR IS THIS

A SITUATION WHERE YOU LITERALLY

KEEP YOUR HEAD DOWN AND IT IS

BUSINESS AS USUAL?

>> LAST NOVEMBER OR OCTOBER, YOU

COULD NOT FIND THINGS THAT WERE

EXPENSIVE.

THEY WERE CHEAP.

NOW YOU CAN'T FIND THINGS THAT

ARE EXPENSIVE.

IF I HAD MORE MONEY TO INVEST, I

WOULD INVEST IT.

I'M VESTED.

>> FULLY VESTED?

>> YEAH.

WE GET MORE MONEY IN CHUNKS.

AS SOON AS WE GET IT, WE INVEST

IT

I FIND THINGS EVERYWHERE

THAT DOESN'T MEAN THIS IS THE

BOTTOM

THAT MEANS THIS IS THE GREAT

TIME TO INVEST

YOU WILL HEAR HYATT AND VAIL

THOSE ARE COMPANIES WE INVEST.

THESE ARE COMPANIES SELLING AND

BUY IN THEIR STOCK

THEY HAVE A COUPLE OF PERCENT

YIELD AND SHRINK CAPITALIZATION.

THERE ARE BENEFITS FROM

INFLATION.

IN THE 1970s, WHEN I WAS

INVESTING IN THE BEGINNING AND A

LOT OF INFLATION AT THAT PERIOD

OF TIME, I WOULD NOT UNDERSTAND.

THE STOCK MARKET KEPT GOING

DOWN

THESE BUSINESSES IN WHICH I'M

INVESTING, ONCE THEY OWN GETS

MORE VALUABLE.

IN THE 1970s, THE STOCK MARKET

WAS GOING DOWN, BUT THE

BUSINESSES I'M INVESTING, IN THE

1

1970s, THEY ARE MAKING MONEY

BECAUSE THE COMPANIES WE'RE

INVESTING IN THEY KEPT GROWING

THROUGH IT ALL

NOW DISNEY AND McDONALD'S AND

FEDERAL EXPRESS AND NIKE KEPT

GROWING.

AND PHILANTTROPICANA.

I WOULD NOT HAVE BEEN ABLE TO

MAKE A LIVING BEING A LONG-TERM

INVESTOR IN THE '70s

SELL NIKE TO BUY HYATT

WHAT WOULD HAPPEN IS THAT I LOOK

BACK AFTER TEN YEARS OR 15

YEARS.

I SAID I'M A DISASTER.

LOOK AT THE COMPANIES THAT I

RECOMMENDED SELLING.

I COULD HAVE BEEN RICH

THEY DOUBLED O