2023 Winter Roundtable
Welcome Letter

Dear Colleagues:

It is a pleasure to welcome you to La Jolla, CA, and the Pacific Pension & Investment Institute’s Winter Roundtable.

As we convene, the traditional economic cycles between boom and bust have transitioned from quantitative easing to rising interest rates. As central banks attempt to straddle that fine line between measured growth and triggering a recession, we must deal simultaneously with inflation fears and seemingly fewer options for high-impact investments.

The tragic war in Ukraine has entered its second year, with prices for energy and foodstuffs continuing their rise. Major oil-producing countries are contributing to the increasing costs, with Saudi Arabia increasing the price of shipments while Russia is decreasing its production. Meanwhile, overall bearish sentiment has led to rising bond prices, fewer IPOs, and layoffs from tech companies previously thought recession-proof. Reasons for optimism are present; China’s reopening of its domestic market perhaps offers sources of growth. Biotechnology, climate mitigation solutions, cybersecurity, and fintech bring the potential for healthy long-term investments and the opportunity to contribute to the greater good.

As the world has steadily resumed many traditional modes of commerce and travel, the PPI team has taken advantage of the opportunity to visit with some of you, with additional trips to members planned in the coming months. We value these intimate conversations, which give us a unique window into your concerns and aspirations. While the diversity of our opinions is one of our greatest strengths, a common denominator connects us all: a belief that the patient capital we have at our disposal is a powerful tool to promote social resilience. I am convinced, more than ever, that this community has the desire and the ability to make profound contributions to its beneficiaries and the global community in which we operate.

At this Winter Roundtable, our first of 2023, we will explore global developments, specific geographies, and promising sectors. We will dialogue with both our members and external experts, always seeking to learn from others and gain the perspective of their viewpoints. I am delighted that so many of you will join us in person for what I am confident will be an interesting, enjoyable, and valuable experience. As always, if there is anything we can do to make your participation more pleasant or beneficial, please do not hesitate to let us know.

Again, thank you for being a valued part of our global PPI Community. I look forward to engaging with you all in La Jolla.

Sincerely yours, 

Lionel C. Johnson
President