More Conversations

Top left: Bachhar with Larry Fink, Blackrock - Center: Bachhar with Bruce Flatt, Brookfield - Bottom right: Bachhar with Lionel Assent (upper right) and Kenneth Caplan (center), Blackstone

UC CFO Jagdeep Bachhar has had periodic conversations/interviews on Zoom with financial industry figures over the past year irregular intervals.* Three were held recently. As in the past, we have recorded the audio since the Zooms occur at times that may be inconvenient for readers.

On March 31, there was a conversation with Larry Fink of Blackrock:

https://ia801506.us.archive.org/0/items/newsom-03-04-2026/UC%20CFO%20Bachhar%203-31-2026%20Larry%20Fink-Blackrock.mp4

On April 1, there was a conversation with Bruce Flatt of Brookfield:

https://ia601506.us.archive.org/0/items/newsom-03-04-2026/UC%20CFO%20Bachhar%20Conversation%204-1-2026%20Bruce%20Flatt.mp4

On April 2, there was a conversation with Lionel Assent and Kenneth Caplan of Blackstone (not to be confused with Blackrock):

https://ia801506.us.archive.org/0/items/newsom-03-04-2026/UC%20CFO%20Bachhar%20Conversation%204-2-2026%20Assent%20Caplan%20of%20Blackstone.mp4

The general theme in all the conversations was that we are in it for the long run, so not to worry about such things as the Iran War. It will all work out. AI was depicted as the growth engine/opportunity of the moment but the investments being made are not so much directly in AI development but instead in such supportive industries such as electricity generators and data centers. 

When it came to Blackstone, some faithful blog readers will recall the episode in which UC funds essentially were involved in a bailout of the Blackstone Real Estate Investment Trust (BREIT "bee reet") in exchange for a promise of above-market returns. At the time, the real estate market was distressed and BREIT was rationing payments to investors who wanted to pull their money out. Bachhar was anxious to note that eventually the UC investment made "billions." But, as we pointed out at the time, the issue was whether at the time the terms of the bailout were prudent for UC and - given the risks perceived at the time - who should make the decision. It appeared that the decision was entirely Bachhar's alone.

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*https://uclafacultyassociation.blogspot.com/2025/06/june-conversation.html; https://uclafacultyassociation.blogspot.com/2025/05/the-conversation.html; https://uclafacultyassociation.blogspot.com/2026/03/another-forecast.html.