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INTERNATIONAL – Elon Musk and Warren Buffett might seem like an unlikely pair, given the unpredictability of the first and the sober Midwest. But the books featuring Presidents of Tesla Inc. and Berkshire Hathaway Inc. are on the playlist of 2016 Formula 1 World Champion Nico Rosberg.
Since he retired after his great victory, the son of legendary Finnish race Keke Rosberg has embarked on an intensive course on ever-changing technologies and on the way of Invest in it.
Rosberg, who turned 33 last week, remains active in the racing world and on his popular vlog on YouTube, but the intense attention he's developed as a driver is now headed to startups. Although he quotes The Intelligent Investor from Benjamin Graham as a guide to investing wisdom, his portfolio is getting closer to companies such as Lyft, What3words and Musk's SpaceX
The study of "impact technologies", which Rosberg defines as technologies that "will change the world for the better without taking anything away from the present", have leads to explore companies around the world. from Silicon Valley to China. Rosberg spoke of his unusual transition from an ultimate gearbox to an enlightened investor as part of a Young Successors program recently organized by UBS Group AG in New York for adult children of the bank's ultra-wealthy clients . Bloomberg caught up with him afterwards. The comments have been edited and condensed.
You are a year and a half exploring the world of technology. Is there a contractor that you particularly admire?
Well, Elon Musk. I love how he does not care, he just does his own thing and what he wants to do and believes and just pbades through. Even though it's too early, it does, and it creates such a dynamic. He managed to force the entire automotive industry to rush towards mobility [digital ride-hailing, ride-sharing services, autonomous driving] because everyone was so scared that he was going to take away all the stuff.
What accomplishment in itself and what impact it will have on our world, forcing the whole automobile world to become electric.
It's just a thing. There is also room, where it could also have a huge impact. I now read Elon Musk's book (Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future, by writer Bloomlee Businessweek Ashlee Vance) and a book by Warren Buffett.
Have you met Musk?
A little later, when I won [the Monaco Grand Prix] in 2014. He was present at the gala dinner because Princess Charlene had invited him.
I met Tesla's design director, Franz von Holzhausen, at the Los Angeles headquarters before going to Silicon Valley in 2017. I drove the 3 n model 5. I drove him angrily, thoroughly. I was very impressed. When I was in Silicon Valley, Musk was launching his Hyperloop. I've visited with Tesla, Waymo with CEO John Krafcik and Instagram with co-founder Mike Krieger. You have invested in Formula E, SpaceX and Lyft. What else do you have?
I invested in SpaceX through a venture capital fund and I co-invested with Atomico (an international venture capital firm that "invests in breakthrough technology companies with ambitious founders "). startups, that's the beginning. A startup in which I am invested is What3words. It's one of the coolest. It's remapping the whole world. Each square of the Earth is described with three words. (What3words divides the world into 57 trillion squares of 10 by 10 feet, each square being badociated with a unique three-word address.)
It's great, but can it convince consumers, people, to leave a thousand years … old address system behind? If they can, it will change our world and have a huge impact in developing countries where navigation is a disaster. What kind of technological network did you build? These are the big European investors, especially some from Germany, and then the individuals in these groups. Formula 1 was an excellent opener, and I tried to maximize that. It's more difficult in America, because Formula 1 is stronger elsewhere. I do not have the badytical skills now, but I trust the people in my network and I can co-invest. Have you been back in Silicon Valley?
No, I'm focusing more on Europe. Europe needs a push. [Laughs.] This is behind America and behind China – in everything but especially in mobility, even though the world's major automakers are in Europe. Imagine that. It's crazy. What is your risk tolerance? I am very conservative. I would never touch my capital, that I just want to generate income.
I want it to be so for my children. I have therefore done a lot of real estate, focusing on Monaco, really. Just a property in Monaco is a great value. I get a net return of 3% on some properties. It's pretty safe.
There is a sustainability revolution now, it's been a long time, but now it's really going to start when prices go down. Mobility has just reached the breakeven point with gasoline and cars, and the same with solar energy – it's not there yet but it gets there, and it will take off as soon as it happens. Will this be part of your portfolio? That's 100 percent right now. Crypto. Yes No Maybe? Oh my God.
I've read a whole book even on blockchain, and I'm not much smarter than before reading the book. You can see the huge benefits, but even then, to get us adopted, it will be a big step from what we are used to. The smart contract stuff is impressive, and what it will do for Third World landowners – the land records and everything else – the values that will suddenly come up and the socio-economic impact will be huge. You will start to suddenly attract international money and everything. So, are you educating yourself about it now? It's something you need to know. Blockchain will go big. Crypto, I do not know.
What I do not like is instability. You have to make it stable so that it has a real long-term place. Until then, why would you want to own Bitcoin if it jumps 50% each week? It does not make sense. My instinct is that I will not go until it is stable. Until now, it was just a speculation vehicle mainly. And that's all. You talked about how you started to meditate when you were racing.
Some big investors are interested in that too. Everyone is close to burnout, both in the world of investing and in our society. Everyone has this tendency. The thing is, I am so far from exhaustion because everything is less intense. I am used to the ultimate intensity level.
– BLOOMBERG
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