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Tilman Fertitta becomes "very conservative" amid fears of recession



Billionaire Tilman Fertitta told CNBC's "Power Lunch" on Monday that he is doing things in a "very conservative way" amid fears of a global downturn.

"I think most American companies do things in a conservative way," added Fertitta, a restaurant, hotel and casino magnate who also owns the NBA's Houston Rockets.

Responding to growing concern about a potential recession, Fertitta said, "We have had a great 11-year run here and history has always recurred and we will get [a recession]."

While retail sales are up and consumers are spending money, Fertitta said: "It's not as robust as it was."

According to data released last week, the US Consumer Sentiment Index fell to 92.1

in August, which is the lowest indicator reading in 2019. Economists who was asked by Refinitive predicted that the preliminary reading in August consumer sentiment would reach 97, down from 98.4 in July.

"Remember, everyone fills their minds. You can only buy so many new cars. You can only buy so many new TVs. You can only lose so much in a casino. So at one point the consumer is full. They used up the credit. I think we're coming to an end, "said Fertitta, also host of CNBC's" billionaire buyer. " The United States. "It's a global issue right now. Every city and person I've talked to [in Europe] said [their] business is around 20% this year."

"If it becomes a completely global economy problem, like happening right now, it will completely affect the United States and bring it down because of all our exports, "he added.

The owner of restaurants and casinos repeated: "If you make a big leap out there, that paddle will get you behind right now because of a recession. It may not come until 2021, 2022 or 2023, but there will be one. History always repeats itself. "


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