Declaration

David M. Rubenstein, Co-Founder and Co-Chairman of The Carlyle Group and Owner of the Baltimore Orioles

Episode Speakers

Todd S. Rich

Host

David M. Rubenstein

Co-Founder and Co-Chairman of The Carlyle Group and principal owner of the Baltimore Orioles

Strategies Mentioned

Private InvestmentsReal EstateGP Solutions

In our most recent episode of declarations. and the first episode recorded in front of a live audience, Host Todd S. Rich is joined at the NY Historical by David M. Rubenstein, Co-Founder and Co-Chairman of The Carlyle Group and Owner of the Baltimore Orioles, to explore the enduring legacy of the Declaration of Independence and its relevance today. David breaks down the document’s origins, its most influential passage, and the historical context that shaped its meaning. The conversation moves beyond history into the importance of preserving foundational documents, the lessons of the American Revolution, and how those ideals translate into modern investing and leadership. Throughout, David reflects on legacy, philanthropy, and the role individuals play in shaping society over time.

They discuss:

• Why a single sentence in the Declaration became one of the most influential ideas in history
• How the document evolved from a political explanation into a global symbol of equality
• The role of historical preservation in shaping understanding and decision-making
• Lessons from the American Revolution that still apply to democracy and governance today
• How investing, persistence, and long-term thinking can positively impact society

Topics:
(00:00:00) – Intro
(00:00:50) – Why the Declaration endures
(00:03:42) – A Famous Sentence
(00:05:14) – Explanation of July 2nd vs July 4th
(00:09:00) – Patriotic Philanthropy
(00:16:33) – Lessons from the Revolution
(00:25:31) – Legacy and the pursuit of happiness
(00:29:09) – Final disclosures

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This podcast (“Podcast”) is provided for discussion and informational purposes only, for use by Declaration Partners LP together with its affiliates referred to as (“Declaration”) and should not be considered investment, legal, or tax advice. Past performance is not indicative of future outcomes. This Podcast does not constitute an offer to sell or the solicitation of an offer to purchase any investment product or any interest in the Fund or any other investment vehicles or accounts managed or advised by Declaration. Investing involves a certain degree of risk, including the risk of loss. This Podcast may contain certain forward-looking statements, which may not materialize. No compensation has been awarded to any speaker for statements made that are either testimonials or endorsements. However, certain speakers may be current or former investors in certain Declaration investment products and may receive reduced fees, priority terms, priority access, co-investment rates, among other preferential treatment, which may pose a conflict of interest. Certain speakers may also be affiliates and/or service providers that receive compensation from Declaration for services provided in their service provider capacity but have not been compensated specifically for any testimonials or endorsements made herein. The views expressed in this podcast by either the guest speaker or the host are their own and may not reflect the views of their firm, Declaration, or their respective affiliates. The information discussed in this Podcast may change at any time without notice, and there is no duty by Declaration to update any person to whom this information is provided. Neither the US Securities and Exchange Commission nor the securities regulatory authority of any state or other jurisdiction has passed upon the accuracy or adequacy of this Podcast.

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