Ivanka Trump

L.G.: By the way, since we're in the presidential campaign season, does it matter who wins, in terms of your business?

I.T.: I think so. But you talk to developers and there's such a variety of thoughts on this. I think it depends on where your projects are located. I think if you're a homebuilder, you may have different thoughts than somebody who's focusing on more international type cities like New York, Los Angeles, Chicago. But, you know, I don't know what the right answer is on that.

L.G.: Your father obviously endorsed McCain. Do you agree with him?

I.T.: I do. On many of the social issues, I'm more inclined to uphold more liberal thoughts. In terms of fiscal policy, I think I'm much more aligned with McCain.

L.G.: And then I assume tax policy, as well.

I.T.: One hundred percent. And I think McCain came out with a very strong tax policy. I'm just not sure if it's too late. You know, Obama is a very impressive man as well. I have great respect for him. I disagree with most of his financial policies, but I think he is a very smart man. I think he's very substantive, I think he's great in his own way. I'm also amazed by him. I mean, he really came out of nowhere and has done a phenomenal job in his campaign. He's just not who I'm going to be voting for.

L.G.: Tell me, what's the rhythm of your day?

I.T.: Rather chaotic. But that's part of the excitement of working here. I just opened my calendar. For example, this morning I met with a large group of Korean gentlemen who are putting together a rather enormous, by really any standards, master plan for the city of Inchon. They were interested in looking at ways to partner in South Korea. Then I had some meetings with a potential Chinese partner for my jewelry company at the store-it's called the Ivanka Trump Collection, a no-brainer. Then I had some internal meetings about Las Vegas, I had a construction meeting about a project that I'm working on in Egypt, we had our weekly hotel operations meeting, I had some meetings with my construction team about the floor plans of a project that we're doing in Puerto Rico, I had four bankers in, then we went to film The Apprentice just around four o'clock, then I came back.

L.G.: You had four bankers in?

I.T.: It's a little unusual, speaking to bankers. My schedule should be more free because bankers aren't making meetings because there's probably not all that much most of them can do at this point. So it's interesting, but I guess we're constantly looking at new jobs, whether it's maintaining our existing ones, working on corporate strategy to grow the various segments for all the operations, from golf to hotels to condominiums, domestically and internationally, to discussing specific projects and future projects. There's a lot of stuff going on, filming The Apprentice simultaneously. And obviously I'm working on my jewelry company.

L.G.: And also you have this brown-bag-lunch thing?

I.T.: Yes, well, that's a one-day event in which I'm working in conjunction with ConAgra to facilitate the promotion of a new product that's coming out.

L.G.: And one of the funnier phrases I've come across lately, there was a wire story that said you were involved with an "undisclosed lunch product." It sounds like something that maybe Dick Cheney should be eating.

I.T.: It sounds like something from my cafeteria. It is not mystery meat. It's actually a great product with a great company, so it's fun to be involved. It's not really representative of anything I do on a regular basis, it's just sort of for fun.

L.G.: You've been pretty selective, you've had opportunities. Which opportunities have you turned down?

I.T.: I turn down things that are time consuming and not in line with my interests here at the Trump Organization. I don't know what the specific criteria are, but obviously I'm working toward creating a brand with Ivanka Trump jewelry, and I try not to do things that undermine that. That said, once in a while you find great opportunities with great and strong companies, and it's worth exploring even if it's outside of a field that you're typically interested in. This ConAgra product is geared at active and busy people, particularly in an office environment that would like something other than a frozen lunch or, you know, sort of a bagged deli meal.

L.G.: And it's injected like Botox? Or you eat it?

I.T.: No, it's definitely edible. It's actually very good-it's a fresh pasta.

L.G.: By the way, is the available money these days for your core business-the construction and commercial real estate and branding-is that coming mostly from the Middle East and Asia?

I.T.: No actually, we have projects in South America booming, and we're looking at an enormous amount of flow coming out of Brazil. We're seeing, like you said, Asia, particularly China. Japan has been obviously hurt in the recent market downturn, but the banks have been very conservative in their lending practices, so while the stock market is suffering in a way that's similar to ours, the banks are flush with cash. So in areas of the world that are open to and interested in real estate projects, there's still a lot of interest. One of the nice things about having a global brand is the ability to access those different markets.

L.G.: Right. You got your degree from Wharton, summa cum laude. Did that prepare you in any way for what you're doing now?

I.T.: Well, I mean, it never hurts. I think that business school is great. I personally loved my experience at Wharton. I think it educates you certainly on how to think within a business context. I don't think it's a required degree. In some ways I wish I'd gotten a law degree, and I think a business degree is great. I do think that, given the right opportunity, you can definitely learn on the job. The question for a lot of people is if they can get the opportunity without the degree.

L.G.: What did you hear about other real estate or large development companies? I mean, are they in as good a shape?

I.T.: I think obviously not. You read a lot of stories about what's happening out there, a lot of very experienced developers are-

L.G.: They overpaid and are overleveraged, huh?

I.T.: Yeah, I mean, these things happen. That's the nature of real estate. You build in cycles-the larger the project, the larger the cycle.

L.G.: Are you worried about the Tishman building? [Trump's boyfriend, Jared Kushner, owner of the New York Observer, as well as a top executive at his family's real estate empire, Kushner Properties, last year purchased the skyscraper at 666 Fifth Avenue for $1.8 billion-a very high price-and news reports suggest it is highly leveraged.]

I.T.: They have a lot of buildings. They have more than one building.

L.G.: Obviously it's a backdoor question, isn't it?

I.T.: It's a little bit of a backdoor question. Look, there are pros and then there are dentists-turned-developers who certainly were behind every stone and around every corner for the better part of the last four years. I think the strong will survive. I think there'll be probably some surprising casualties along the way. But when you talk about the real pros in this business, many of them aren't 20 years old or 30 years old or 40 years old, you know? The people who have sustained have done so over a long period of time and over many, many, many cycles. Which is why sometimes it's surprising when you read about some of the more seasoned guys walking the plank. It works sometimes,and you hope you have the ability to get out from under it. I find myself to be in a fortunate situation, but, again, I'm 26 years old. I think I'll experience probably a few more of these in my lifetime.

L.G.: What does the future hold for you?

I.T.: I think I'll be exactly where I am today, in 10 years, in 20 years, with a lot more experience under my belt. One of the great things about what I'm doing is it's a really unique experience from an educational perspective, to A, be able to work so directly with somebody with the experience of my father, B, be able to have jobs that are ongoing and in various stages of construction across so many different cultures, in so many areas of the world, utilizing so many different architects and interior designers and working with them, learning from them, different contractors, different sales and marketing folks. Each job is so unique and so specific, and I'm so intimately involved with it, that I get to learn an enormous amount in a much shorter period of time. A lot of times, you're focused on one job, and that's your life for four or five years and that's great too. But in this case, I have multiple jobs that are my life and they are being built in very different contexts, so it's exciting stuff.

L.G.: Your father obviously took his father's successful business and grew it by multiples. Do you and your brothers want to do the same thing with your dad's business?

I.T.: Well, we wouldn't be very effective employees if we didn't. Obviously, we have growth aspirations. He's created an incredible foundation upon which I hope that we're able to expand the brand. I hope our kids are able to expand further, but he's got very big shoes to fill, and I'm just happy right now learning from him and working with him and doing what I can.

L.G.: Are you really so competitive that before playing a game of the Trump version of Monopoly, you did a lot of research into Monopoly theory so you would win?

I.T.: No, I don't know where that story came from. It kind of sounds like me actually, but I'm pretty sure that didn't happen. I don't really have that kind of time. But I like it. In theory, I think it sounds like a good idea. I am pretty darn competitive, though.