Carlyle\'s Investment Ideas, Through Earbud Headphones

The Carlyle Group is making its debut on iTunes.

No, it’s not a new album from Christopher W. Ullman, the firm’s global head of communications and in-house whistler. Rather, the private equity firm has released a podcast in which William E. Conway Jr., Carlyle’s co-founder and co-chief executive, discusses the investment outlook for the coming year.

The podcast, the first of what promises to be a monthly series of commentary from Carlyle executives, is the latest foray into new media for Carlyle, which began posting on Twitter last year. A big rival, the Blackstone Group, also uses Twitter. Another buyout firm, Kohlberg Kravis Roberts &  Company, has an iPad app.

In the Carlyle podcast, Mr. Conway gives his thoughts on Europe, China and interest rates in the United States, prompted by questions from Mr. Ullman. He discusses how Ca! rlyle’s ideas differ from those of other investors.

“I would say that the herd is usually not a good place to invest. But I would not classify Carlyle as a contrarian investor,” Mr. Conway says.

In China, Carlyle is trying to take advantage of the rise of a consumer class, Mr. Conway says. In Europe, he says, the economic situation is improving.

“Our data right now is telling us the European economy in general has begun to bottom,” Mr. Conway says.

He also discusses why Carlyle likes to invest in the United States, and he warns of a coming rise in interest rates. “What historically was considered to be the least risky investments â€" that is, 10-year government debt of the United States or Germany or England â€" I think has become some of the riskiest investments,” he says.

Mr. Conway also alludes to what’s known as a dividend recapitalization, the practice in the private equity industry of having a portfolio company borrow in order to pay its owners.

Portolio companies can take advantage of low interest rates “by paying dividends to their stockholders,” Mr. Conway says. “We have done that in the case of a number of our United States portfolio companies. Now, I would say also that I do not expect that this will continue forever.”