The Bloomberg Invest conference kicked off Wednesday, with some of the most influential leaders in finance gathering in New York for conversations on a wide range of topics, including artificial intelligence, cryptocurrencies and global trends in wealth management.
(Bloomberg) — The Bloomberg Invest conference kicked off Wednesday, with some of the most influential leaders in finance gathering in New York for conversations on a wide range of topics, including artificial intelligence, cryptocurrencies and global trends in wealth management.
For the full agenda, click here.
TIAA Chief Duckett Predicts ‘Mild Recession’ by Year-End (10:40 a.m. ET)
Thasunda Brown Duckett, the chief executive officer of asset manager TIAA, said she expects an economic slowdown in the US by the end of the year.
“We do anticipate a mild recession in the latter part of the year going into the first quarter,” Duckett said at the conference, citing accelerating inflation and rising interest rates.
The economic climate has led more Americans to reduce contributions to their retirement funds or dip into those savings — decisions that will have severe long-term consequences, she said.
Duckett joined the Jacksonville, Florida-based retirement provider and investment firm in 2021 after a 17-year career at JPMorgan Chase & Co., where she ran the company’s consumer-banking division. Closely held TIAA, founded more than a century ago by Andrew Carnegie, had $1.2 trillion of assets under management as of March 31.
KKR Co-Founder Kravis Praises PGA Tour-LIV Golf Deal (9:55 a.m. ET)
KKR & Co.’s Henry Kravis said the proposed partnership between the PGA Tour and LIV Golf is the best thing for the sport, bringing an end to the acrimony between the traditional tour and the Saudi Arabia-backed upstart tournament.
“Getting together is the best thing for golf,” the private equity firm’s co-founder and co-executive chairman said in an interview. The legal battle between both sides was “not constructive for the game,” Kravis said.
PGA Tour board members, including co-chairman Ed Herlihy and vice chair Jimmy Dunne, are dealmakers who “know how to get things done,” Kravis said.
Nasdaq’s Friedman Says SEC in Spotlight Over Crypto (9:35 a.m. ET)
Regulators are the first line of defense to ensure companies such as Coinbase Global Inc. abide by securities-trading rules, Nasdaq Inc. Chief Executive Officer Adena Friedman said at the conference.
Nasdaq works with the US Securities and Exchange Commission and the Financial Industry Regulatory Authority to aid their enforcement efforts, she said.
On Tuesday, the SEC sued Coinbase, a Nasdaq-listed company, alleging the firm runs an illegal exchange. A lawyer for the firm has said Coinbase has a “demonstrated commitment to compliance.”
Friedman said that before a company goes public on the New York-based exchange, the SEC and Nasdaq evaluate it, and take a keen look at its risk factors among other items. In this “particular case,” Friedman said, there may have been some changes in the company’s risk factors.
Druckenmiller Expects to Own AI Giant Nvidia for Years (9 a.m. ET)
Billionaire Stan Druckenmiller said he expects that artificial intelligence is here to stay and that he anticipates owning Nvidia Corp. for several more years.
“AI could be as innovative as the internet,” Druckenmiller, the founder of Duquesne Family Office, said in an interview. “If I’m right on AI, I could own Nvidia for two or three more years.”
Druckenmiller, who managed money for George Soros for more than a decade, called the current investing landscape challenging.
“I don’t see any fat pitches,” said Druckenmiller, who’s never had a losing year managing money.
JPMorgan’s Kelly Sees US Inflation at 2% Next Year (8:35 a.m. ET)
JPMorgan Asset Management chief global strategist David Kelly is betting that inflation will ease back toward the Federal Reserve’s 2% target by the end of next year.
“The Fed is trying to fight a battle it’s already won,” Kelly said during a panel discussion.
Although his biggest worry is pressure brewing in the commercial real estate market, he noted that concerns about a severe downdraft in the US economy may be overblown.
“There’s still a risk of a recession,” he said. “But we’re just not there yet.”
CreditSights’ Cisar Touts High-Yield Bonds (8 a.m. ET)
Winnie Cisar, global head of strategy at CreditSights, said she sees opportunities in the US high-yield bond market.
In particular, Cisar likes single-B rated credits trading in the range of 8% to 9%, which “feels like a really great opportunity,” she said during a panel discussion, in which she was joined by Art Hogan, chief market strategist at B. Riley Wealth Management.
As Wall Street nervously weighs the Federal Reserve’s aggressive anti-inflation campaign against the threat of an economic downturn, questions are swirling about the best ways to position. To Hogan, one thing is clear: The “biggest mistake” investors can make is preparing too much for the short term while failing to focus on the long term, he said.
–With assistance from Allison Nicole Smith, Jessica Menton, Katherine Burton, Paige Smith and Allison McNeely.
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