Michael Arougheti, co-founder and Chief Executive Officer of Ares Management Corporation, and Mary Callahan Erdoes, Chief Executive Officer of J.P. Morgan Asset and Wealth Management, participated in a rigorous institutional dialogue at the 2025 Delivering Alpha Conference. The panel, titled “The Evolution Of Alpha” and moderated by Leslie Picker, CNBC Senior Finance and Banking Reporter, focused on navigating volatility and finding durable sources of return outside traditional public market metrics.
Both speakers argued that while public equity valuations around artificial intelligence are volatile, the underlying infrastructure investment is anchored by long term cash flows and remains underbuilt. They highlighted evidence of ongoing economic resilience, despite years of recession calls, and returned repeatedly to the idea that future alpha will come from expanding access to private markets in a controlled way rather than simply taking more risk in public equities. In their view, the current environment offers unusually attractive opportunities in long duration private credit and infrastructure, while near term systemic risks are limited by healthy supply demand dynamics in capital markets.
Also see:
- 2024 CNBC Delivering Alpha Conference
- 2025 Sohn San Francisco Conference
- 2025 Capitalize For Kids Investors Conference
- 2025 13D Monitor Active-Passive Investor Summit
2025 Delivering Alpha Conference: The Evolution Of Alpha
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