Investment outlook remains strong, says panel at Quinnipiac's GAME XIII Forum
March 22, 2024
The panel was hosted by Lisa Abramowicz, co-anchor of Bloomberg Surveillance. David Kelly, chief global strategist at J.P. Morgan Asset Management, referenced a “super-stretch expansion” that has defied traditional economic cycles and predictions. “Of course, we could have a recession,” he added.
“So far so good on the soft landing,” said Kathy Jones, managing director and chief fixed income strategist at Charles Schwab. Jones also said she is “optimistic” about the inflation outlook. “It’s a bumpy road,” she said, “and not every month provides a perfect number, but the direction is lower.”
Jimmy Chang, chief investment officer at Rockefeller Global Family Office, was cautious about the size of the national debt, but said the U.S. economy has shown its ability to “get by” with such high numbers.
Jones said that one of the most important results of the election for the economy, besides possible tax cuts, will be who will lead the Federal Reserve. Kelly was particularly negative about the effects of a predicted increase in protectionist legislation.
“It destroys an economy to be protectionist,” he said. “It causes more inflation and doesn’t protect anyone.” But Chang sees more federal tariffs on imports as “inevitable.”
Kelly provided a generally positive view of migrants strengthening the workforce without also causing inflationary pressures. Chang said that subsidies to migrants in American cities end up filtering back into the economy.
There was also support on the panel for keeping a diverse portfolio that includes international assets and not concentrating on a few high-profile tech stocks, which could, Kelly said, eventually “take it on the chin.” He added, “There’s a lot of stupid money in the market.”
Asked about investment beyond big tech stocks, Chang cited basic industries including mining and trades like plumbing that are not likely to be affected by the rise of artificial intelligence. Skepticism was expressed about banks with large commercial real estate holdings and high Bitcoin valuations.
The GAME conference drew more than 1,500 participants from 130 universities. There are 29 panels, over 110 speakers and 70 companies represented.
Scenes from GAME XIII
Relive the excitement of GAME Forum XIII in this edition of A Quinnipiac Minute.
Matthew Luzzetti, Chief U.S. Economist and Head of U.S. Economic Research at Deutsche Bank, and Katie Griefeld, Anchor and Reporter for Bloomberg Media, participate in a panel focused on the outlook for the U.S. and global economies in 2024.
Michael Gapen, Managing Director and Head of U.S. Economics at BofA Global Research, shares insights with fellow panelists and GAME Forum XIII attendees.
More than 1,500 attendees representing 130 colleges and universities attended GAME XIII to immerse themselves in the financial world's epicenter and gain invaluable insight.
Quinnipiac University student Grace Port Vliet, GAME Forum's Chair of Public Relations, introduces panelists as they take their seats on stage.
As the world’s largest student-run financial conference, the Global Asset Management Education Forum offers students the opportunity to learn in a setting unique to higher education.
Student emcee Reinett Chefu ’24 revved up the crowd between sessions alongside co-emcee Ryan Keaveney ’23, MBA ’24 , highlighting giveaways and the QU GAME Forum app.
Former Oversight Chairman Dylan Jones ’24 and former Chair of the Student-Managed Portfolio Competition Committee, Cameron Davignon ’22, MBA ’23, taking in GAME Forum XIII from a learner's perspective rather than a managerial one.
The expansive roster of participating schools included Yale University, the University of Miami, New York University, Temple University, Columbia University, Pace University, the University of South Florida and Pepperdine University. The University of Saskatchewan and American University of Beirut gave the event an international flavor.
Katie Greifeld moderates panelists Blerina Uruçi, Dana M. Peterson, Matthew Luzzetti, and Michael Gapen during a conversation focused on the outlook for U.S. and global economic growth in 2024.
Students took their seats in the Metropolitan Ballroom of the Sheraton New York Times Square Hotel on Thursday morning as the two-day conference kicked off with a series of keynote speeches.
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