CNBC's Delivering Alpha Conference Highlights

"People shouldn't be afraid of going in and buying things now."

— DAVID RUBENSTEIN, The Carlyle Group Co-Founder, Co-Chairman &

"How to Invest: Masters on the Craft" Author

CNBC's 12th annual Delivering Alpha summit on Wednesday, September 28, 2022 featured important discussions with the biggest names in the investment community on market volatility, geopolitical concerns, climate change, rate hikes and inflation, and much more.

Register now for Delivering Alpha On Demand where you can watch all the full panels and interviews.

PROGRAM HIGHLIGHTS

ALPHA IN THE FAMILY

STANLEY DRUCKENMILLER, Duquesne Family Office Chairman & CEO, believes the Fed's attempt to quickly unwind the excesses it helped build up for a decade with easy monetary policy will not end well for the U.S. economy. "Our central case is a hard landing by the end of '23," Druckenmiller said. "I will be stunned if we don't have recession in '23."

DELIVERING IN 2022 & BEYOND

KEN GRIFFIN, Citadel founder and CEO, believes the Federal Reserve has more work to do to bring down inflation even after a series of big rate hikes. "We should continue on the path that we're on to ensure that we reanchor inflation expectations," he said.

LEADING ALPHA: "HOW TO INVEST"

DAVID RUBENSTEIN, The Carlyle Group Co-Founder, Co-Chairman & "How to Invest: Masters on the Craft" Author, believes investors looking to scoop up deals and position themselves for long-term growth should act now instead of waiting for a bottom. "People shouldn't be afraid of going in and buying things now," The Carlyle Group co-founder said. "The great fortunes in the investment world are often made by buying things at discounts."

WHERE IS ALPHA NOW?

MARY CALLAHAN ERDOES, JPMorgan Asset & Wealth Management CEO, believes there are opportunities abound in this turbulent market. "There is alpha everywhere," the CEO of JPMorgan Asset & Wealth Management said. "It's in stocks. It's in bonds. It's in currencies. It's in real estate. It's in private markets. It's in public markets. It's everywhere, because we are in such a state of change."

THE NEXT BIG SHORT

JIM CHANOS, Chanos & Company Founder & Managing Partner, said investors are largely passing over a huge story in China. Chanos, known in particular for his long history of bets against the world's second-largest economy, said it's a major story with far-reaching implications, particularly at a time when global markets are in a fragile position.

YIELD SIGNS

DAN IVASCYN, PIMCO Group Chief Investment Officer, said the U.S. is likely headed toward a recession but there's a chance for the downturn to be comparatively mild due to strong underlying fundamentals. He noted the "tremendous economic momentum" in place that could offset the recession's impact.

INNOVATION ALPHA

ORLANDO BRAVO, Thoma Bravo Founder & Managing Partner, said telling portfolio companies to make cuts during market turmoil. "Our school of thought has always been protect the profit and loss statement" Bravo said. "Live and die by it and never dip into margin unless you have a compelling investment you can measure separately."

RETURN ON IMPACT

LAUREN TAYLOR WOLFE, Impactive Capital Co-Founder & Managing Partner, weighed in on the state of sustainable investing, saying financial performance is the most important thing and that "ESG without returns is simply not sustainable." ROY SWAN, Ford Foundation Head of Mission Investments, believes having a social impact doesn't need to come at the expense of financial performance. The foundation opted to release the performance of its Mission Investments portfolio as a way to encourage others to invest along societal issues.

THE ECONOMIC & GEOPOLITICAL OUTLOOK

WALLY ADEYEMO, United States Department of the Treasury Deputy Secretary, believes a narrow path to a soft landing is still possible even as the Federal Reserve sticks to its aggressive tightening cycle. Adeyemo said the U.S. economy, more so than any country in the world, came into the new regime with "a great deal of momentum."

THE GAME OF RISK

ANASTASIA TITARCHUK, NYS Common Retirement Fund CIO, and EDWIN CASS, CPP Investments Senior Managing Director & CIO, said that investors couldn't afford to avoid China, even with geopolitical risks adding significant uncertainty to portfolios.

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