Henry McVey, Head of Global Macro and Asset Allocation, says he “can’t think of a time outside of the 2008 Global Financial Crisis when investor appetite for what is going on in the macro landscape has been this high.” This expands on his 2025 outlook by covering a variety of topics, including tariffs and U.S.-China tensions.
An Acceleration in the Global Flywheel
KKR
Henry McVey
Research
27 Pages
Key Takeaways
Productivity and Earnings: Strong U.S. productivity and nominal earnings growth are expected to drive investor confidence, despite anticipated lower returns and increased volatility.
Regime Change Thesis: Recent global election outcomes support KKR's "Regime Change" thesis, characterized by larger deficits, heightened geopolitics, a complex energy transition, and persistent U.S. inflation.
Mega-Themes: KKR identifies key mega-themes, including improved capital efficiency, increased private sector involvement in growth markets, and the intertwining of energy security with national security, especially as AI scales.
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