Savings, Sundaes & Suits

Watch on YouTube ↗ | September 18, 2026 at 21:52 | 44:19 | Bloomberg Markets

Speakers

Henry McVey — KKR Global Macro and Asset Allocation Head

Alicia Levine — Head of Investment Strategy at BNY Mellon

Janet Lorin — Bloomberg Reporter

Chris Rovzar — Global Luxury Editor, Bloomberg Pursuits

Nikki Waller — Bloomberg Personal Finance Editor

Dan Talbot

Summary

Bloomberg Money returns with personal-finance discussions on student loans, the grandparent economy, college sports economics, and Wall Street recruiting, followed by two investment interviews. KKR's Henry McVey argues the post-COVID regime favors private equity, equities, infrastructure, Japan/Korea reform and trimming government bonds. BNY Wealth's Alicia Levine urges long-term global equity exposure, intermediate bonds, real assets/infrastructure and non-Treasury fixed income. The show closes with a suit-fashion segment and a Qatar Economic Forum preview.

Personal finance roundtable covers graduate student loan limits, grandparents funding family costs, and college sports monetization.
Henry McVey sees a regime change with higher inflation, deficits and geopolitics.
He favors private equity/private markets, Japan/Korea corporate reform, global infrastructure, equities as an inflation hedge, and trimming government bonds.
Alicia Levine says wealth is built over decades and investors should stay in diversified global equities rather than trade headlines.
She positions fixed income in intermediate maturities, avoids long duration, and prefers EM debt and high yield over Treasuries.
She sees real assets and infrastructure as inflation hedges in a higher-inflation world.
Other segments cover Wall Street recruiting competition and the return of tailored suits.
The show previews Bloomberg's Qatar Economic Forum coverage.

Ideas

Henry McVey KKR Global Macro and Asset Allocation Head 13:25

Private equity compounds and improves companies.

McVey favors private equity and private markets because compounding and operational improvements can make companies better, buying alpha rather than market beta. He argues individuals can responsibly allocate a small, long-term portion of retirement savings to private markets with 5-10 year horizons, while recognizing illiquidity and the risk in 2021-vintage software deals.

Henry McVey KKR Global Macro and Asset Allocation Head 19:55

Japan and Korea corporate reform opportunity.

McVey highlights Asia, particularly Japan, and says corporate reform is a major opportunity in Japan and Korea. He notes most investors are highly concentrated in U.S. assets, so they should consider broader international exposure.

Henry McVey KKR Global Macro and Asset Allocation Head 20:11

Global infrastructure is a major theme.

McVey calls global infrastructure a big theme and says it has been a major part of what KKR is doing, implying investors should consider infrastructure exposure.

Henry McVey KKR Global Macro and Asset Allocation Head 20:26

Trim government bonds for higher inflation.

In a regime with higher inflation, bigger deficits, geopolitics and positively correlated stocks and bonds, McVey would trim government bond holdings because they are less effective diversifiers and vulnerable to inflation.

Henry McVey KKR Global Macro and Asset Allocation Head 20:34

Equities hedge inflation in new regime.

McVey says equities are a great inflation hedge, especially when combined with private-market operational improvements, in a world of structurally higher inflation.

Alicia Levine Head of Investment Strategy at BNY Mellon 27:08

Stay invested in global equities.

Levine says building wealth is a decades-long process and trying to trade around headlines is a mistake; missing the market's best days can lead to significant underperformance. The simple way to grow capital is to own fully diversified global equities across sizes and let them run.

Alicia Levine Head of Investment Strategy at BNY Mellon 29:42

Favor intermediate bonds; avoid long duration.

With inflation and debt concerns, Levine positions client portfolios in the belly of the curve—intermediate 5- to 10-year bonds—and sees risk in longer duration, partly because Fed hikes may not effectively offset oil-driven inflation.

Alicia Levine Head of Investment Strategy at BNY Mellon 29:42

Favor intermediate bonds; avoid long duration.

Levine says BNY is technically underweight bonds versus its benchmark and is not focused on Treasuries, which have played a different and more challenged role. She prefers EM debt and high yield, with high yield described as very additive.

Alicia Levine Head of Investment Strategy at BNY Mellon 30:16

Real assets and infrastructure hedge inflation.

Levine expects a higher inflationary world due to reshoring, friend-shoring and nationalization of critical industries, and says central banks will not hike enough to return to 2% inflation. She uses real assets and infrastructure as portfolio inflation hedges.

Alicia Levine Head of Investment Strategy at BNY Mellon 32:53

Prefer EM debt, high yield over Treasuries.

Levine says BNY is technically underweight bonds versus its benchmark and is not focused on Treasuries, which have played a different and more challenged role. She prefers EM debt and high yield, with high yield described as very additive.

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