Squawk on the Street Buffett and the End of an Era, Apollo Global and Wells Fargo CEOs at Milken Conf. 5/5/25
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May 5, 2025 Charles Scharf, CEO of Wells Fargo, brings his insights on navigating economic uncertainties, discussing proactive strategies for consumer lending and the company's cautious optimism amid market challenges. Meanwhile, Mark Rowan, CEO of Apollo Global, shares perspectives on evolving U.S. trade dynamics and the implications of recent market shifts. Both leaders reflect on Warren Buffett's imminent departure from Berkshire Hathaway and the future of investment strategies, shedding light on the broader economic landscape and potential for operational growth.
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Buffett's Leadership Transition
- Warren Buffett stepping down as CEO after six decades marks the end of an era with Greg Abel taking over.
- Buffett remains chairman, focusing on deploying $350 billion cash strategically, providing flexibility for the future.
US Loses Hyper Exceptionalism
- Apollo Global sees a trade reset creating uncertainty that slows investment and hiring.
- The US is losing its "hyper exceptionalism" but remains economically exceptional.
Prepare for Fixed Income Liquidity Shift
- Investors should expect reduced liquidity in fixed income, including private markets.
- Private investment grade credit will trade like public credit, requiring adjustment to liquidity norms.