At 7am on Monday, Marc Rowan, chief executive of private equity group Apollo Global, took to the stage in Beverly Hills and warned his fellow financiers that a decade of almost uninterrupted buoyancy in financial markets was ending.
Stock markets would continue to fall, Rowan told the Milken Institute Global Conference, as surging inflation wreaks havoc on the global economy and the US Federal Reserve is forced to respond by raising interest rates.
“There is more of a correction to come,” said Rowan, whose firm manages $513bn in assets. “We are a long way from means and medians,” he said, referring to equity market valuations. “In the credit market, we also have a long way to go.”
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