Marc Rowan

Ten stocks right now in the U.S.

are nearly 50% of the S&P, and they're all levered to the same trend.

The same thing is happening in the global fixed income market.

And so if you're an investor and you're looking for diversification, there's no place to get it other than private markets.

Great companies, Anthropic, OpenAI, SpaceX, Anderol, every one of those companies is private, multiple trillion dollars, and yet most investors have zero exposure to them.

We operate under the assumption that every job is going to be replaced or enhanced.

2025 was just proof of concept that data centers and chips and energy were all needed.

2026, the market is starting to recognize that if this continues, everyone who is an investor is going to be replaced.

My absolute pleasure.

It was an interesting thing.

Everyone who had come out of my program at Wharton had basically gone to Goldman Sachs.

And what struck me about Drexel's business, which was financing entrepreneurs, financing new companies, is that you didn't really need to know all that much about finance.

You needed to know a lot about business.

Because these companies were not the exons of the day or the top-notch companies of the day.

They were companies where legitimately there were questions on the business model.

And I was always much more interested in business than I was in the nuances of finance and public offerings and things like that.

And I was not disappointed.

It was awesome.

Look, this business first mentality and really understanding the business is ultimately about making credit decisions.

These companies were not investment grade.